Stay Ahead of the Curve on Talent Hiring in Hong Kong Post-pandemic
Stay Ahead of the Curve on Talent Hiring in Hong Kong Post-pandemic
COVID-19 has disrupted the global economy with unprecedented uncertainties and Hong Kong being Asia’s World City hasn’t been spared, with GDP contracting sharply, by 8.9% YOY in Q1 2020 and the local labor market taking a brutal hit with a potential economic fallout, the impact on both businesses and talent in the local market is severe.
Spring Professional Hong Kong released a thought leadership report of Stay Ahead of the Curve in June 2020, sharing key findings on professional talent hiring and business confidence to rebound based on 138 companies surveyed across different industries in Hong Kong in May 2020.
This report aims to provide valuable insight, based on information compiled from different HR Leaders and Senior Executives, across the field of IT & Internet, Industrial & Manufacturing, Property & Construction, Service & Consulting, FMCG & Consumer Retail and our recruitment specialists. We hope you find this helpful to navigate you through the market challenges post COVID-19 and to prepare & assist you in your talent strategy and plans beyond COVID-19.
Here’re the highlights in the Stay Ahead of the Curve report,
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79% of companies were negatively impacted, especially in the areas of talent acquisition and talent management, mainly due to the COVID-19 pandemic; with the services & consulting and FMCG & retail sectors experiencing the biggest impact.
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8% of businesses in IT, on the contrary, find slight positive impact, an increase in talent acquisition activities and headcounts including roles of Big Data, AI/ML, Dev Ops, Cloud, Cyber Security, Infrastructure and Network.
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Services & Consulting industry in Hong Kong has been the most affected, with close to 83% planning a decrease in total FTEs as compared to 2019 and 17% plans to maintain their total FTEs at the same level as the previous year.
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21% (mostly SMEs) is expecting to cut more than 25% of their current headcounts in the industrial and manufacturing sector. COVID-19 and other socio-political factors are putting a strain to their businesses and they will be taking extremely conservative approaches to hiring activities in the next 6 to 12 months.
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Only 11% of the companies responded that they have plans for potential business transformation post COVID-19. Service & Consulting sector is the most open to potential business transformation with such plans to be implemented within the next 6 months. Other sectors, however, are more apprehensive and slower to react on their plans post COVID-19.
Should you need more information about this thought leadership report, please feel free to reach out via marketing@springasia.com.
For more information or media liaison, please contact Maggie Wu.
Maggie Wu, Asia Senior Marketing Manager, Spring Professional
Email：maggie.wu@springasia.com
Tel：+21 8012 6008
About Spring Professional
Spring Professional is the wholly owned subsidiary of the Adecco Group, the world leading workforce solutions company. Our focus is exclusively on the recruitment of middle to senior level management professionals and industry experts. We’re passionate about making the future work for professionals across 23 locations and 90 offices worldwide.
Spring Professional is technical recruitment consultancy specialises in Engineering, Information Technology, Life Sciences, Property & Construction, Supply Chain & Logistics, Sales & Marketing, Finance & Accounting, Human Resources, and Legal in Asia. As a fast-growing recruitment company worldwide, Spring provides professional talent recruitment solutions with a diversified range of value-adding solutions including Sourcing & Intelligence, Employer Branding & Attraction and Talent Assessment.