Banking, professional services employers cautious as Hong Kong outlook remains uncertain, recruiting firm says

Employers and prospective hires in financial, legal and other professional roles are being more conservative in Hong Kong as the city endures one of its worst political crises, marked by five months of anti-government protests, according to a report by recruiting firm Robert Walters.

When changing jobs, the expected salary increase has declined to between 10 per cent and 15 per cent for next year in Hong Kong, according to the Robert Walters Salary Survey 2020. In 2019, salaries were expected to increase by 10 per cent to 20 per cent.

“Employers will be adopting a cautious approach to recruitment, and insist on candidates with specific, niche skill sets,” said Ricky Mui, managing director of Robert Walters in Hong Kong. “Hiring processes are expected to be lengthened and additional interview stages added, with more rigorous due diligence on candidates.”

The survey comes as the protests and civil unrest weigh on a variety of businesses, having sent the city’s economy into a technical recession in the third quarter.

The protests began in June over a controversial extradition bill that would have made it easier to send criminal suspects to China for trial. The bill has been formally withdrawn, but the protests have grown into a broader unrest about affordable housing, income inequality and Beijing’s influence over the city.

Intensifying clashes between police and more radical protesters have forced retailers and restaurants to close early, and have discouraged tourists – particularly those from mainland China – from visiting the city.