Lower hiring expectations in Hong Kong
Hiring expectations in Hong Kong have fallen again this quarter, as 14% of companies say they expect to hire in this quarter – down from 18% last quarter.
Managing director of Hudson Asia, Mark Carriban says the hiring expectations in Hong Kong is now at an “eleven year low”, the lowest since the first Hudson report that tracked the Hong Kong employment market in Q4 1998. The figure is also lower than other hiring expectations in Asia.
Within the various industries, the legal sector reported 23% of companies looking to hire, followed by 17% of manufacturing companies looking to increase headcount. However, the Information Technology and Telecommunications sector fared the worst, as 43% of companies say they look to reduce headcount.
Fifty-one percent of the respondents also say they have implemented cutting HR-related costs in the last six months, with headcount reduction being the most widely-used initiative.
The latest Hudson survey polled 612 executives from key business sectors in February.
Source: Sandbox Advisors, HRM