23 Aug 2021
The jobs market in Hong Kong continues robust growth, surpassing pre-pandemic levels, according to Links' Hong Kong Job Index.
Highlighting rising business confidence in the local market, with continual job vacancies for the majority of the first six months of the year, the Job Index reveals sustained indications of growth and recovery in the Hong Kong market.
Businesses have shown stable recovery signs since the start of the year, with the number of job postings last month increasing close to 70% since January, with a solid 11.5% average monthly rise in H1.
In addition, business confidence increased to levels not seen since Q3 2018, according to the Census & Statistics Department. Real GDP in Hong Kong registered 7.5% year-on-year growth in Q2 2021, and a 7.8% rise for H1.
Hong Kong’s government has played a crucial role in rebuilding the economy, particularly with the launch of the Consumption Voucher Scheme. The aim of this initiative is to help bolster consumer sentiment and support consumption-related sectors – one of the most affected – with unemployment rates currently at 9.4%.
The Links International Index also revealed the demand for sales professionals soar in May and June, with respective 11% and 8% growth, as businesses prepared for the boost to spending.
Despite the steady growth in Hong Kong, industries have recovered at different rates. The tourism industry remains at a standstill as a result of global restrictions and quarantines, whilst other sectors are also reporting more sluggish recoveries.
Furthermore, the demand for IT talent remains robust, as many businesses opted to undergo digital transformations within their operations during the pandemic. IT jobs rose 6% throughout 2020, whilst the total job postings declined 7.5% for the year. Since the beginning of 2021, tech job postings have risen 40%.