Published on 19th July 2017
Over the recent months in Hong Kong, contracting has remained a simple and efficient way for organisations to acquire talent and meet business objectives.
Contracting for commercial organisations
In Q2 2017, we have seen a demand for contract talent across industries such as media, legal, business services and telecommunications. Most of these contractors are those with expertise in Accounts Payable and Financial Accounting, respectively at the Assistant Accountant and Manager levels.
In recent times, the volume of contract recruitment has been increasing due to conservative headcounts on permanent recruitment and a stagnant economy.
Demand for contractors in banks and financial services firms
There has been a continual growth for contract positions within the Banking and Financial Services space. Banks and general financial services providers highly demanded junior-level professionals for their middle to back office operations, usually for contract periods between six months to a year.
Banks and financial services firms have created many contract openings due to restructuring exercises, where many of their junior positions were made into contract positions. By having these positions on a contractual basis, both the employer and the employee could evaluate, from both perspectives, on whether the position was a fit.
We have also seen a trend whereby many banks would first bring in a new hire as a contractor, before converting the new hire to a permanent employee. This was often the case if post-contract feedback was positive.
Good contractors were made permanent
At the start of the year, the Hong Kong economy was sluggish and many businesses hired contractors for flexibility. In the last few months, many of our contractors have been converted to permanent staff due to good performance.
We have seen, in the commercial field, that it has become a popular trend to hire new people beginning with a three- to six-month contract. Job seekers who were more open to contracting always had more opportunities in the Hong Kong job market.
Bright times ahead for contracting
Throughout the course of Q3 2017, the contracting job market in Banking & Financial Services will continue to grow. Besides banks, an increasing number of financial services firms, such as private equity firms, asset management firms and fund houses, will start to hire contractors for their junior- to mid-level roles.
With banks and financial services firms remaining fixed on a conservative hiring view, along with an increased number of ongoing and new projects requiring contractors to share project delivery workloads, we foresee the healthy demand for contracting to continue into the months ahead.
Salary Report for Q3 2017*
#We recruit for a very diverse range of contracting roles. If you are interested in a role that is not listed above, please contact us directly.
*Notes about salary report:
- Titles and levels vary from organisation to organisation.
- The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
- 12-month base salaries are assumed.
- All other benefits and bonuses are in addition to these figures.
- Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances. Bonus ranges from 1 month at the low end to 100%+ at the upper.
- Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
- Healthcare policies are standard.
- Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as 15–20% of the base salary for senior executives.
by Rachael Yeung