Hong Kong Finance Jobs Rebound to Record After Talent Drain

Despite the departure of a large number of expatriates and experienced professionals from Hong Kong during the COVID-19 pandemic, the city's financial industry is bouncing back, with an increase in hiring and salaries.

According to a recent report by Hays Hong Kong, a global recruitment firm, the number of banking and financial services vacancies in Hong Kong has soared by 39% in the first half of 2023 compared to the same period in 2022. The report also found that salaries for finance professionals have increased by 10%-20% due to the shortage of qualified candidates.

What is the reason behind this rebound?

Several factors are driving the rebound in Hong Kong's finance jobs market. First, the city's economy is recovering strongly from the pandemic, with GDP growth forecasted to reach 3.8% this year. This growth is creating new jobs across all sectors, including finance.

The second reason for the rebound is the decline in the brain drain. In the past year, many expatriates and experienced professionals left Hong Kong due to political uncertainty and the strict Covid policies. However, this trend has now reversed, with increasing numbers of people returning to the city.

Third, Hong Kong is implementing new policies to attract and retain talent. In particular, the government is offering tax breaks and other incentives to foreign professionals.

What are the implications for the future?

The rebound in Hong Kong's finance jobs market is good news for the city's economy. The financial industry is a key driver of growth, and the increase in job opportunities and salaries will help to attract and retain talent.

However, some challenges remain. The high cost of living in Hong Kong, as well as the competition from other financial hubs in Asia, could make it difficult to attract and retain top talent in the long term.