1、www.kos-Hong Kong Talent Trends Report2024Welcome to the 2024 Hong Kong Talent Trends Report.In this report,we delve into the job market landscape of both 2023 and 2024,providing valuable insights into the overall state of employment.We examine the trends that have shaped the job market,from the mos

2、t in-demand skills and qualifications sought by employers to the challenges faced by clients and candidates during the recruitment process.By exploring the in-demand skills and qualifications,we aim to equip job seekers and professionals with the knowledge they need to align their skill sets with in

3、dustry demands.We also address the challenges faced by both clients and candidates when searching for suitable candidates or jobs.From talent acquisition difficulties to job search obstacles,we delve into the common pain points and offer practical solutions to overcome these challenges.Furthermore,w

4、e analyse the salary trends prevalent in Hong Kong,shedding light on how compensation packages have evolved across various industries and functions.We therefore invite you to dive into this report,explore the overall job market trends,discover the most in-demand skills,gain insights into the challen

5、ges faced by clients and candidates,and stay informed about the salary trends that will influence compensation decisions in the coming year.Together,let us navigate the job market landscape,embrace the opportunities that lie ahead,and shape a future where talent thrives and industries flourish in Ho

6、ng Kong.PREFACEKOS International Holdings Ltd(KOS Group)is a one-stop HR service provider listed on the Stock Exchange of Hong Kong(8042.HK),offering comprehensive recruitment and HR services,including secondment and payroll outsourcing,across diverse industries and regions.We currently operate in H

7、ong Kong,Macau,Shenzhen,Guangzhou,Shanghai,and Singapore,and are continuously expanding our presence to serve more regions.We have a proven track record of successfully placing candidates across various disciplines,catering to clients of all sizes.We are proud to have a team of over 100 professional

8、s,each equipped with strong industrial experience and expertise.ABOUT USCONTENTS01.Accounting and Finance02.Human Resources03.Business Support04.Legal and Company Secretarial05.Supply Chain and Procurement06.Technology and Digital Transformation07.Financial Services08.Professional Services and Educa

9、tion 09.Healthcare and Life Sciences10.Food&Beverage and Hospitality00.Preface0011.Property and Construction12.010509131722263034384246Sales and MarketingAccounting and Finance012023In 2023,the job market in the accounting and finance sector rebounded in Q2 as companies reopened and rehired for oper

10、ational roles to support increased transactions.However,the hiring pace for senior-level positions slowed compared to the previous year.On the other hand,the junior to mid-level job market remained highly active,with sectors such as Retail and Food and Beverage seeking more accounting and finance ta

11、lent for their post-COVID business recovery.Both clients and candidates faced challenges in their search for suitable candidates/jobs.Clients experienced a talent shortage as demand for junior to mid-level candidates was high but declined offers causing last-minute gaps in their workforce.Additional

12、ly,clients struggled to find senior candidates with the right technical skills and who were a cultural fit for their teams.Candidates,particularly those at the mid to senior level,encountered prolonged job searches lasting over three months due to changing hiring directions and organisational change

13、s.The weak capital market further intensified competition for finance candidates.Moreover,the relocation of APAC offices limited regional positions in Hong Kong,making it challenging for candidates to secure country-specific roles.25%18%12%10%10%10%5%10%Hot Job Functions in 2023AccountantFinancial/B

14、usiness AnalysisInternal AuditIT AuditTreasuryTaxInvestmentFinance Transformation021.How would you forecast the overall job market in your sector in 2024?The 2024 job market is expected to resemble 2023,with employers still facing a talent shortage in Accounting and Finance.However,a new talent pool

15、 from mainland China may help alleviate this issue.Job vacancies will primarily stem from career changes,successor planning,relocations,and new positions created to meet companies needs in cost control,performance analysis,transformation,and financing.2.What will be the most in-demand skills and qua

16、lifications sought by employers?Successful candidates should hold professional qualifications such as CPA and CFA,accompanied by a diverse range of technical skills such as BI tools,system implementation,and project management for finance transformation.Additionally,they should possess essential sof

17、t skills such as finance business partnering,stakeholder management,and change management.Employers may start to review their internal resources for ESG reporting to prepare for the adoption of ISSB Standards in January 2025.3.What is the prediction for changes in salary trends or compensation packa

18、ges from a clients perspective?Accounting and Finance candidates should expect to see a 10%salary increase.Big Four candidates should request comparable pay or expect a slight reduction when moving into the commercial field.Clients will have limited budgets and will be hesitant to offer higher salar

19、ies,except for positions requiring rare skill sets.2024 Q&A with our specialists 034.How do you think advancements in technology(Impact of AI)will shape the job market in the future?Employers will expect finance professionals contributions not for transactional tasks in the future.Leveraging AI,fina

20、nce talent is expected to have more resources to make judgements,undertake business partnering,and influence stakeholders to help businesses.Finance Business Partner Role(FP&A /Commercial planning and analysis focus)Finance Transformation Role All-rounded Finance Role Hot Job Functions in 2024042024

21、 Q&A with our specialists Business Support052023In 2023,the job market in the Secretarial and Office Administration sector experienced consistent demand for talent.However,the increase in demand for those proficient in Mandarin has led to an increase in the hiring of imported talent from China.This

22、resulted in more competition for job seekers.Clients from mainland China often preferred candidates with a similar cultural understanding to their own to ensure alignment of expectations.It is worth noting that job movement within this sector was uncommon as professionals tended to be stable in thei

23、r positions.Both clients and candidates faced challenges in their search for suitable candidates/jobs in 2023.Clients encountered a talent and bidding war over salary packages,retention issues due to counter-offers,candidates being reserved and cautious despite showing interest,and resignations duri

24、ng probation periods.On the other hand,candidates faced challenges such as expectation gaps between budget and management style,preferences for multinational corporations(MNCs)or local/Chinese firms,requirements for overseas travel,and concerns about the growth of AI replacing manual tasks.31%38%23%

25、8%Hot Jobs in 2023 Personal AssistantExecutive AssistantOffice AdministrationReceptionist061.How would you forecast the overall job market in your sector in 2024?In 2024,certain roles will be particularly crucial.With the rise of AI and automation,routine tasks are being streamlined,allowing for mor

26、e strategic input.It is now essential for professionals to collaborate effectively with AI and prioritise soft skills such as relationship management.Additionally,in a hybrid and remote work environment,these professionals are responsible for facilitating virtual collaborations and occasionally orga

27、nising events to bridge the physical separation.2.What will be the most in-demand skills and qualifications sought by employers?In 2024,employers will prioritise candidates with in-demand hard skills such as calendar management,meeting coordination,travel arrangements,document preparation and editin

28、g,budget tracking,expense management,and presentation preparation.These skills are highly sought after by administrative professionals as they are essential for organisational success.Possessing these skills will enhance employability and make candidates stand out in the job market.3.What is the pre

29、diction for changes in salary trends or compensation packages from clients perspective?Generally,employees can expect a salary increase of around 35%within their current organisations.However,for those who decide to change jobs,they can anticipate a salary increase of up to 15%.Candidates should als

30、o put a high emphasis on company culture and chemistry with the top management.2024 Q&A with our specialists 074.How do you think advancements in technology(Impact of AI)will shape the job market in the future?As AI continues to advance,it is transforming the administrative profession by automating

31、routine tasks,streamlining workflows,and enhancing productivity.AI-powered chatbots,scheduling tools,and data analytics systems are helping administrative professionals automate processes,make informed decisions,and improve communication within organisations.However,although concerns about job displ

32、acement exist,AI is designed to assist human professionals rather than replace them.Personal AssistantOffice AdministrationExecutive AssistantHot jobs in 2024082024 Q&A with our specialists Human Resources09In the HR sector in 2023,the overall job market showed positive hiring trends for junior to m

33、id-level positions,with limited layoffs.However,certain industries,particularly banking,experienced a slowdown and MNC clients had fewer opportunities due to ongoing global restructuring.While there was a minor talent shortage,cautious candidates and the speed of recruitment affected assignment succ

34、ess.Additionally,clients financial caution and uncertainties for 2024 made it more challenging to source suitable talent.Despite varied HR job opportunities,some clients preferred direct sourcing due to cost concerns.The search for suitable matches posed challenges for both clients and candidates.Cl

35、ients encountered a talent war,retention issues,cautious candidates,resignations during probation,commitment concerns,market rumours affecting brand image,and leadership changes impacting stability.On the other hand,candidates faced challenges such as budget and cultural expectation gaps,slow recrui

36、tment processes,stiff competition,limited MNC opportunities,and varying flexibility in work schedules.33%10%21%6%15%7%3%3%1%Hot Job Function in 2023Human Resources Business PartnerHR GeneralistCompensation&BenefitsTalent AcquisitionLearning&DevelopmentTalent Management/DevelopmentHRIS/HR SystemEmplo

37、yee Relations/StaffEngagementHR Shared Services1020231.How would you forecast the overall job market in your sector in 2024?In 2024,the HR job market will prioritise skills and talent development,with employers seeking candidates who possess expertise aligned with their organisational needs.Nurturin

38、g and upskilling the workforce will be a key focus to maintain competitiveness.Additionally,organisations will prioritise enhancing the employee experience,creating a positive work environment that fosters satisfaction,productivity,and well-being.This may involve implementing flexible work arrangeme

39、nts and programmes that prioritise worklife balance.However,economic uncertainties may introduce caution in the HR job market,leading to new cycles of transformation and change management.Organisations will need to adapt to changing market conditions and HR professionals will play a crucial role in

40、demonstrating agility,adaptability,and strategic thinking to drive organisational success in 2024.2.What will be the most in-demand skills and qualifications sought by employers?In the HR sector,the most sought-after technical skills include HR transformation and change management,HR advisory/busine

41、ss partnering,and talent engagement and retention.Additionally,the most sought-after soft skills will be stakeholder management,effective communication,strong business and numerical sense,and the ability to anticipate change and potential risks/threats.3.What is the prediction for changes in salary

42、trends or compensation packages from clients perspective?In general,talent can expect a 35%salary increase within their organisations,while a job change could result in a salary increase of around 15%.2024 Q&A with our specialists 114.How do you think advancements in technology(Impact of AI)will sha

43、pe the job market in the future?Advancements in technology,particularly AI,will shape the job market by complementing HR professionals capabilities rather than replacing them.AI can automate repetitive tasks and data analysis,freeing up HR teams to focus on relationship building,strategy development

44、,and fostering a positive workplace culture.However,ethical considerations are crucial as organisations must ensure transparency,combat biases,and prioritise data privacy.Building trust,maintaining open communication,and fostering a learning environment are key to successfully integrating AI tools w

45、hile promoting a thriving work environment.Compensation&BenefitsHR Business PartnerHR AnalyticsHot Job Functions in 2024122024 Q&A with our specialists Legal and Company Secretarial 132023The legal and company secretarial job market in 2023 showed steady hiring across all sectors,with a focus on mid

46、-senior-level positions and an increase in entry to junior-level roles.This offers positive opportunities for job seekers at various stages of their careers.However,finding candidates who possess the necessary technical skills and align with company culture and values is a challenge for clients.Cult

47、ural fit has become a crucial factor in the candidate selection process as companies seek individuals who can seamlessly integrate into their teams.On the other hand,candidates may face challenges if they lack specialised skills or the experience required for specific job roles in this sector.Some p

48、ositions have specific requirements,such as knowledge of regulations or industry expertise,making it difficult for candidates without these qualifications to find suitable opportunities.Overall,the legal and company secretarial job market presents opportunities but also challenges related to cultura

49、l fit and specialised skills for both clients and candidates.36%11%29%7%18%Hot Jobs in 2023Legal CounselSenior Legal CounselParalegalLegal SecretaryLegal Manager141.How would you forecast the overall job market in your sector in 2024?In 2024,it is anticipated that there will be limited new headcount

50、 available in the job market.Instead,the focus will primarily be on replacement headcount due to business restructuring,particularly in multinational companies.Additionally,there will be a shift in job focus towards areas such as data privacy and employment law.This change is driven by business dive

51、rsification and expansion,particularly in the Greater Bay Area(GBA),involving local conglomerates and Chinese investment companies.2.What will be the most in-demand skills and qualifications sought by employers?In 2024,candidates with qualifications and prior legal experience in the GBA will remain

52、highly sought after.Employers value their expertise in the regions unique business environment and legal landscape,giving them a competitive edge in the job market.3.What is the prediction for changes in salary trends or compensation packages from clients perspective?In 2024,candidates may still app

53、roach salary expectations cautiously,aiming for modest salary increments of around 10%from their current compensation.Clients,in response to the economic conditions,are likely to offer competitive salaries that align with market rates or match the salary of the current incumbent,rather than providin

54、g significant salary increases beyond market pay.2024 Q&A with our specialists 154.How do you think advancements in technology(Impact of AI)will shape the job market in the future?Advancements in AI technology will reshape the legal and company secretarial job market,automating routine tasks and ena

55、bling professionals to focus on higher-value work.Human expertise will remain crucial in complex legal matters,while company secretaries can leverage AI for streamlining tasks and strategic responsibilities.Adapting to new technologies and acquiring digital skills will be essential for success in th

56、is evolving job market.General CounselParalegalLegal CounselHot jobs in 20242024 Q&A with our specialists 16Sales and Marketing1720231.Market outlook in Sales and Marketing Functions:Retail and Consumer GoodsJob opportunities can vary based on economic conditions,industry trends,and regional factors

57、.Generally,these sectors offer a moderate to high number of job opportunities,with a wide range of positions available in the retail industry and stable demand for roles in sales,marketing,production,supply chain,and product development in FMCG industries such as Food and Beverage and Personal Care.

58、However,the availability of jobs can differ based on region and market conditions,with urban areas typically offering more opportunities due to higher population density and retail presence.18Technology,Media,and Telecommunications(TMT)The job market in this sector in 2023 experienced significant gr

59、owth and a high demand for skilled professionals.This growth was fuelled by advancements in technology,digitalisation,and the adoption of emerging technologies such as AI,cloud computing,and the Internet of Things(IoT).Ongoing digital transformations across industries,rapid advancements in emerging

60、technologies,the increasing need for cybersecurity professionals,the demand for data science and analytics expertise,the continuous requirement for software developers,and expanding IoT and connectivity are all factors shaping the job market in this sector.Industrial Engineering,Manufacturing,and In

61、frastructureThe overall market was tight,with intense competition for both junior and senior positions.Job seekers found it difficult to secure employment due to the high level of competition.On the other hand,employers faced challenges in finding qualified candidates for senior positions due to a s

62、hortage of suitable talent.2.Challenges faced in Sales and Marketing Functions:Both clients and candidates face challenges in the job market in the above sectors.Clients often struggle with high turnover rates,the need for specific industry experience,limited availability of qualified candidates in

63、certain locations,sourcing and attracting talent in a competitive market,addressing the skills gap caused by industry advancements,promoting diversity and inclusion,and managing seasonal hiring peaks.On the other hand,candidates looking for jobs in these sectors may encounter challenges such as high

64、 competition,limited growth opportunities,seasonal employment,irregular schedules,physical demands,limited flexibility,specific skill requirements,and geographical constraints.1.How would you forecast the overall job market in your sector in 2024?Retail and Consumer GoodsThe retail job market in 202

65、4 is expected to be dynamic,driven by technology,evolving consumer demands,and sustainability concerns.Success in this market will rely on individuals with versatile skills who can adapt to industry changes and leverage technology to enhance the retail experience.The rise of e-commerce and automatio

66、n has increased the demand for professionals proficient in digital marketing,data analytics,and e-commerce platforms.Additionally,retailers are seeking individuals who can create personalised in-store experiences and implement sustainable practices.Technology,Media,and Telecommunications(TMT)In the

67、TMT sector,challenges such as layoffs or hiring freezes may arise,particularly in the CRM team,as companies reassess strategies and optimise operations.This could result in a temporary reduction in the workforce.However,there are still growth opportunities within the sector,especially in e-commerce

68、and online sales platforms.Telecom service providers are expected to establish B2B online platforms as an additional sales channel to expand their reach.This expansion is likely to create new roles in digital marketing,customer experience optimisation,and online sales management.Industrial Engineeri

69、ng,Manufacturing,and InfrastructureIf the market conditions remain unchanged,the job market in industrial engineering,manufacturing,and infrastructure may continue to face challenges.However,with the reopening of borders and the influx of professionals from mainland China and other parts of the worl

70、d,competition is likely to become increasingly intense.On the positive side,this influx of talent can potentially benefit employers by providing a higher quality pool of senior candidates from which to choose.2024 Q&A with our specialists 192.What will be the most in-demand skills and qualifications

71、 sought by employers?Retail and Consumer GoodsEmployers in the retail and FMCG sectors seek candidates with in-demand hard skills such as digital marketing,data analysis,and e-commerce.They also value soft skills such as customer service,adaptability,problem-solving,collaboration,communication,sales

72、 and negotiation,and attention to detail.Job seekers should highlight a combination of technical expertise and interpersonal abilities to stand out in the competitive job market.Technology,Media,and Telecommunications(TMT)Employers in the TMT sector will prioritise candidates with expertise in B2B s

73、ales,client portfolio management,and IT product knowledge.They will also value candidates who are fast learners,dynamic,and have an aggressive approach.Industrial Engineering,Manufacturing,and InfrastructureEmployers in industrial engineering,manufacturing,and infrastructure seek candidates with tec

74、hnical expertise in process optimisation,project management,and lean manufacturing.Strong engineering knowledge,analytical abilities,problem-solving skills,effective communication,teamwork,leadership,and regulatory compliance are also valued.Staying up to date with industry trends is crucial to unde

75、rstand the specific skills and qualifications in demand.3.What is the prediction for changes in salary trends or compensation packages from clients perspective?While the overall package may not undergo significant changes,there is a possibility of shifts in pay structures.There might be a trend towa

76、rds incorporating more incentive-based components in salary trends and compensation packages.This could result in employers allocating a larger portion of compensation towards performance-based bonuses,commissions,or other variable pay structures.2024 Q&A with our specialists 204.How do you think ad

77、vancements in technology(Impact of AI)will shape the job market in the future?Automation technologies will streamline routine tasks in various industries.This may lead to a decline in job categories such as cashiering,inventory management,and basic customer service.However,there will be an increasin

78、g demand for individuals who can effectively utilise automation and AI technologies to improve operational efficiency and deliver personalised experiences to customers.There will also be an increased need for professionals in areas such as cybersecurity,cloud computing,and data analysis.With the ris

79、e of AI,there will be a greater emphasis on protecting digital assets and ensuring data privacy,leading to a higher demand for cybersecurity experts.Additionally,the growing reliance on cloud computing and the vast amount of data generated will drive the need for professionals skilled in managing an

80、d analysing this data for business insights.2024 Q&A with our specialists 60%25%10%5%Sales and Marketing in different industriesRetail and Consumer GoodsTechnology,Media,andTelecommunicationsIndustrial Engineering,Manufacturing,and InfrastructureOthers21Supply Chainand Procurement222023The job marke

81、t in 2023 in the Supply Chain and Procurement field varied across industries.The Food and Beverage and Luxury Retail sectors are actively hiring,while FMCG is experiencing slower growth.However,there is a shortage of talent with skills in data analytics,continuous improvement,transformation project

82、management,and stakeholder engagement.The relocation of regional supply chain headquarters from Hong Kong to Shanghai and Singapore has resulted in layoffs.While there is reasonable demand for junior to mid-level positions,there are fewer options for senior roles.Both clients and candidates face cha

83、llenges in the job market within the Supply Chain and Procurement sector.Clients struggle to find candidates with a combination of strong operational experience and the ability to adapt and improve in the changing industry.They are seeking individuals who can bring value to the business and contribu

84、te innovative ideas.On the other hand,candidates may face a slower hiring process and a decline in the number of regional roles available in the APAC market,particularly in multinational companies.3%36%2%23%3%17%2%3%3%5%Hot Job Functions in 2023Logistics/Supply Chain ProjectManagementProcurement/Sou

85、rcing/PurchasingDemand&Supply Chain PlanningLogistics SpecialistWarehouse&DistributionOperationSupply Chain SpecialistQuality AssuranceProduction Material PlanningManufacturing ManagementDesign&Development231.How would you forecast the overall job market in your sector in 2024?In 2024,there is expec

86、ted to be some degree of hiring freeze in the Supply Chain and Procurement field.However,there will be an increase in newly created roles dedicated to supporting business transformation and expansion.On the other hand,there will be fewer replacement roles available due to a noticeable slowdown in ta

87、lent migration out of Hong Kong.2.What will be the most in-demand skills and qualifications sought by employers?In the Supply Chain and Procurement field,highly sought-after hard skills include data analytics(PowerBI,system knowledge),continuous improvement experience,and transformation project mana

88、gement expertise.Additionally,valuable soft skills include strong stakeholder engagement and management abilities,resilience,agility,and an entrepreneurial spirit.Candidates with a combination of these skills will have a competitive advantage in the job market.3.What is the prediction for changes in

89、 salary trends or compensation packages from clients perspective?In the current job market,the salary budget for Supply Chain and Procurement positions has largely remained the same.When considering a career move,candidates can typically expect a salary increment in the range of 1015%.2024 Q&A with

90、our specialists 244.How do you think advancements in technology(Impact of AI)will shape the job market in the future?Companies are increasingly creating roles or assigning existing teams to develop machine learning,automation,and data analytics capabilities in supply chain operations.This shift is r

91、esulting in a reduction of traditional jobs that primarily focus on day-to-day operations.Organisations are recognising the importance of leveraging technology and data-driven insights to optimise their supply chain processes and improve overall efficiency.As a result,there is a growing demand for p

92、rofessionals with expertise in these areas to drive digital transformation in supply chain operations.Logistics/Supply Chain Project ManagementDemand&Supply Chain PlanningProcurement/Sourcing/Purchasing 2024 Q&A with our specialists Hot Job Functions in 202425Technology and Digital Transformation 26

93、2023The overall job market in the IT sector in 2023 was characterised by shifting hiring operations,headcount freezes,and layoffs in certain industries.MNCs relocated their IT hiring operations to countries with lower costs,while the banking sector experienced challenges with headcount freezes and l

94、ayoffs.IT professionals are being hired in countries such as China,the Philippines,Malaysia,and Vietnam due to the remote nature of IT work.However,there is a scarcity of skilled tech candidates,particularly in middle management positions,which has further exacerbated the talent gap.The sourcing and

95、 supply chain sectors have also moved out of Hong Kong,impacting job opportunities,and employers are adjusting their hiring practices to navigate the changing immigration landscape.Both clients and candidates face challenges in the job market within the IT sector.Clients encounter difficulties in fi

96、nding suitable candidates within their budget who possess the required skill sets as industries continue to evolve and demand specialised skills.They may need to consider investing in training or adjusting their budget expectations to address this challenge.On the other hand,candidates face challeng

97、es in negotiating decent increments as employers may be unable to offer significant raises.They also struggle to find flexibility with remote work options as more companies require an onsite presence.Additionally,candidates find it challenging to strike a balance between seeking regional exposure an

98、d desiring local roles due to intense competition in the job market.6%8%13%13%13%1%11%16%19%Hot Job Functions in 2023CTO/CIOData ArchitectProject ManagementSystem AnalystBusiness Analyst/ConsultantQuality AssuranceCybersecurityEngineerIT Helpdesk Support271.How would you forecast the overall job mar

99、ket in your sector in 2024?The commercial and financial sectors,particularly MNCs,are expected to see an increase in layoffs.The IT industry is likely to experience a shortage of middle management professionals due to immigration trends and a gap in specific skill sets.Most job openings will be repl

100、acement roles as employers had previously over-hired for these positions.Furthermore,companies from China planning to establish offices in Hong Kong will create new job opportunities and require additional headcount.2.What will be the most in-demand skills and qualifications sought by employers?Empl

101、oyers are increasingly prioritising leadership abilities,language proficiency,and strong communication skills in candidates.They expect individuals to effectively collaborate with multiple offices.Additionally,possessing adequate Mandarin language skills is seen as advantageous for accessing opportu

102、nities within the GBA.3.What is the prediction for changes in salary trends or compensation packages from clients perspective?In 2024,the IT sector is expected to witness a normalisation of salary trends.This adjustment is necessary as salaries in the industry were previously considered overpriced.T

103、he correction reflects a more balanced and realistic approach to compensation within the IT sector.As a result,employers may offer salaries that align more closely with market conditions and the value of the roles being filled.2024 Q&A with our specialists 284.How do you think advancements in techno

104、logy(Impact of AI)will shape the job market in the future?By utilising AI-powered tools and software,companies can automate processes,thereby saving time and resources while reducing human error.This may result in some roles being replaced by AI.However,companies will also need to hire more programm

105、ers,analysts,and data scientists to effectively manage these technologies.Data ArchitectCybersecurityProject ManagementHot Job Functions in 20242024 Q&A with our specialists 29Financial Services302023In the financial services industry in 2023,there were periodic layoffs that affected hiring needs.Ho

106、wever,these layoffs were limited in scope and have not had a widespread impact.The industry is currently focused on employee retention and productivity.With borders reopening,there is an increasing demand for financial products and services,leading to competitive hiring practices,particularly for fr

107、ont office sales roles.Both clients and candidates faced challenges in the job market.Clients struggled with a scarcity of skilled professionals in senior positions due to emigration,resulting in a gap between junior and experienced employees.Candidates were hesitant to switch jobs and there was a m

108、ismatch between applicant qualifications and job requirements.Candidates also encountered challenges,including mismatched expectations with employers regarding salary increments.Candidates often expected higher salary increases than what is typically offered.Additionally,there were limited job oppor

109、tunities for external candidates as clients prioritised internal promotions and utilised internal transfers to fill senior positions.33%3%23%8%8%25%Hot Job Functions in 2023Wealth ManagementCross Border Wealth ManagementOperationsRisk&ComplianceProject ManagementCorporate Banking311.How would you fo

110、recast the overall job market in your sector in 2024?There is an expected headcount control in the financial services sector in Hong Kong in 2024 due to prior restructuring efforts during the COVID-19 pandemic.Companies may adopt a cautious approach to hiring,and hiring freezes will continue into Q2

111、 if the economic recovery is slower than anticipated.Replacement roles are more likely to be seen than new positions,with specific hiring needs focused on Relationship Managers with Mandarin proficiency and cross-border business expertise.2.What will be the most in-demand skills and qualifications s

112、ought by employers?Hard skills required in the financial services industry include knowledge of wealth management strategies,wealth management products,and operations and compliance requirements.On the other hand,soft skills such as adaptability and flexibility in a fast-paced environment,relationsh

113、ip management,communication and interpersonal skills,and strong teamwork capabilities are also valued in this field.3.What is the prediction for changes in salary trends or compensation packages from clients perspective?In 2023,the offered increments reduced in comparison to the previous year,rangin

114、g from 1520%instead of the previous range of 2030%,and this trend will continue.2024 Q&A with our specialists 324.How do you think advancements in technology(Impact of AI)will shape the job market in the future?In response to the changing needs of the financial services sector,workforce trends are e

115、merging.Companies are adopting fintech solutions to automate repetitive tasks and reduce manpower requirements.Machine learning techniques in data analytics are also reducing the need for manpower in analytic roles,improving decision-making.Autoreply chatbots are being used to streamline customer co

116、mmunication.Additionally,there is an increasing demand for AI-related roles,reflecting the industrys shift towards leveraging technology and AI to optimise operations and drive innovation.Wealth ManagementOperationsCross Border Wealth Management2024 Q&A with our specialists Hot Job Functions in 2024

117、33Food&Beverageand Hospitality 34In the Food and Beverage and Hospitality industry in 2023,there was a shortage of skilled professionals and a multitude of job openings across all functions.The industry did not experience any layoffs or hiring freezes.However,clients faced challenges in attracting e

118、xpatriate candidates due to the need for competitive remunerative packages and concerns about long work hours and industry stability post-COVID.The industry also dealt with a talent shortage due to the exodus of Hong Kong residents and the impact of COVID-19 on the workforce.For candidates,there was

119、 generally an easy job market with high demand but a shortage of candidates.However,specialised roles such as culinary,sommelier,or general management positions required specific certifications or educational backgrounds to ensure candidates had the necessary skills and knowledge for success in thei

120、r respective fields.25%17%27%21%10%Hot Job Functions in 2023 CulinaryMarketing&EventsFront-of-House(Restaurant&Hotel)Back-of-House,excluding culinary(Restaurant&Hotel)Business Development/Sales2023351.How would you forecast the overall job market in your sector in 2024?In 2024,layoffs in the Food an

121、d Beverage and Hospitality industry may occur due to small and mid-size restaurant closures caused by high rental costs and changes in customer spending behaviour post-COVID.However,there will also be new headcount and replacements.Companies are expected to offer health-centric products and services

122、,incorporating wellness,fitness,spa services,sustainable menus,and green spaces.Additionally,there will be a rise in transformational vacations to boost health and well-being.Despite high demand,there will be a shortage of candidates to meet the industrys needs.2.What will be the most in-demand skil

123、ls and qualifications sought by employers?Some of the hard skills that are highly valued in this industry include multilingual competence,culinary skills,holding a Wine&Spirit Education Trust(WSET)Level 4 diploma,being a tea diploma holder,and possessing a bachelors or masters degree.Soft skills suc

124、h as cultural awareness and adaptiveness are also highly sought after in the industry.These skills enable individuals to effectively navigate diverse cultural environments and adapt to various customer preferences and expectations.3.What is the prediction for changes in salary trends or compensation

125、 packages from clients perspective?Food and Beverage and Hospitality candidates normally see a 510%salary increase within their organisation,and a 1020%increment from changing jobs.Certain talent with in-demand skills and qualifications may see a higher salary increment as a result of a job change.2

126、024 Q&A with our specialists 364.How do you think advancements in technology(Impact of AI)will shape the job market in the future?In 2024,the Food and Beverage and Hospitality industry will see increased adoption of AI and cutting-edge technology.These advancements will enhance customer experience,a

127、utomate procedures,reduce wait times,provide personalised recommendations,and streamline the booking process.Furthermore,technology will help address talent shortages by replacing unfilled positions,contributing to overall industry efficiency and improved customer satisfaction.Digital/Tech related p

128、ositionBack-of-House,excluding culinary(Restaurant&Hotel)Front-of-House(Restaurant&Hotel)2024 Q&A with our specialists Hot Job Functions in 202437Healthcare and Life Sciences38In the healthcare industry in 2023,there was a shortage of qualified talent due to factors such as a population exodus,layof

129、fs,and the migration of regional teams.Despite a high demand for healthcare professionals,there was a limited pool of qualified candidates,particularly those with a strong educational background who were hesitant to take on fieldwork positions.This shortage posed a challenge for the industry,resulti

130、ng in a mismatch between job supply and the availability of highly qualified individuals.Both clients and candidates faced challenges in finding suitable matches.Clients struggled with a mismatch in qualifications and skill sets among available candidates,along with salary expectations that exceeded

131、 their hiring budgets.Candidates,on the other hand,faced challenges due to missing qualifications,salary expectations exceeding hiring budgets,and a shortage of regional job positions for those seeking regional exposure.34%15%10%10%15%7%10%Hot Job Functions in 2023SalesMarketingEngineerAllied Health

132、Registered Nurses/Enrolled NursesMedical PhysicianMedical Affairs2023391.How would you forecast the overall job market in your sector in 2024?In Hong Kongs healthcare industry,there is a continuous migration of regional offices,leading to layoffs.This creates a persistent talent shortage.However,the

133、re are improvements in allied health and research and development due to an influx of talent from the PRC.The governments support in bolstering the healthcare workforce drives an upward trend in research,development,and clinical hiring.This generates new job opportunities for IT and digital talent,a

134、mong others.The education qualifications of talent are also improving through programmes such as the Hong Kong PhD Fellowship Scheme.Moreover,Hong Kongs streamlined drug registration process attracts drug development and clinical trials.Clients are open to upskilling talent and recruiting qualified

135、individuals from mainland China or other parts of the world.2.What will be the most in-demand skills and qualifications sought by employers?A successful candidate in the healthcare industry should possess a strong data-driven mindset and demonstrate a solid educational background.The preferred quali

136、fications include a minimum of a masters degree,with a preference for candidates who hold a PhD.3.What is the prediction for changes in salary trends or compensation packages from clients perspective?Overall,talent can expect a 510%salary increase within their organisations,while a job change could

137、result in a salary increase of around 2030%.2024 Q&A with our specialists 404.How do you think advancements in technology(Impact of AI)will shape the job market in the future?AI technology is set to play a pivotal role in shaping the healthcare industry in 2024.It is expected that there will be sign

138、ificant advancements in the development and launch of new technologies powered by AI in areas such as surgical procedures,disease diagnosis,and drug discovery and development.These advancements have the potential to revolutionise healthcare practices and improve patient outcomes.SalesAllied HealthEn

139、gineer2024 Q&A with our specialists Hot Job Functions in 202441Professional Servicesand Education 422023The overall job market in the professional service and education sectors in 2023 has been impacted by a prolonged economic downturn.Layoffs and hiring freezes have been prevalent,resulting in a sh

140、ortage of talent in these sectors.However,there are some differences between the two sectors.The education sector is expected to have a continued demand for hiring due to the talent shortage,while the professional services sector has been more cautious in acquiring new talentWhen it comes to matches

141、 between jobs and talents,both clients and candidates encounter various hurdles and obstacles along the way.Employers struggle with a shortage of talents who possess specific certifications and skillsets.Limited budgets also make it difficult for employers to offer attractive compensation packages,w

142、hich may deter top talents from joining their organizations.On the other hand,candidates often face frustration when their desired compensation packages do not align with their expectations and aspirations.They may have specific financial goals,career progression expectations,and a desired standard

143、of living that they hope to achieve through their employment.However,market conditions,budget constraints,or company policies can make it challenging for employers to meet these expectations21%32%37%11%Hot Job Functions in 2023TeacherBusiness Development/SalesMarketing/DigitalAlumni Affairs431.How w

144、ould you forecast the overall job market in your sector in 2024?In 2024,we anticipate layoffs and hiring freezes in various organisations.These actions will result in a combination of replacement positions and new headcount.Replacement positions will arise from organisational restructuring,the exodu

145、s of the Hong Kong population,and potential future layoffs.On the other hand,the implementation of business and digital transformation initiatives will create new headcount within organisations.2.What will be the most in-demand skills and qualifications sought by employers?The skills in highest dema

146、nd include digital literacy,CRM expertise,data analysis proficiency,and AI and machine learning knowledge,as well as industry-specific certifications.Adaptability and a continuous learning mindset have become even more crucial in the current environment.Employers prioritise candidates who can quickl

147、y adapt to change,navigate uncertainty,and embrace new technologies and methodologies.3.What is the prediction for changes in salary trends or compensation packages from clients perspective?The overall hiring budgets of clients will remain steady.Professional service candidates saw a 410%increment w

148、ithin their organisation,and a 1020%increment as a result of a job change.Certain clients may provide a higher compensation package to attract and secure specific skilled talent.2024 Q&A with our specialists 444.How do you think advancements in technology(Impact of AI)will shape the job market in th

149、e future?In 2024,we can expect to see a significant integration of AI into learning,marketing,and customer service functions.Enterprises will prioritise providing additional training to their employees to effectively utilise AI tools and enhance their skills in these areas.TeacherMarketing/DigitalBu

150、siness Development/SalesHot Job Functions in 20242024 Q&A with our specialists 45Propertyand Construction 462023In the property and construction industry in 2023,there was a limited hiring freeze and no significant layoffs.However,one of the challenges faced by clients when looking for suitable cand

151、idates is finding individuals with the exact experience and qualifications,especially for positions that require them.This can make it difficult for companies to compromise their hiring requirements.On the other hand,candidates may face challenges in finding job opportunities that align with the hir

152、ing requirements and trends of 2023,particularly if their current experience and skills do not match.Additionally,it can be challenging for candidates to find a company that offers both financial stability and job security.Overall,the job market in the property and construction sector in 2023 experi

153、enced a shortage of talent at the mid to senior management level,with higher demand in the construction and engineering sector compared to real estate.There is also a notable trend of job opportunities shifting from the private sector to the public sector.40%30%20%10%Hot Job Functions in 2023Project

154、 ManagementEngineeringLeasingInvestment&Asset Management471.How would you forecast the overall job market in your sector in 2024?Looking ahead,it is anticipated that the property and construction industry will see a positive trend with no further layoffs or hiring freezes.In fact,there is a promisin

155、g outlook as an increase in infrastructure projects is expected to commence within the next 35 years.This surge in construction and development will likely lead to a greater shortage of talent in the industry.As these infrastructure projects progress,the demand for skilled professionals is expected

156、to rise significantly.From architects and engineers to project managers and construction workers,there will be ample opportunities for individuals in various roles within the industry.The need for specialized expertise and experience will be particularly high,creating a favorable environment for tho

157、se with the right qualifications and skills2.What will be the most in-demand skills and qualifications sought by employers?Qualifications such as HKIA,HKIE,HKIS,and MRICS are highly valued in the property and construction industry.BIM skills are also in high demand,offering professionals enhanced ca

158、reer prospects.3.What is the prediction for changes in salary trends or compensation packages from clients perspective?There will not be significant changes in salary trends or compensation packages.Employers should be ready to offer a minimum 20%salary increment to attract candidates.2024 Q&A with

159、our specialists 484.How do you think advancements in technology(Impact of AI)will shape the job market in the future?In construction and engineering,technologies such as Smart City initiatives and methods such as MIC/BIM will streamline processes.While some roles may become obsolete,new opportunitie

160、s will emerge in AI,data analytics,cybersecurity,and other emerging fields.Project ManagerSustainabilityLeasing2024 Q&A with our specialists Hot Job Functions in 202449Follow UsKOS International LimitedkosrecruitmentKOS International Limitedwww.kos-CONTACT USAddress:Suite 610,6/F Ocean Centre,5 Canton Road,Kowloon,Hong KongPhone:+852-31804988Email:infokos-WeChat:KOSChina