Bright spots in global jobs crunch (hktdc.com)


	Robert Walters Hong Kong Director Matthew Bennett says Hong Kong has strength in tough times

With job markets tightening around the world, the best place to be is Asia – in particular, Hong Kong, according to professional recruitment service Robert Walters.

The latest Robert Walters Asia Job Index found that employment slowed across the region in the third quarter, but in Hong Kong, prospects remain among the brightest.

Hong Kong's experience, and the flow-on from the Chinese mainland's economic momentum, have both had a cushioning effect, said Matthew Bennett, Director, Robert Walters Hong Kong. Asia has been the region least affected by the global credit crunch, he said, adding that "if I was going to be anywhere in the world at this time, it would be here."

Mr Bennett pointed out that the mainland's economy is still growing at nine per cent of GDP, bucking world trends, a sign that "consumers are still spending." For companies wanting to do business in the mainland, Hong Kong is still their best platform, he said.

China still hot

"Companies from the US and Europe are still looking to make money in the world's largest consumer market, and Hong Kong is a great place to set up their business. If they go directly into Shanghai or Beijing, it can be difficult to attract talent. It's also easier to set up a business in Hong Kong," Mr Bennett said.

He added that, with its international exposure, Hong Kong is more easily adaptable to foreign business. The talent pool is deeper here, too, "because Hong Kong has been Asia's financial capital for the past 30 years."

The latest Robert Walters Asia Job Index found that total job advertisements posted in Hong Kong dropped 8.5 per cent in the third quarter, the lowest in the region. "There continues to be demand for top-level candidates, although companies are being more selective about the roles for which they are hiring and most are replacement positions rather than new roles," the survey found.

In Hong Kong, the IT sector continues to be a strong area of recruitment, especially for contractors. There are a large number of projects with long lead times to implement systems that underpin companies' profitability and efficiency, Mr Bennett said.

Risk management

"Areas such as compliance and risk management have also seen increasing levels of activity, as companies seek to quantify and reduce their exposure to the global banking crisis. Treasury and other cash management roles are in growing demand, and this trend is likely to continue."

Mr Bennett reported a huge increase in inquiry from candidates in the US, Europe and Australia seeking jobs in Asia. He said that "everyone sees Asia as the place to make more money, but also to give themselves a better career path."

"We're optimistic about long term prospects. Companies are still hiring, although immediate growth will inevitably be constrained by a reduction in available funding. In many ways, the market needed this correction, as it has injected a sense of realism. However, it is by no means cataclysmic: growth will return, and when it does, it will require talented people to provide the necessary infrastructure and support."

Emerging stronger

Having lived in Hong Kong himself for eight years, Mr Bennett said it is one of the most resilient cities he has ever worked in.

"In just over 11 years, we've had the '97 financial crisis, dot-com bust, September 11, and Sars, and we've rebounded each time and become stronger. When the world's economy is ready to turn, we will be in a great position to take advantage of that."