23% growth in the number of job advertisements in Q3 2016

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The number of job advertisements in Hong Kong in the third quarter grew 23% from a year ago, according to our Asia Job Index Q3 2016 research, which is a far better than expected figure despite challenging market conditions.

Matthew Bennett, Managing Director - Greater China, Robert Walters commented: “Annual growth in job advertisements fared better than expected, considering China’s economic situation and the market uncertainty stemming from the effects of Brexit and the upcoming elections in the United States. We predict that the local hiring sentiment will remain cautiously optimistic throughout the remainder of the year as the Hong Kong market becomes more stable and companies become more open to taking risk. As demand for permanent roles remains stable, companies are also becoming more receptive to hiring contractors.”

Key findings

  • Growth in the FinTech sector was a significant contributor to the 34% rise in legal & compliance job advertisements, as more firms sought expertise to develop their business. Previously unchartered industries (such as P2P and mobile financing) required candidates who can operate across borders and multicurrency platforms in challenging regulatory environments.
  • Demand for HR professionals, especially learning and development specialists rose by 23% from the previous year. Increasingly, more firms are prioritising upskilling existing talent rather than hiring new ones.
  • Businesses continued to enhance their technological capabilities as they adopted Big Data or Cloud technology which accounted for the 16% rise in job advertisements for IT professionals in Hong Kong’s market. These were typically focused on expanding high-tech manufacturing teams.

Click to read the full Asia Job Index Q3 2016 Report.

Growth in other Asian regions

China: Robust hiring processes for high-quality talent

Singapore: Job market boosted by growth in technology field

Malaysia: Hiring slows amid uncertain economy

Taiwan: Replacement headcount remains steady in a growing market

Click to read the full Asia Job Index Q3 2016 Report.

About the Asia Job Index

The Robert Walters Asia Job Index tracks the number of job advertisements on a daily basis across the executive appointments sections of key newspapers and leading online job boards in China, Hong Kong, Malaysia, Singapore and Taiwan.

Released on a quarterly basis, the report provides an indicative summary of recruitment activity being experienced across major regional markets as well as key industry comparisons.

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