Finance professionals to stay in HK: survey
Updated: 2012-08-22 06:37
By Li Tao(HK Edition)
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Hong Kong is considered a haven in the ongoing global economic downturn. According to a survey among the city's finance professionals, 82 percent of "white collars" in Hong Kong's financial sector say they have no intention of leaving the city. Philippe Lopez / AFP |
Hong Kong is considered a haven in the current global economic downturn, with 82 percent of financial professionals surveyed saying they have no intention of leaving the city, citing its stable and well-developed economy, supported by continued growth on the mainland.
According to a survey by eFinancialCareers released on Tuesday - the career site network, which talked to 653 Hong Kong-based finance professionals working in investment banks in the city - most of the respondents recognized Hong Kong as an ideal market for finance professionals to wait out the downturn, with 81 percent indicating they would like to recommend to its peers in the same field that Hong Kong is a place to live in.
These professionals are also least likely to move out compared with their peers across the Asia Pacific region, according to the survey.
In Australia and Singapore, the proportion of professionals who will move, and are considering moving to a different place to work, accounted for 24 percent and 25 percent, respectively, of the total respondents polled - higher than the 18 percent registered in the city.
When asked what were the best things about living in the HKSAR, nearly a quarter of them said the city is a safe place to live in, with 18 percent favoring the city's simple and low tax regime, and 16 percent preferring the great job opportunities it offers.
"As the Hong Kong market maintains its stability and continues to benefit from the mainland-driven growth amid the global economic lull, local finance professionals appreciate what Hong Kong has to offer now more than ever," said George McFerran, eFinancialCareers's managing director in the region.
Recognizing that the mainland is the main driver of business in the region which also provided with great job opportunities, 84 percent of the respondents, nevertheless, said they are not considering relocating to the mainland. This suggests that professionals with experience and skills applicable to the mainland market will also be in high demand when the global economy picks up again.
"Given the scarcity of experienced Hong Kong professionals willing to relocate, those who do choose to take their careers to the mainland are well-positioned to take advantage of those opportunities," McFerran added.
But these professionals have admitted a harder time to stay in the city given the current financial environment. Among those surveyed, 50 percent said they were prepared to move their careers into other industries to weather the storm while remaining in Hong Kong.
About 43 percent said sectors outside financial services may offer more job opportunities at the moment. Some of the top industries finance professionals are looking to work in include hardware and software technology, media and advertising, as well as travel and tourism.
Since last year, a number of international banks in Hong Kong have started cutting jobs to save costs. Banking giant HSBC decided to shed 3,000 jobs in Hong Kong while CLSA, Deutsche Bank, Goldman Sachs, and UBS have also cut, or are planning to cut jobs.
However, in another survey by Robert Half Hong Kong released last week, the global financial recruiting firm said hiring prospects within the financial sector remain buoyant even if the market generally expected the sector to witness job-cut pressures under the current economic climate.
"Chief financial officers and financial services leaders continue to have a confident outlook for their businesses and Hong Kong's economy in the medium-to-long term," said Pallavi Anand, a director at Robert Half Hong Kong.
He said the finance, accounting and banking sectors are expected to continue hiring in the long run.
(HK Edition 08/22/2012 page2)