Links International’s 2022 Q2 Hong Kong Job Market Updates
Links’ Hong Kong Job Market updates, provides data-based analysis of the Hong Kong job market based on a number of data sources including Hong Kong Labour Department statistics, HK job posting numbers and response rates in respect of a ‘basket’ of common commercial job types in Hong Kong.
Hong Kong Job Postings Increase By Over 30% in Q2 As demand For HK Talent Reaches a Post-Pandemic High
2022 is one of the most candidate-driven HK job market in recent memory and there was no relief for employers in Q2 with the demand for talent reaching a new high while talent continued to leave the Hong Kong market.
Overall job postings increased by more than 30% during Q2 with all job functions seeing marked improvements, with Sales being the most outstanding.
Accounting and Admin & HR See Slight Growth Since Last Year
While roles in accounting and admin & HR have increased this quarter, overall growth is only moderate.
However, certain roles such as HR Officer, HR Manager and HR Business Partner have shown an upward trend, another optimistic sign for jobseekers. A higher number of recruiters in an industry signals that there is a great want for workers in that particular field.
High Demand for IT and Marketing
As for IT and marketing & public relations, both these fields underwent some decline late last year to early this year, but recovery has been quick. Public Relations has not seen that much of an improvement, but overall, jobs in IT and Marketing have increased at more or less the same rate.
Unsurprisingly, IT positions such as Analyst Programmer and IT Security Specialist have doubled compared to Q1. With many companies digitising their businesses and wanting to have a stronger digital presence, there is an increased need for jobs related to analytics and cybersecurity. Under Marketing, jobs for Digital Marketing Manager dipped in Q1 but saw the biggest hike in Q2 with this role being one of the Top 10 most wanted jobs on LinkedIn.
Sales Sees The Biggest Jump Compared To Q1
Sales not only had the largest increase in jobs since Q1, but it also boasts the greatest number of jobs compared to other fields. Statistics show that the role of Sales Manager, in particular, has hit nearly double the amount it had in Q1. Although Channel Sales Manager jobs have remained unchanged for the past year, other roles in this industry continue to grow.
Q2 Sees a Drop in Unemployment Rates, Lesser People in the Workforce
While unemployment rates remained the same from late last year to early this year, the numbers have continued to drop since. In Q1, the unemployment rate was at 5.4%, whereas as of May 2022, it had fallen to 5.1%. Official numbers that have recently been released showed that the unemployment rate for June 2022 was at 4.7%, slightly lower than the 4.8% that was predicted by Trading Economics. This is the lowest it has been since early 2020. Based on this data, the number of unemployed persons is said to have gone down by 14,700.
Concurrently, there has also been a decline in the number of people in the Hong Kong workforce as of May 2022, according to data released by the Census and Statistics Department of Hong Kong. This can be attributed to first, the Great Resignation – a wave of mass voluntary resignations that began at the start of the pandemic and is still raging. Secondly, while a number of expats are starting to return to Hong Kong as mentioned earlier, many have decided to permanently return to their home countries citing COVID-19 border restrictions, according to a survey by the American Chamber of Commerce.
Government Schemes Have Short Term Positive Impact on Jobs in Q2
In Q1, the government announced the 2022 Employment Support Scheme and the Consumption Voucher Scheme that would kick off in Q2 to further boost the job market.
Using the Anti-epidemic Fund, the government has initiated the 2022 Employment Support Scheme to provide wage subsidies for 3 months (May to July 2022). Through this, companies can retain their staff or even hire more people which has suppressed the unemployment rate during the latest wave of COVID-19.
Despite the continued extension of the Consumption Voucher Scheme, the Hong Kong Government has warned that Hong Kong’s forecast growth may be reduced and has cited the border controls as the major factor impacting growth. Once border controls are removed, we expect to see a continued candidate driven market as both the supply and demand for talent will increase.
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