Despite many countries facing recessions, Japan’s labour market continues to experience high levels of employment. Sue Wei, Managing Director of Hays Hong Kong, says this should provide jobseekers with the confidence they need to act on their career goals.
Professionals often make resolutions at the beginning of the year, leading to thoughts of change and progression within their careers and promises of finding a new role in the year ahead. However, given the economic uncertainty facing many countries, some professionals will have been reluctant to act on their goals.
The
2023 Hays Asia Salary Guide which surveyed over 10,000 employers and professionals around the region projected a 43.9 per cent staff level increase in Hong Kong this year. 61.4 per cent of employers in the country expressed confidence in their ability to hire the skilled talent they need, a conversative figure matching the trend of fewer candidates looking to job hop in the country.
Now halfway through 2023, Sue shares the top industries that are currently hiring in Hong Kong, including which roles are in demand throughout 2023:
Banking and Finance
Amidst uncertain global economic conditions, Hong Kong appears to have found its footing, as is looking to make up lost ground.
Improving market conditions in the country have proved favourable for the banking and finance industry, especially on the backs of
Fitch Ratings upgrading the sector outlook to ‘improving’.
Conversely, the outflow of talent in 2022 has accelerated demand for roles, especially Corporate Banking Relationship Managers and Fund Raising and Fundraising Managers. A renewed focus on environmental, social and corporate governance (ESG) has also resulted in an intensified hiring focus for bankers with sustainability knowledge, particularly for roles related to Climate Risk. Across all roles, Mandarin speakers with strong interpersonal skills and adaptability were seen as a priority.
Sue stated, “The resiliency of the banking sector is a testament to the strength and adaptability of the Hong Kong people. Being able to assess and overcome talent gaps that have arisen in these changing economic times will be necessary to capitalise on and grow in this period of recovery.”
Technology
The global pandemic accelerated digital transformation and while it was a priority for many businesses pre-pandemic, it became a necessity almost overnight. This has created a continued demand for tech skills on all levels, particularly in Business Transformation, Cyber Security and Data Analytics.
Sue said: “Digital Transformation has taken centre stage in Hong Kong, with businesses looking to resume transformation projects that had been paused during the pandemic. With the nation setting its sights on becoming a
technological innovation hub, managers possessing experience with identifying and implementing relevant technologies within organisations are seen as a valuable asset.”
As digital transformation accelerates, so do the threats that companies face today, however. Enterprises recognise the need to enhance their defence strategies to effectively tackle these challenges and are actively striving to bridge any existing loopholes.
With big data continuing to play a pivotal role in providing cost-effective options in a wide range of use cases, organisations are cognizant of the need to be able to harness the amount of information available to them. Data Analysts remain highly coveted for this reason.
Effective communication skills, strategic thinking and adaptability were seen as key to candidates looking to succeed in these roles.
Sustainability
ESG is an increasingly top priority for organisations across the globe. Investors and customers are more aware than ever of its importance. Sue stated, “Recent
incentives for organisations to pursue green technology have resulted in the demand for talent far outstripping supply, with roles such as Green Building Lead, Corporate Sustainability Manager, Chief Sustainability Officer, Climate Risk Manager and others growing in popularity.”
Professionals looking to specialise in a ‘green’ job may wish to consider getting certified for BEAM, WELL, LEED, or Carbon Auditing, depending on regulatory requirements. Stakeholder management, strategy and change management and data analysis skills were all seen as vital for relevant roles.
The average salary has increased across many of these industries, as skills shortages continue to create demand for sought-after professionals.
Sue closes with, “Resilience and adaptability will remain pivotal factors for both businesses and jobseekers looking to navigate these challenging times. Embracing these qualities will empower individuals and organizations to navigate the evolving landscape and seize opportunities for growth and success.”