HONG KONG, March 13, 2020 /PRNewswire/ -- For the past few months, Hong Kong has seen the economic effects of social uncertainty. The employment market is experiencing major and fundamental structural changes. Hong Kong based specialized recruitment agency STC SEARCH (Swiss Technology Consulting) suggests that glimmer of hope exists, new job categories emerge and healthy hiring appetite remains for several sectors.
STC SEARCH points out that the demand for certain industries, such as IT and Fintech remain strong. The demand for banking IT and fintech talent still far exceeds supply. Sam Lam, Head of Practice at STC SEARCH, suggests local workers to consider upgrading their skills in order to benefit from the new opportunities arisen from changing market requirements.
"Although we have seen some turbulence in both the real economy and the local employment market, Hong Kong's Fintech and financial recruitment remain healthy, and for certain roles exceeded last year. For Fintech, Virtual Banking, Data Engineering and Artificial Intelligence, there is still a very strong market appetite for qualified talent. We see bright future for local workers in these industries," Lam said.
Fintech and Banking Technology Sector Still Growing
"The social situation and COVID-19 had its impact on the economy. However, many institutions have already in place multi year plans for IT upgrade and they are already underway. Because of this, there is no slowing in tech related hiring. And in some cases, hiring actually accelerated due to the higher demand from recent increased online transactions," Lam suggests workers to prioritize job opportunities where there are chances to upgrade their skill sets.
He added that besides the Fintech industry, overall demand for IT talent is healthy.
"The Hong Kong Innovation and Technology Fund provides subsidies to qualified businesses in Hong Kong to upgrade their technology infrastructure. As such, demand for IT talent remains strong."
According to the STC SEARCH Fintech Monitor, although the global market is seeing ups and downs, Hong Kong employers remain cautiously optimistic about hiring.
Emerging businesses such as fintech, biotechnology and online payments are expected to see a surge in hiring in the near future.
"The Hong Kong working population is generally well educated, and businesses typically have agile mindset. Although Hong Kong has had a challenging few months, as a whole, the city still thrived in the midst of difficulties."
Contracting is On the Rise
Lam added that the turbulence will be expected to continue in the short term. Contracting and gig work maybe a good option. Flexible workforce can help workers to gain access to immediate openings, and businesses to benefit from flexible manpower without adding on the burden of permanent headcounts.
Lam advised employers and employees to face the current situation with a calm and logical mindset, and not to overreact to short term market sentiments, as global stock market always has its ups and downs cycles. Hong Kong has a special place in the world, and the future remains optimistic.
About STC SEARCH (Swiss Technology Consulting)
STC SEARCH is a specialized recruitment company serving financial and technology clients in Hong Kong.
SOURCE Swiss Technology Consulting