An increase in the number of multinational companies setting up operations in Hong Kong is creating sustained growth in accounting and finance jobs, according to recruitment firm Michael Page International.
Its 2008/2009 Salary and Employment Forecast found that 61 per cent of respondents in Hong Kong said they planned to increase headcount within the next 12 months. Only 4 per cent said they expected to lower their headcount.
The greatest shortage was for junior and middle grades with three to eight years' experience. The trend had been exacerbated by employers on the mainland recruiting people from Hong Kong and the rapid growth of the gaming and hospitality industries in Macau, the firm said.
There was also a growing preference for employers to recruit mainlanders and returnees rather than expatriates when looking abroad. There was a growing shortage of accountants in the commercial sector in Hong Kong because professionals were staying at Big Four firms for longer. The perception was that pay was better at large multinational accounting firms.
The survey concluded that salaries should moderate but would continue to rise in the next 12 months. More employers were looking at benefits rather than salaries to attract and retain accountants. It predicted they would go up by 5 per cent across the board, and that people switching jobs would see increases of at least 10 per cent.
The firm said that more companies were being set up in new industrial parks outside Shanghai and Beijing. Companies were finding it tough to recruit accountants in these areas since demand from the city centres was still high.