HK accountants most likely in Asia to be fired, survey finds

The economic downturn has propelled many Asian businesses to trim staff in their finance and accounting departments, but more companies in Hong Kong are making such cuts than their regional competitors are, according to a global survey.

Forty-six per cent of responding Hong Kong companies reported layoffs in finance and accounting, compared with the global average of 37 per cent.

The survey, which included companies across 22 countries, is the third annual report by banking- and finance-hiring specialist Robert Half International. The poll included 132 firms in Hong Kong.

The percentages of companies in the two other Asian economies surveyed - Singapore and Japan - that reported layoffs were 42 per cent and 28 per cent respectively. Despite the trimming, 39 per cent of Hong Kong companies have added staff.

Robert Half Hong Kong director Andrew Morris said that in a recession, companies sought individuals who could help them cope with the tough economic environment through realising efficiencies.

'Those people made redundant find it difficult to operate in an environment such as this.'

He said that while some people found it hard to find jobs, 86 per cent of companies reported difficulty in filling finance and accounting jobs, with 48 per cent willing to negotiate higher compensation levels for qualified candidates. A 'distinct supply gap' had been created, he said, due to the risk-averse approach of employees hesitant to leave their jobs in this economy, and the demand for skilled individuals. But 38 per cent of firms had lowered starting salaries.