Human resources consultant ManpowerGroup (02180) has released the results of its third-quarter employment outlook survey for 2024 in Hong Kong, showing that employers in the region have a positive intention to increase hiring in the third quarter, but it is becoming more conservative.
According to the report, 37% of employers in Hong Kong expect to increase their workforce in the next three months, while 29% anticipate reducing staff numbers, and 32% have no plans to adjust their workforce. Seasonally adjusted data shows that the future employment outlook index is positive 8%, a decrease of 7 percentage points from the previous quarter and 14 percentage points lower than the global index.
ManpowerGroup’s employment outlook survey covers 42 countries and regions globally, with over 40,000 employers interviewed. The global net employment outlook index for the third quarter of 2024 stands at positive 22%, while Hong Kong’s net employment outlook index for the upcoming quarter at -8% is lower than the global index by 14 percentage points.
Based on the survey statistics, the employment outlook indices for seven major industries in Hong Kong are as follows: IT sector at positive 32%, healthcare and life sciences at positive 23%, telecommunications and media at positive 9%, finance and real estate at positive 8%, industrial and raw materials at positive 7%, consumer goods and services at positive 6%, and transportation and logistics at -17%.
ManpowerGroup’s Senior Vice President for Greater China, Xu Yushan, mentioned that except for the transportation and logistics industry, the employment outlook indices for other industries are maintaining positive numbers, reflecting the overall stable employment prospects in Hong Kong. However, employers’ hiring intentions are becoming more conservative mainly due to the continued decline in the international economic environment. Additionally, the shift in Hong Kong’s consumption pattern towards the mainland Chinese market has impacted the local economy. The transition of Hong Kong consumers to the north highlights certain pressures on the overall economic environment, making employers more cautious in hiring additional manpower.
This cautious approach is a response to the evolving economic landscape, where employers are facing challenges amidst the changing consumption patterns and economic conditions.