More than a third of Hong Kong firms to step up hiring, almost 60 per cent to increase pay, CPA Australia survey finds
- Measures to combat Covid-19 and stimulate the economy have bolstered the city’s economic recovery and prospects, says president of industry body
- Sixty-seven per cent say resumption in travel would be a top contributor to growth
An increase in hiring and pay rises are in store for Hong Kong next year thanks to an improvement in the city’s economic outlook, according to a survey conducted by accountancy industry body CPA Australia.
Of the 214 Hong Kong-based accounting and finance professionals that CPA Australia polled about the local economy, 36 per cent said firms would increase hiring in 2022, against only 13 per cent last year. Additionally, 59 per cent said they expected a pay rise next year, up from only 15 per cent last year.
“Measures to combat the [Covid-19] pandemic and stimulate the local economy, such as the consumption voucher scheme, have bolstered the city’s economic recovery and prospects. Most respondents are optimistic about Hong Kong’s economic outlook,” said Janssen Chan, president for Greater China at CPA Australia.
04:32
Asia’s ‘walled city’: why Hong Kong’s travel curbs hurt more than tourism
The respondents’ expectations reflected an overall belief that Hong Kong’s economy would recover next year, and were driven by the hope that a reopening of its border with mainland China as soon as this month would boost economic activity in the city.
“Given that the economy is recovering, business confidence is improving and many businesses are expecting to expand activities in the next three years. More companies are increasingly willing to hire new staff next year to fill vacancies and employ talent in sought-after positions such as in ESG, fintech and digital transformation,” said Anthony Lau, co-chairman of the taxation committee for Greater China at CPA Australia.
“We all hope the border will open to the rest of the world. However, I think the key factor, for now, to boost economic growth, is really the control of the pandemic and also vaccinations,” he added.