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Data compiled by Career Times Research Team
Full market recoveries may just be a quarter away
The slight improvement in the market during this year's second quarter has continued into the third. Things are certainly starting to look more promising for Hong Kong's jobseekers.
Andrea Williams, managing director of Ambition Hong Kong, says that although a strong upward trend is still out of sight, commerce and industry are holding steady while employment figures for the second quarter are up 10 to 15 per cent in the banking and finance sector.
This is borne out by Career Times data that shows overall job vacancies have been stable from July to September, with a rise for banking and finance in the closing weeks of the quarter.
However, the total number of jobs available in the third quarter remained well below 2008 levels, peaking at 3,801 - half of last year's highest point.
Ms Williams expects a similar pattern in the fourth quarter of 2009 and the beginning of 2010. "We'll see a slow and steady start to the year, with no significant change before Chinese New Year. If everybody's still feeling confident I would expect an upturn after that."
Employers continue to be exacting, but Ms Williams notes that opportunities have improved for middle management and junior positions. "Salaries are not getting so tightly squeezed at these levels," she says. "Candidates now have more choice, so while the cards are still in the employer's hands, they're not quite as strong as they were."
Fresh graduate alert
The improvement in banking and finance is confirmed by Andrew Morris, director of Robert Half Hong Kong. "The market has performed much more strongly. The larger banks are definitely starting to expand headcount," observes Mr Morris.
In addition to the upturn in middle and junior level job opportunities, there has been an increasing demand for more senior positions. This is an indication of stability and growth for 2010. "Seeing those roles come up in financial institutions tells us that they are looking ahead," he notes.
Even so, optimism remains tempered by caution. "We're seeing a lot of watching and waiting," Mr Morris comments. "Companies want to avoid redundancy next year. So, temporary and contract hires are a bit stronger than the permanent side."
He sees the coming two quarters as a period of consolidation and planning that will act as a launch pad for an upturn in the second quarter next year. The low turnover of the past 12 months should change in the first six months of 2010. He adds, "This year people have been reluctant to move but that fear will subside."
Candidates still need to meet extremely high standards, though. "In a normal market, employers will take on people who are 70 or 80 per cent right. At the moment, they need to be 120 per cent," Mr Morris says. During an interview, jobseekers must be able to give examples of their achievements, especially in terms of increasing revenue stream or saving costs, to demonstrate their ability to help the company operate more efficiently and productively.
It will be difficult for fresh graduates entering the market, remarks Mr Morris. He advises them to prepare for interviews by researching the company or enrol in training for interview skills. "Employers will be looking at the top one per cent of candidates," he says.
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Data compiled by Career Times Research Team
Constructing reality
Career Times figures also show an upturn in building and construction. According to Paul Ho, managing director of Manlink Personnel Consultants, the sector is performing well thanks to the government's jobs creation initiatives as well as the MTR expansion plans. The third quarter has been strong, with many tenders being confirmed. "Contractors will be looking for a lot of people," says Mr Ho.
He foresees a strong fourth quarter this year and what he calls a "boom year" in 2010. "The construction market will remain upbeat for the next five years," he predicts.
The industry has plenty of jobs but a shortage of candidates. "Companies are definitely looking for well-versed personnel," says Mr Ho. "There will be great demand for senior management like project managers and mid-level positions such as site engineers."
Experts in the niche field of tunnel construction are especially in demand. "Contractors are looking overseas but infrastructure projects in the UK and Australia are retaining people that are experienced in this area," Mr Ho explains. He adds that even local people who have been working in Macau or China may prefer to go abroad where they could expect a premium.
"The increase in project volumes means companies need more people. They will need to train up their own staff, while recruiting from outside," Mr Ho says. "This will create a lot of opportunities for graduates at entry levels."
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Data compiled by Career Times Research Team
Taken from Career Times 9 October 2009, p. A11
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