“It’s Not all Doom and Gloom”
Increasing demand for Data Engineering & Data Analytics talent continues to drive salary increases. Median salary increases within this skills sector currently sits at above 20% which is considerably higher than the market average. This has also impacted average tenure as candidates take advantage of the squeeze on talent and change jobs more frequently. We expect this trend to continue into 2023 as more and more industries start to build inhouse AI, ML and Analytics teams.
Sales and Marketing is seeing an increase in demand for key account management, e-commerce operations, front line sales, and digital marketing role. As HK starts to open up, retailers are expecting tourism to recover and are looking to refill headcounts to prepare for the business to bounce back. We are seeing more demand from the retail and FMCG sectors. Multinational companies are also looking to strengthen their digital platform by reviewing digital strategy and customer experience, which results in new roles being created in this space.
Retail: Performance in the big fashion / luxury retail groups has varied brand to brand but those with successful products are investing heavily into omnichannel / customer data projects to catch Hong Kong’s post-covid bounce back, resulting in very high demand for the small number of candidates with this experience in these areas.
Insurance: Regional (APAC) insurance businesses headquartered in Hong Kong have been nearshoring a high number of technology and business transformation roles, not for cost saving but because they were at risk of losing the headcount, after struggling to fill the vacancies for so long.
Finance: Hong Kong’s leading global banks slowed hiring in Q4 after disappointing Q3 performance.