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Business growth opens up myriads of new opportunities

The stable regional economy boosted Hong Kong jobseekers' prospects in the second quarter of 2010. Statistics compiled by Career Times show that 57,211 vacancies for managerial and executive positions were advertised from April to June, indicating an ongoing improvement in the employment market since the beginning of the year.

"Recruitment activity has increased month by month," confirms Matthew Hill, managing director—Hong Kong, Ambition. "Hiring increased quite rapidly from January to March and stabilised at a high level through the second quarter."

With greater rivalry for top talent, recruiters have been upping their wage offers to attract the right candidates. Employees usually pursue salary jumps of 10 to 15 per cent when they change jobs, but this rose to an average of 20 per cent in the second quarter, Mr Hill points out. With many companies looking to recruit in-house, salaries in general are expected to rise.

Where companies in the past months were reinstating positions cut during the downturn, they are now hiring additional staff and growing their teams as part of an expansion plan. Experienced, skilled staff, such as sales and development people in general commerce, are therefore highly sought after to help drive business growth.

"The local talent pool is shrinking as employment continues to improve. This means there are now more opportunities for overseas professionals willing to relocate to Hong Kong and Asia in general, since more employers are looking at hiring from the international market," notes Mr Hill.

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Stiff competition

Career Times' statistics also show that financial services institutions and banks advertised 2,460 positions in the second quarter, reflecting an aggressive chase for talent in the sector.

"During the slowdown, many such institutions were understaffed. As the economy picks up, the majority of these corporations are hiring and trying to get their staff levels right so that they're well positioned for business growth," says Andrew Morris, director, Robert Half Hong Kong. Companies are recruiting seasoned candidates who have the ability to effect change, implement new processes and build platforms for growth, he adds.

Some banking and finance employers are offering enticing packages, including increases of up to 40 per cent in basic salary, to leapfrog fierce competition for talent and sign up people with the right know-how and business savvy.

"Compensation is becoming a significant issue again. We're seeing some individuals getting their pay packets substantially boosted because they may not have received rises or bonuses for the past couple of years," Mr Morris says. "So people simply look for external opportunities if their companies cannot deliver in line with their expectations."

Seventy-three per cent of Hong Kong's finance professionals see increased pay as the most important motivation for changing jobs in the current market, according to a recent Robert Half workplace survey. In addition, 71 per cent believe the best way to foster staff loyalty and maintain morale is through pay rises. Mr Morris therefore recommends that employers consider whether the compensation packages they offer are adequate to make employees feel valued and to enhance their job satisfaction. To remain competitive and attract and retain talent, employers must reintroduce cash benefits and improve non-monetary perks, he says.

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Fair reward

Career Times data indicates that 3,376 jobs were posted in the consumer sector during the second quarter of this year. The authoritative quarterly Hudson Report survey of employer hiring expectations reflects a similar level of stability, showing that recruitment in the second quarter remained strong. Forty per cent of respondents with retail backgrounds said they expected to increase their company headcounts.

The retail sector with its steady demand for talent, even during economic downturns, is a solid choice for jobseekers, says Barbara Yeung, manager—sales and marketing, Hudson. This sector also bounces back quickly once the economy recovers.

As the fight for talent intensifies, it becomes harder to recruit the right people. This is particularly so on the operations front, when it comes to recruitment for store managers, mid-level executives and senior professionals with six to 10 years' experience in luxury goods retailing and customer service.

"Employers are using incentives to attract new people and to retain high-performing staff, as this creates greater flexibility in controlling operational costs. This serves as a fair reward system that works especially well in the sales field," Ms Yeung notes. "The recruitment market is certainly picking up, but employees should keep the bigger picture in mind and carefully consider their career development prospects before job hopping too easily."

On the up

• Job-hoppers get 20 per cent salary hike
• More employers look to hire from abroad
• Banking and finance institutions aggressively replenish staff
• Soaring demand for store managers, mid-level executives and senior professionals

Taken from Career Times 9 July 2010, A6