Job ads in Hong Kong dropped 10.9% in 4Q13

Market cautious on increasing headcount.

According to Robert Walters Asia Job Index, advertising figures in Hong Kong fell by 10.9% in Q4 2013, against Q3, indicating the market remained cautious on increasing headcount and reflecting the seasonal slowdown in Q4 due to Christmas and the early Chinese New Year.

Accounting and finance jobs fell 14.9% as finance institutions enacted headcount freezes while planning for the year ahead. The headcount freeze within financial services also impacted job adverts within the legal profession with volumes dropping 27.2%.

However, compliance roles were still in demand in a clear sign of a realignment of the banking sector and businesses investing in talent to meet new rules and regulation. Consultant and analyst job adverts increased by 79.8% from Q3 2013 reflecting an increasing trend of outsourcing as companies focused on driving cost efficiencies.

Matthew Bennett, Managing Director for Robert Walters, Greater China, said “we are seeing more confidence in the market as the global economy stabilises and businesses start to look to grow, however going into 2014, we will still experience some of the caution that defined 2013.

The Hong Kong market overall is not expanding as quickly as it once was which has led to the recruitment process being dragged out as businesses are willing to wait longer to find the perfect candidate. As a result, middle management positions, where candidates have 5-10 years’ experience, are becoming increasingly competitive.”