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The recruitment market in Hong Kong is expected to remain stable as 59% of employers plan to hire in the coming three months, according to the latest hiring index by job site jobsDB. The survey of 130 companies also found that 69% of employers had staff leaving in the past three months with 82% of employers retaining them by offering higher salaries.
Hiring intentions dropped -4% in the first quarter compared to the previous quarter while 2% of employers plan to cut headcount in the coming three months. “The decline in hiring intentions shows that employers are adopting a cautious recruitment strategy as a result of the weak economic recovery in Europe and the US,” said Justin Yiu, General Manager of jobsDB Hong Kong.
He said that despite the sluggish external economy, the recruitment market in Hong Kong remained steady in the past three months. “Overall speaking, the career market is supported by vacancies generated from employee turnover after bonus payout and sustained strong labour demand for certain industries such as retail, and food and beverage,” Mr Yiu said. In May, the number of vacancies posted on jobsDB has shown a marked growth, reflecting the demand for talent is still high.
The survey also found that most employers use a rise in salary as a measure to retain staff who plan to leave. This is followed by providing career development opportunities and better work arrangement.
“The peak season of the recruitment market comes after bonus payout every year,” said Mr Yiu. “Our survey shows that offering higher salaries is cited by employers as the most common and effective measure for staff retention. This implies that salary is one of the top concerns of employees. I think many people are actively seeking better paid jobs because they are not satisfied with the pay rise this year and some believe their professions are in demand.”