Industry experts say that, while job hopping is not advisable in the year ahead, there are opportunities
As we step into the New Year a reflection on the recruitment frenzy that marked the first half of last year sits in stark contrast to what is expected this year.
The United States economy saw the loss of 533,000 jobs in November last year making it the largest monthly job loss since 1974 and predictions indicate that the worst has yet to come.
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.'