Hong Kong’s employers appear cautiously optimistic about taking on new staff in the last few months of 2024, as hiring has gathered pace in most sectors compared to the previous quarter, according to a survey published by ManpowerGroup on Monday.
The Employment Outlook Survey, which polled 532 Hong Kong employers, revealed that 39 percent expect an increase in payrolls, 31 percent anticipate a decrease, and 29 percent forecast no change.
Based on the survey, the group found that the most optimistic sector in Hong Kong is communication services, with a net employment outlook (NEO) of 40 percent, followed by the information technology industry at 35 percent and the consumer goods and services sector, at 28 percent.
READ MORE: Sun: Over 40% of talent under trawl say they're staying in HK
NEO is calculated by subtracting firing intention from hiring intention along with other adjustments.
“The Hong Kong Special Administrative Region government has implemented several industry support schemes and mega event initiatives to provide significant support to the market,” said Lancy Chui Yuk-shan, senior vice-president at ManpowerGroup Greater China.
For the industrials and materials sector, a new HK$10 billion ($1.28 billion) “New Industrialization Acceleration Scheme” was introduced on Sept 16, designed to offer subsidy support to strategic enterprises establishing new smart production facilities in Hong Kong.
And the information technology sector has embarked on a HK$500 million digital transformation support plan, as the market consumption model is shifting towards digitalization.
In addition, enterprise spending on digital media has risen by approximately 10 percent year-on-year to HK$5.5 billion, which also drives the demand for social media operation professionals in the communications media industry, Chui added.
According to preliminary statistics on Hong Kong’s Gross National Income (GNI) and related figures for the second quarter of 2024 released by the Census and Statistics Department on Sept 16, the city’s GNI increased by 8.1 percent in the second quarter of 2024 over a year earlier to HK$847.5 billion at current market prices.
Hong Kong’s GNI denotes the total income earned by Hong Kong residents from engaging in various economic activities.
As for the labor force statistics, the seasonally adjusted unemployment rate stood at 3 percent in May to July 2024, the same as in April to June 2024. The underemployment rate also remained unchanged at 1.2 percent over the two periods.
“The overall labor market should remain tight in the near term as continued economic growth renders support to labor demand,” said Chris Sun Yuk-han, the secretary for Labour and Welfare.
Chui added: “However, due to uncertain factors like geopolitical tensions and shifts in consumer behaviors, companies are exhibiting a more conservative approach towards recruitment.”.
Of the seven surveyed sectors, employers in health care and life sciences sector are expected to adopt the most cautious hiring pace in the fourth quarter, with a NEO of negative 11 percent.
READ MORE: Survey: Hong Kong employers expect positive hiring pace in Q3
Many medical institutions are now implementing artificial intelligence technologies, such as diagnostic assistance systems and patient management platforms, which not only improve workflow but also enhance the quality of care and service efficiency.
Another survey “Primary Care Education Foundation x Merck x Bowtie Family Support Needs Survey 2024 Part 2” conducted by the Primary Care Education Foundation, Merck Group, and Bowtie was also released. The online survey collected opinions from about 200 employed Hong Kong residents on how economic downturns and work stress affect their willingness to have children.
The survey results showed that economic downturns and high work stress are among the reasons why most Hong Kong people delay their plans to have children. At the same time, most respondents believe that economic downturns and high work stress also affect marital life.
Contact the writer at thor_wu@chinadailyhk.com
