HONG KONG SAR - Media OutReach Newswire - 26 November 2024 - Hong Kong's job market has experienced significant challenges over the past year, with layoffs and economic uncertainties impacting the landscape. According to Robert Walters, the world's most trusted talent solutions firm, there has been a notable decline in white-collar job vacancies in Hong Kong in 2024, and the number of job applications received has surged by 122%, indicating a growing desire among professionals to seek new opportunities.

The job market has become more employer-driven, with employers holding more leverage due to limited opportunities. The survey also reveals that only 55% of employers forecast a pay rise to employees in 2025, down 9% compared to the result in November 2023. Among these employers, 77% of them are likely to give 1-5% salary increase to their employees in the coming year.

Despite this, Robert Walters Hong Kong has reported positive signs of recovery in the coming year. Approximately 15% of surveyed employers plan to increase their permanent headcount in 2025, while 18% aim to expand their contract workforce. These findings are part of the Robert Walters Global Salary Survey 2025, an authoritative analysis and benchmark of salary trends.

In a cost-conscious market, there is a notable preference for middle-level hires, reflecting a strategic approach to talent acquisition. According to the survey, 31% of employers report that they see the most acute talent shortage at the senior associate level, followed by the manager level (25%), and senior managers and C-suite roles (25%).

This trend may reflect businesses' tendency to streamline operations during economic downturns, leading to a flatter organisational structure where middle-level managers play a crucial role. Companies emphasise internal promotions, allowing those familiar with the company's culture and processes to step into new roles with minimal disruption.

To address the experience gap and skill shortage created by the rise of middle-level managers as replacements for senior roles, companies must invest in continuous training and development to equip these managers with the necessary skills. According to the survey, nearly 40% of employers are focusing on improving their L&D programs to upskill existing employees by 2025, ensuring their workforce remains adaptable to address the challenges of the market.

The use of AI in the workplace is on the rise, with 75% of professionals reporting they are utilising AI models, such as ChatGPT, in their work—a jump from 45% in November 2023. The most common applications include copywriting, content creation, and editing (41%), data analysis (24%), and research and information gathering (37%).

Notably, over half of the professionals (53%) expressed that they are not concerned about the emergence of AI models replacing routine roles. This reflects a growing confidence in the ability of AI as a tool to enhance productivity rather than replacing jobs in the evolving workplace landscape.

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