New | Hiring outlook for Hong Kong companies robust, despite economic slowdown
Hong Kong’s employment outlook for the second quarter remains robust despite a slowing economy, a survey has found.
ManpowerGroup, a human resources firm, polled 802 companies in Hong Kong in January and found that 17 per cent are planning to increase staff levels, while 2 per cent are seeking to cut employee numbers in the second quarter.
This leaves a net employment outlook of 15 per cent - the percentage of companies planning to increase staff levels minus those laying off staff.
The net employment outlook was also 15 per cent in the first quarter.
The survey, released yesterday, came as the city's economy recorded a growth rate of just 2.3 per cent last year, down from 2.9 per cent in 2013. Financial Secretary John Tsang Chun-wah forecast growth of between 1 and 3 per cent this year.
The second-quarter net employment outlook for the wholesale and retail sector is expected to be 14 per cent, up 1 percentage point from the first quarter.
"Due to a long-term high turnover rate in the sector, positive hiring intention is expected overall. Well-known overseas brands continue to expand their branches in Hong Kong, which reflects that retailers still think positively about the Hong Kong market," said Lancy Chui, the Greater China vice-president of ManpowerGroup.
The positive hiring outlook for the sector is in stark contrast to the slump of 14.6 per cent in retail sales ahead of the Lunar New Year.
Government figures show that January sales fell to HK$46.6 billion from a year earlier - their worst performance since the 2003 outbreak of severe acute respiratory syndrome.
The manpower poll also found a net employment outlook of 16 per cent for the finance, insurance and real estate sector; 7 per cent for manufacturing; 20 per cent for mining and construction; and 22 per cent for services, which include IT firms, accountancy and restaurants.
Chui said hiring prospects for the financial sector were high because of opportunities brought about by the Shanghai-Hong Kong Stock Connect and the expected link-up between the Hong Kong and Shenzhen bourses.
ManpowerGroup polled 65,000 employers in 42 territories and countries across the globe.
The strongest net employment outlook in the second quarter is in Taiwan - with 46 per cent - followed by 41 per cent in India. The mainland figure is 9 per cent.
