Demand for local candidates on the rise in Hong Kong

Hong Kong is following in Singapore's footsteps in its preference for locals to fill jobs. So what does this mean for Hong Kong residents looking for employment, what skills are in demand, and what job opportunities are available?

With predictions that Hong Kong will overtake London and New York as the world’s international financial capital by 2016, the territory is set to lead the world in international financial service jobs. Due to this spectacular growth there will be more job opportunities for locals in Hong Kong. Similar to Singapore, China, and other Asian countries, local employers often prefer to hire local candidates.

Employers have a strong preference for local candidates who are on the ground and who have Chinese, especially Mandarin, language skills and PRC experience. They are wary of a candidate who has yet to commit to living in Hong Kong because they could decide not to relocate after all.

The logistics involved in terms of securing a valid work visa also puts some employers off. The Hong Kong government also advocates that local candidates must be considered first, with the exception being highly skilled candidates who are in short supply locally.

So which sectors prefer locals? Hong Kong’s legal sector is just one example where local hires are preferred. China and Hong Kong experienced and Chinese-speaking Lawyers are increasingly preferred over foreign and foreign-sourced Lawyers.

The exception is areas where skills are in short supply locally, such as US capital markets and US securities legal practices, and certain specialist areas within banking & finance.

And while a high number of senior lawyers and practice heads at law firms, as well as senior regional counsels at multinational and large financial institutions, are expatriate hires, this will change in the years ahead as a growing number of local lawyers take up partner and senior legal counsel positions.

This movement towards local Chinese-speaking lawyers will continue, particularly since as a former British Common Law jurisdiction, there are thousands of well-educated, superbly qualified and roundly experienced lawyers locally available.

Local hires are also preferred for roles available within Chinese financial institutions where there is an increasing need for candidates with both written and spoken Chinese language skills. As Chinese banks look to expand, they are seeking highly skilled candidates from the local market who are trilingual in Cantonese, English, and Mandarin.

These candidates can command premium rates and remain in short supply. We are also beginning to see a lot more movement and activity in the securities, brokerage, and investment management space.

Corporate Banking Relationship Manager jobs are another example of where local candidates are sought. Despite the high demand for talent, employers want local revenue generating candidates.

Employers expect newly hired managers to be able to onboard new clients while managing existing accounts. Local candidates are also sought for Senior Relationship Manager and Team Head jobs that focus on Chinese corporations.

Growth in frontline services has created opportunities for more headcount in credit approval. But again local Credit Approvers are sought to review the new credit application submissions for transactions from clients. Those candidates with more than ten years of experience are in most demand.

Significant demand exists for Transaction Banking specialists. These are product specialists who work alongside Relationship Managers to promote cash, trade, structured financing, and other customised solutions products to increase cross selling opportunities.

There are many smaller banks that are starting to set up these departments to parallel their larger bank offerings. But local Directors with more than ten years’ experience are sought for these roles.