A rising demand for banking and e-commerce professionals from Chinese businesses will drive recruitment activities in Hong Kong, fuelling competition for capable talent.
This is one key finding from the latest Hays Quarterly Report, for the July to September quarter, which identifies the latest trends in the job market.
Hong Kong is the stepping stone for Chinese businesses to join the global market. In Hong Kong, candidates who can help Chinese companies accelerate the execution of their global expansion plans will be in high demand this quarter.
There has been an urgent need from Chinese banks to secure risk specialists for their operations in Hong Kong, and the trend is set to continue. Qualified candidates in compliance, risk, internal audit and anti-money laundering are also in great demand. Strong hiring in Chinese banks is contributing to a candidate shortage in the Hong Kong market for banking professionals who can deal with risk control and compliance.
Meanwhile, a one-year delay of the tax regime governing China’s cross-border e-commerce businesses is creating acute demands for talent who have the experience of handling online shopping businesses and digital marketing.
Bolstered by soaring demand from Chinese mainland shoppers, cross-border e-commerce will see sizzling growth this year after the government’s decision to postpone the implementation of the tax system. In the long run, Hong Kong will continue to play an important role for Chinese e-commerce platforms to develop their cross-border businesses because of its advantages in logistics and its rule of law.
Candidates who have abundant knowledge of China’s e-commerce and rich experience in social media will stand out as employers race to expand their businesses amid consumer fixation on buying foreign-made goods. Employees are expected to start work as soon as possible to drive businesses to a new high.
According to the Report, demand is highest for the following skilled professionals:
Accountancy & Finance
- Compliance Managers – Skilled candidates in compliance, risk, and anti-money laundering segments are in the highest recruitment demand for Chinese banks, particularly second-tier lenders.
- Accountants – There has been an increase in demand for junior- to mid-level accountants to support month-end reporting and closing of books.
Banking & Financial Services
- Risk Specialists – Risk specialists are in acute need by Chinese banks due to tighter regulations.
- Relationship Managers – Banks are looking for relationship managers to sustain revenue growth.
- PLC SCADA Engineers – PLC SCADA engineers are needed to complete environmental projects such as organic waste-water treatment.
- ELV Engineers – As more residential and commercial projects come close to completion, ELV installation works begin and there is an immediate need for ELV engineers.
- Regulatory Affairs professionals – Stricter healthcare policies in drug regulation drives demand for regulatory affairs professionals.
- Product Specialists – Candidates with revenue generating skills are highly sought after as companies seek to further develop business.
- IT Security Managers – There is a demand for managers to ensure the organisations’ system and flow of information is secure.
- Network Engineers – Candidates who are able to manage a company’s connectivity are in high demand.
- Pension Business Development Managers –Employers are adding new headcount to ramp up sales.
- Channel Development professionals – Companies are increasingly looking to generate new business from broker channels.
- Category Managers – Employers in Hong Kong with indirect procurement teams are creating demand for category managers with strong management skills.
- IT Procurement professionals – The rising number of IT-related products drives the demand of IT procurement professionals.
- Engineers with qualifications in E&M – Data centres are in soaring need of professionals with engineering knowledge.
- Project Managers – People with project management experience at data centres will be valuable.
Sales & Marketing
- Digital Marketing Managers – Organisations are looking for those who can strategise but also know how to drive leads and conversions.
- E-Commerce professionals – Booming Chinese e-commerce platforms are creating stable demand for candidates with experience of handling online shopping.
- E-commerce-related Logistics Managers – Increasing online sales will boost demand for logistics managers with e-commerce experience.
- Regional In-house Logistics Specialists – The reduction of reliance on third-party logistics drives demand for regional in-house logistics specialists.
This article was originally published on Hays.