Links International’s June Hong Kong Job Market Index
Links’ Hong Kong Job Index (JOB:IN) 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.
Recovery Continues into June with Job Postings Increasing 16% in June
The Hong Kong job market continued its momentum from the previous month to record a 16% jump in the number of job postings. The increase in job postings is largely driven by increased optimistic business sentiment and easing of social distancing measures.
May saw the beginning of a strong recovery in the job market which has continued into June. Job postings increased by 16% from the previous month, capping off the strongest month-on-month growth in 2020.
This large rebound has brought the number of jobs to only 9% lower than the peak seen at the start of the year, recouping much of the losses experienced in April. Towards the end of June we see the number of postings stabilising and heading into Q3 we are cautiously optimistic the job market trajectory will continue to be positive.
All Functions Show At Least 10% Increase, Mid-Senior Positions Grow in Demand
Two of the previously most affected functions of Marketing / PR and Sales, CS & Business Development experienced a 20% surge in postings. Sales job postings have returned to the same number seen in February 2020, a very positive sign that businesses believe the market is returning.
All other functions performed strongly with an upward trend of at least 10% growth.
- Postings for Sales Managers increased by 45% from last month, indicating businesses see a strengthening of the market.
- Ecommerce Manager and Brand Manager positions saw a large spike in demand to reach levels even higher than pre-Covid.
- FP&A Managers, CFO and Finance Directors continued its positive recovery.
- Senior HR roles also recovered by 30% in June.
Unemployment Numbers Slow but Still Increases to 5.9% for March to May Period
The unemployment rate increased by 0.7%, from 5.2% to 5.9% bringing the total unemployment numbers to 230,400.
Although unemployment numbers increased, we can find encouragement in the fact that unemployment rates increases have slowed for the March to May period (0.7% increase vs 1% increase seen in February – April). Given the stronger June job market, unemployment rates will likely continue to slow down as we head into the 2nd half of the year.
Continued Government Support for HK Businesses
The Hong Kong Government has shown continued support for local businesses by introducing measures like the Employment Support Scheme (ESS) and Distance Business Programme (D-Biz). As part of the continued support of local companies and recognition of the importance of Fintech, the Government has launched the FinTech Anti-epidemic Scheme for Talent Development (FAST). To enrich Hong Kong’s Fintech talent pool and create new jobs, enterprises will be subsidised HK$10,000 per month for a year for one new full-time hire.
The introduction of these new schemes will likely have a short-term positive impact on the job market. Finance professionals should see a higher demand for the rest of 2020 and going into 2021. Ensure you are always up to date with the latest government schemes and never miss out on benefitting from them. Learn more about the latest government schemes and how you can hire the best talent by contacting us now.
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