The labour market is expected to remain stable in the coming year, according to a recent survey by ManpowerGroup covering 801 Hong Kong employers. The survey shows that 16% of employers forecast an increase in headcount in the next quarter and only 4% predict a decrease.
The Finance, Insurance & Real Estate sector report the most optimistic hiring plans, where the Outlook stands at +17% (subtracting those employers who plan to reduce staffing levels from those who plan to hire staff). “Despite the continuing challenge of the global financial turmoil and eurozone crisis, both of which generated job cuts by investment banks and brokerages, job prospects for experienced individuals with customer service and revenue-generating skills, and loan product working experience exhibit some resiliency,” explained Ms. Lancy Chui, Regional Managing Director of ManpowerGroup Greater China Region.
A positive hiring environment is also forecast in the Wholesale & Retail Trade sector (+14%). “The retail sales volume showed faster growth in recent months, helped partly by festive spending, which boosted employers’ hiring confidence. Also, continued vibrant inbound tourism helped supporting the retail business. It is expected to continue until the end of the year and will also bring positive impact to the Services sector as well,” Ms. Chui explained.
The Outlook of the Services sector (+14%) reveals a fair upward trend compared to last quarter (up 1 percentage point). The positive Outlook is being fueled by steady job prospects in the hotel, catering and IT spaces. “According to Hong Kong Tourism Board statistics, total visitor arrivals rose by 16.3% year-on-year in the first nine months. This combines with the latest restaurant receipts performance showing annual sales growth of 4.3%, triggering demand for hospitality and catering services. Likewise, the growing trend to improve operations via technology by using fewer systems, databases or procedures to secure information more quickly has given rise to the emerging demand of IT talent with experience in cloud computing, solution architecture and project management.”
Employers in the Mining & Construction sector are reporting cautiously optimistic hiring intentions, with Outlook (+8%) declines of 3 percentage points quarter-over-quarter. Architectural and engineering firms are gearing for a hiring spike as an expected infrastructure boom of the Hong Kong’s ‘Ten Infrastructure Projects’ initiative, as the design and analysis phrase near its end and, the sector should experience labour demand within building and construction. This forecast in demand for surveyors, engineers, construction supervisors and people with safety and environmental skills.
Employers in the Manufacturing sector report a cautiously optimistic job forecast. The Outlook stands at a modest +7%. “The surging cost of labour and raw materials is exerting pressure on Hong Kong manufacturers with production plants in China. Manufacturers are still wrestling with declining overseas demand amid the slowing global economy, which will surely impact hiring plans,” Ms. Chui further explained.
Employers in the Transportation & Utilities sector (+4%) also report modest employment expectations; the Outlook weakens mildly by 5 percentage points quarter-over-quarter. Downward risks in the external environment remain where cargo volume declined on a rolling 12-month basis (down 1.1 percent), together with a slower passenger traffic growth in September than August. Moreover, leading multinational cargo shipment companies are also expressing cautious optimism regarding business growth for early next year.