Hong Kong has not been immune and a recent Employment Outlook Survey conducted by one of the world leaders in employment services, Manpower, across 803 employers in Hong Kong and more than 71,000 public and private employers worldwide forecasts that the hiring pace is expected to slow down during the first quarter of the year across all industry sectors.

'The hiring intentions are noticeably weaker and the majority of employers are taking a conservative approach for hiring plans,' Manpower's general manager for Hong Kong and Macau operations Lancy Chui Yuk-shan said. 'Unless they see more positive economic signals, they are less likely to increase staffing levels.'

The outlook across finance, insurance and real estate, manufacturing, mining and construction, services, transport and utilities, and wholesale and retail trade reported a significant decrease with the finance, insurance and real estate sectors expecting a decline of 31 percentage points.

But all was not lost, Ms Chui said. 'Although hiring is expected to slow, employers haven't put the brakes on hiring entirely,' she explained. 'We see a trend for companies to seek temporary or contract staffing during uncertain times, so job seekers should be more receptive to job opportunities and less dependent on remuneration and contract duration but seize opportunities to gain experience and wait for opportunities when the market recovers.'

Industry experts agree, saying that 2009 is not a year for job hopping and unreasonable expectations. 'Career development should never stall,' said PeopleSearch consultant Kam Yew Chuen. 'In crisis situations, there are often opportunities. Some companies are localising their senior roles for cost-saving reasons and this means that top jobs may now be available for people with the right experience.'

Ambition Asia's managing director Guy Day said: 'We don't stop operating overnight just because the market [has] collapsed.' He said that in the wake of companies making redundancies, they often needed to re-recruit in certain positions.

Experts advise against risky behaviour, encouraging those who are thinking of leaving a job to make sure they have secured another post before they do so.

'I think the bottom line is if you are safe and feel reasonably happy at your job, don't look at jumping ship, it's not a good idea, but I think it is a good time to start hunting when downsizing is imminent, has happened and the writing is on the wall, then start looking now if you feel a little unsafe,' said managing director of Profile Search and Selection, Richard Letcher.

For the brave ones determined to venture into the job market and for those unfortunate to have lost their jobs, experts say that job seekers can no longer wait for things to happen.

'It's what we call a buyer's market now,' Mr Day said. 'The employer is the one holding all the cards and because they have more choice and there are more candidates on the market, there can be more selection.'

Competition has intensified and the importance of managing your expectations and being prepared to distinguish yourself from the rest has become more important. 'This will allow you to plan effectively and also keep your spirits high,' said Hudson Asia's managing director, Mark Carriban.

In hunting for a new job this year, experts emphasised that the most important thing was focusing on one's CV, described as perhaps the single most important document you have to sell yourself.

'Prepare and spend time knowing your CV,' Mr Letcher advised. 'A lot of candidates struggle with dates, and if it is more fluid when you are talking through your experience you sound more confident and assured in your own ability.'

Mr Carriban noted that if you were going to sell yourself, you should first know yourself, so he advised spending time to recognise your strengths and find out what differentiates you from the competition.

'By knowing this, you are prepared for most questions in the interview to come,' he said, at which point clean professional presentation along with a firm handshake, good body language and eye contact could go a long way in the first five minutes you have to impress.

'Don't take anything for granted,' Mr Day said.

Mr Carriban added that the CV should be 'short enough to grab attention yet long enough to cover all important areas' and that the objective is to interest the reader enough to want to meet you yet not give away everything, providing ground for discussion in an interview.

A good CV, he pointed out, would be one that was able to highlight 'achievement versus responsibility, quantitative versus qualitative and specific versus general'.

But having a good CV was not enough, tracking your CV was equally important, experts said. Knowing exactly where your CV has gone can avoid duplication.

'Duplication can potentially ruin a job search as hiring managers may see you as disorganised if your CV comes from two sources,' Mark Andrews, manager of investment management division at Robert Walters, said. 'It's important not to spam the market with your CV. Meet up with a respected recruiter and discuss companies where you would like to work and roles that you would consider.'

Knowing the job market was imperative, so staying abreast of the news and what was happening with companies was key. Treat your job search like a full-time job, Mr Day advised

'They need to make an informed decision and research the company they are looking to go into and consider whether the job can offer them stability, and be certain that the move enables them to achieve their long-term career aspirations,' Sue Anne Lee, consultant in talent and organisation consulting practice at Hewitt Associates, said. 'At the end of the day, people should not feel that they are a victim of the crisis but rather channel their efforts to helping the company manage the crisis instead. The economy will eventually recover and ultimately companies are looking for employees who are able to help them weather these difficult times.'

Ms Lee, the project manager for Hewitt's Best Employers in Hong Kong 2009, study stressed that the onus was not only on employees. Companies also have a responsibility to sustain high levels of employee engagement during difficult times. She said that companies that emerged as true best employers over the years had been ones with open, honest communication from senior management and line managers. 'They are powerful and sometimes they don't realise that. They are essentially the ambassadors of the company because they link the senior managers to the employees, so they are important in delivering the right message.'

Guide for career success in 2009

1 Appreciate that it is going to be a tough year, but grasp every opportunity you can

2 Show that you are a committed, diligent worker and let these qualities shine through

3 Hold on to the comfort that like any crisis you have faced before, this one will pass, too

4 If possible, don't job hop

5 Be flexible, adaptive and realistic about your expectations

6 Only change jobs if you have secured something else and it can contribute positively to your career progression

7 Behave like a winner, behave like a survivor and you will be a survivor

8 If you are going to sell yourself, you must first know yourself, so identify your strengths and what differentiates you from others in the marketplace

9 Use any downtime wisely by upgrading your skills and education

10 Keep your eye on the job market and stay abreast of the news