Insights on Hong Kong job market outlook for 2024

Photo by Jimmy Chan

Hudson unveiled its insights on the job market outlook for the year 2024. Leveraging expert analysis of market trends and exclusive survey results, Hudson offers valuable foresight into the expectations and sentiments of job seekers in Hong Kong.

Sid Sibal, Vice President of Hudson Greater China, expects the job market in Hong Kong to display signs of improvement compared to the previous year, albeit with a note of caution regarding growth expectations.

The Financial Services and Professional Services sectors are projected to experience a moderate upturn, driven by the anticipated decline in US-Fed rates, which will stimulate liquidity in the market and fuel hiring.

However, a full-fledged recovery may not be attained. Within the Banking & Financial Services sector, an oversupply of talent relative to demand leads to below-average job-change increments. In 2024, it is not uncommon to witness lateral moves and marginal salary adjustments. The demand for FinTech talent is expected to persist as more businesses acquire licenses and enter the Hong Kong market.

The business-to-consumer space is poised for a performance comparable to that of 2023, with a surge of Mainland Chinese brands entering the Hong Kong market, spanning coffee chains to fashion and luxury. This influx will intensify local competition and support hiring activities throughout the year, with sales-focused roles dominating pay-equity and recruitment volumes.

However, the property and real estate sector in Hong Kong is anticipated to witness limited hiring levels.

In addition to the market outlook, Hudson conducted an exclusive survey to gauge candidate sentiment for 2024. The survey yielded the following key findings:

  1. Primary Motivator for Job Change: Salary remains the foremost driver for job seekers in the upcoming year, with 63% of respondents citing it as the main motivator.
  2. Confidence in the Job Market: Among Hong Kong employees, 39% express confidence or optimism about the job market in the new year (2024). 
  3. Job Change Consideration: 51% of Hong Kong employees are contemplating changing jobs in 2024. 
  4. Reasons for Job Change: The top three reasons driving employees in Hong Kong to consider job changes are: 1. Salary, 2. Job Security, 3. Hybrid working arrangements. 
  5. Perception of Compensation and Benefits: 58% of employees in Hong Kong believe that their current compensation and benefits package is competitive in the market.
  6. Preference for Hybrid Working: 68% of employees in Hong Kong prefer a hybrid working arrangement, while 32% prefer fully on-site work.
  7. Interest in Contract Work: 11% of employees would consider working as contractors instead of opting for full-time positions, while 89% prefer full-time employment.
  8. Work-Life Balance: 57% of professionals in Hong Kong believe that their current work environment supports a healthy work-life balance.
  9. Impact of AI on Jobs: Among Hong Kong employees, 31% believe that AI will significantly impact their jobs this year (2024).
  10. Employer Assistance in AI Skills: 83% of employees agree that employers should provide assistance in acquiring the necessary AI skills.

Sid Sibal emphasized that salary remains the primary motivator for job seekers in 2024, followed by job security and the desire for hybrid working arrangements. The survey results indicate a considerable percentage of employees in Hong Kong contemplating job changes, highlighting the importance for employers to offer competitive compensation packages and support work-life balance.