Hiring expectations in Hong Kong have fallen this quarter but remain at a high level, said Hudson Tuesday (19 July) when revealing its latest survey results.
According to Hudson, of all the nearly 600 executives from key business sectors it interviewed in June this year, 61 percent plan to increase hiring in Q3 of 2011, down from 69 percent the previous quarter. Only 1 percent of the respondents expect to reduce headcount, Hudson added.
This is the first quarter in which expectations have fallen since Q2 2009 and a leveling off was anticipated after a long period of strong growth, said Hudson, adding that the first half of this year was very busy in hiring terms and many employers tend to take a more conservative approach in the third quarter.
"More than sixty percent of employers will grow headcount this quarter, even though hiring expectations have fallen after more than two years of robust growth," said James Carss, executive general manager, Hong Kong, Hudson. "Cost control has had the greatest positive impact on company performance over the past twelve months."
Hiring expectations remain steady year-on-year
Looking at the market as a whole, hiring expectations show only a slight dip over the past year. The 61 percent of respondents across all sectors forecasting headcount growth this quarter compares with 65 percent in Q3 2010.
Respondents were also asked about the factors that have had a positive impact on company performance over the past six months, said Hudson. Across all sectors, nearly half (45 percent) in Hong Kong mention cost control measures, a higher figure than for the other markets surveyed in Asia, the recruitment firm noted.
Restructuring the organization and better management practices are also seen as significant, with both being mentioned by 37 percent of respondents, Hudson revealed.
Cultural fit key in new managerial hires
When asked about the most important attributes employers look for in new hires at a managerial level or above, respondents say that cultural fit is the most important by a significant margin.
Across all sectors, 60 percent mention this factor, said Hudson. The next most significant attributes are flexibility and people /team management, both cited by 37 percent of respondents, the recruitment agency noted.
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