The outlook appears bright for Hong Kong's employment market with nearly 20 percent of the city's employers saying they plan to recruit more staff during the fourth quarter, thanks to the improving economy. A survey by a human resources consultancy firm shows that the retail and wholesale and the construction sectors are the prime sources for generating new jobs in the months ahead.

Manpower, an international consultancy, interviewed 806 companies in Hong Kong, asking about their recruitment plans for the final quarter of the year. The 19 percent that expressed intentions to hire parallels the poll taken for the previous quarter. Only 2 percent of companies said they would cut staff, while the majority, 74 percent indicated they would neither hire nor sack people.

"The survey shows that thanks to the continuing economic growth, the manpower prospect has improved significantly over the past year, "said Lancy Chui, the firm's general manager for Hong Kong and Macao. The wholesale and retail and construction sectors are the most willing sectors, she added, the reasons being the influx of inbound tourists, launch of government projects and the active property market.

The Hong Kong Construction Association says there are manpower shortages for certain positions owing to an increase in the number of building projects. Thomas Tse, secretary-general of the association, said the government and the MTR Corp have embarked on a large number of projects in recent years.

Chui added the current job market has become a job seekers' market.

During times when the economy is riding high, there tend to be more people in the market looking for better jobs. Positions in the financial sector are in great demand, especially in accounting and legal jobs required for listing companies in Hong Kong. Job hoppers in the financial sector are looking at pay increases of no less than 20 percent, she said. And hard-to-find compliance professionals are capable of winning increases of 30 to 40 percent.

"To retain the better performers, employers need not only to offer higher pay but also better fringe benefits and career development prospects," she advised.

China Daily

(HK Edition 09/08/2010 page1)