Slightly more than half of Hong Kong employees (51%) are contemplating changing jobs in 2024, according to a study by recruitment firm Hudson.

The top three reasons driving employees in Hong Kong to consider job changes are: salary; job security; and hybrid working arrangements.

When it comes to the labour market, 39% of Hong Kong employees express confidence or optimism about the job market in 2024.

Meanwhile, 58% of employees in Hong Kong believe that their current compensation and benefits package is competitive in the market.

When it comes to hybrid working, 68% of employees in Hong Kong prefer a hybrid working arrangement, while 32% prefer fully on-site work.

Hudson’s research also showed that 11% of employees would consider working as contractors instead of opting for full-time positions, while 89% prefer full-time employment.

Over half, or 57% of professionals in Hong Kong believe that their current work environment supports a healthy work-life balance.

On the AI front, 31% believe that AI will significantly impact their jobs this year. The majority of employees (83%) agree that employers should provide assistance in acquiring the necessary AI skills.

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. Nevertheless, a full-fledged recovery may not be attained, Hudson added.

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, Hudson noted.