SINGAPORE, 23 July 2008 -- About 474,000 job advertisements were posted in Hong Kong during Q2 2008, up three per cent from the previous quarter. Total job advertisements in Singapore, however, dropped nine per cent to about 214,000.
While international banks in Hong Kong and Singapore have slowed recruitment activity, the respective IT and telecommunications sectors have increased hiring significantly. The sales and marketing functions of bigger companies in both locations are also seeking more fresh expertise.
These were among the findings of the first Asia Job Index (AJI), launched by International recruitment firm, Robert Walters. The AJI tracks job advertisement volumes for professional positions across leading job boards and national newspapers in Hong Kong and Singapore.
Hong Kong
Hong Kong’s strong links to mainland China’s economy, expected to continue growing at over 10 per cent this year, has led to more local employment, Robert Walters said.
“With Chinese companies looking to list abroad and foreign companies looking to list in China, there continues to be a demand for qualified accountants, especially those with either IPO or start up experience,” said Shane Sibraa, managing director of Robert Walters Greater China.
The Beijing Olympics also presents marketing opportunities for major international vendors, further bolstering local employment, the recruitment firm noted.
Additionally, many Hong Kong banks are seeking exchange connectivity experts to mitigate risk by connecting electronically to other markets in the region.
“Outside the financial services markets, recruitment remains strong, and retail in particular is the fastest growing sector for jobs in Hong Kong right now,” said Matthew Bennett, director at Robert Walters in Hong Kong.
More selective employers
He added that despite the active recruitment, organisations there have also adopted “a far more selective stance in terms of the final hiring decision.”
“It is a ‘yes’ and ‘no’ answer as to whether we expect IT and telecoms hiring to continue increasing in Hong Kong in 2009,” said Nicole Lui, Robert Walters’ Hong Kong manager of sales and marketing (IT and Telecommunications).
She explained that ongoing mergers and acquisitions in the local IT and telecoms sectors have resulted in high staff turnover rates and more hiring for replacements. On the other hand, the US economic slowdown and falling demand for IT and telecommunications infrastructure have dampened hiring for new positions in both sectors.
Singapore
According to Robert Walters, the reduced number of jobs advertised in Singapore was due to more cautious hiring by some international banks. US economic woes and the merging of several banks further heightened hiring caution.
“I expect hiring processes in IT and telecoms to take longer as local employers seek to find the right market talent for long-term investment,” said Adam Bowden, Robert Walters’ senior consultant for IT and telecommunications (Commerce sector). “These employers will also source for talent across Southeast Asia, rather than solely within Singapore.”
“Overall, recruitment activity across the Singaporean market remains steady, with a particularly strong demand for sales professionals,” said Mark Ellwood, managing director at Robert Walters in Singapore.
Stable 2009
For Hong Kong and Singapore, recruitment activity will be stable across the banking and financial services industry in 2009, according to Sohrab Singh, Robert Walters’ senior consultant for IT and telecommunications (Banking sector). “This is due to the fact that most banks that have undergone mergers this year will finish the integration process by end-2008.”
Singh also expects new job openings for some financial services where post-merger infrastructure would need revamping to support the market. “News of several financial institutions considering in-sourcing of IT services that have been traditionally outsourced will definitely provide additional boost to hiring in Asia.”
