But it's still among the best jobs market globally.
Based on data from Q3 to Q4 by a global professional services recruiter, Hong Kong's story was one of stability.
According to a release from Morgan McKinley, there was a 12% decrease in jobs on offer and an increase of 12% for professionals, much in line with what is expected during the end of the year.
Out of all the Asian markets, Hong Kong tends to be the most correlated with international markets such as the UK and the USA, as a result of this the volatility in the mainland China market had little impact on Hong Kong.
“Hong Kong is still a pretty good place to be when it comes to the jobs market,” says Holliday. “There is a steady flow of opportunities and there are professionals willing to move. Probably more so than in some other Asian markets, due to the strong influence of international and western businesses who have a long history in the territory”.
Here's more from Morgan McKinley:
The Asia Pacific Employment Monitor for Q4 shows a flattening of available jobs compared to Q3, with only a 0.6% increase. Year-on-year job growth has been strong, with an increase of 35% from 11,427 to 15,432.
“The last quarter of the year is always a cautious time for employers,” says Richie Holliday, Chief Operations Officer, Morgan McKinley Asia Pacific. “This is the time that companies set their hiring targets for the upcoming year, so the activity is low, but when the new year begins it is often a merry-go-round with a quickly moving market”.
In contrast to available jobs, the amount of professionals on offer in Q4 compared to Q3 increased substantially, rising 42% from 34,844 to 49,701. On a year-on-year basis this was nearly double the amount of professionals on the market at the same time in the previous year. Professionals are preparing for the new year by registering with recruitment companies and updating their CVs. Overall, for the full year, the jobs market has been solid and 2016 is expected to deliver reasonable growth.
“Volatility is the new norm in the APAC region,” says Holliday. “We have spikes of volatility in new jobs coming to the market: due to economic trends; and we also experienced large swings in the number of professionals seeking new roles, especially as younger (Generation Y) professionals are quicker to look for new opportunities”.
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