Firms Compete to Hire Talents

A recent survey conducted by recruitment consultancy Ambition reveals that talent shortage continues to be the most significant recruitment challenge businesses expect to face. Budget constraints and salary inflation come in second and third.

The survey interviewed 474 Hong Kong executives from 12 industry sectors in April and May 2011. Results showed that 58% of respondents are currently hiring staff. When it comes to hiring over the next 12 months, 27% of respondents considered a lack of qualified candidates to be the key recruitment challenge. Although 80% of respondents anticipated growth for the remainder of 2011, 22% of respondents claimed that getting budget and headcount approval would be one of their biggest challenges. Salary inflation has also become a concern with nearly 21% of respondents saw it as a potential obstacle to hiring.

In face of skill shortages, 65% of respondents would look to hire talents from overseas if they couldn’t identify right candidates locally. The majority of respondents (54%) said they wouldn’t consider paying a premium for these overseas individuals. With 46% of respondents saying they would, this is going to be an interesting area to watch as businesses compete for the same talent.

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