As the Hong Kong market moves into an uncertain 2017 and China continues to face slowing economic growth, Hong Kong employers continue to hold a cautious attitude towards hiring and expansion. Chinese organizations, however, are expanding aggressively in Hong Kong and setting up a platform for stronger international presence. Recruitment firm Randstad has found that Hong Kong job-seeker sentiment towards working in Chinese firms has been changing.
While Chinese organizations setting up in Hong Kong cover a broad range of industries, a strong presence come from those in the financial industry including banks and private equity firms who are looking to get involved with international transactions. These Chinese organizations in financial services have been beating global trends in hiring and are experiencing strong growth when compared to larger global banks.
Natellie Sun, Managing Director, Randstad Hong Kong noted, “The surge of Chinese organizations into Hong Kong has had a significant impact on the Hong Kong market. Many of the prime real estate spaces are being taken up by these firms as MNCs start to vacate central office space. The recruitment sphere has also seen an increase in hiring for Chinese firms, a trend that will continue throughout 2017.”
A few years ago, Chinese companies were considered unattractive from an employer brand perspective as job-seekers preferred looking for roles in established global brands. This mindset has started to change as job-seekers face limited job options in the current market and Chinese brands are starting to gain traction on a global level.
Despite the changing sentiment, Chinese organizations have realized the challenges they face to attract the best talent in the market. Competitive remuneration packages and possibilities for career advancement are now being used as a way to give further incentive to join these companies.
Sun noted, “Randstad’s employer branding research has shown that while career progression opportunities and company brand reputation are important, salary is the number one consideration for job-seekers. Chinese organizations have leveraged this to their advantage with strong salaries to attract high-caliber talent to their ranks.”
“While Chinese organizations are still not the preferred destination for job-seekers in Hong Kong, sentiment has drastically changed in the past year, with candidates seriously considering any opportunities offered by Chinese firms. We expect this trend to continue as more Chinese firms look to hire talent throughout 2017 and global headlines continue to feature Chinese organizations.” added Sun.