Technology Market Insights Q3 2017

Throughout Q2 2017, Technology hiring continued to be on the rise in Hong Kong. We saw a growing demand for developers across the financial services and commercial sectors.

Professionals skilled in Java, .NET/C# and C++ continued to be highly sought after, as multinational corporations and financial institutions gained momentum to invest in large-scale development projects.

Agile developers have become hot assets

In the last few months, the job market for Banking IT professionals progressed from lukewarm to hot as banks grow their Cash Equities, Derivatives, Prime Services and FICC desks in the region. We are currently seeing a high demand for developers with experience in Java, C++, Python and C#.NET.

However, acquiring the right talent in these areas has become more challenging. Most banks now follow Agile methodology, which requires developers to do more than just coding—they are also required to do support, requirement gathering, project management and UAT.

Today's developers are required to front the business and even speak to clients, so employers are seeking those who have multitasking ability, working asset class knowledge and excellent communications skills. The hiring demand for developers ranges from junior to senior-level appointments.

Banks went bigger on the customer journey

Digital, Big Data and AI space were also areas that saw continued growth in Q2 2017. Banks were finally realising the potential power of data and on how they can really reach out to their customers with these mass information. 

We saw a huge demand for Data Analyst, Digital Strategist and Digital Transformation professionals, which helped to bring the banking industry back on track in embracing "customer user experience", a crucial area where banks seemed to be lagging behind as compared to the advancements we have been seeing in the insurance industry.

Commercial firms in need of Tech talent

In the second quarter of 2017, on the Commerce side, a few large-scale multinationals have scaled down and undergone restructuring, though there were still local and Chinese firms with a very high hiring demand.

Hatch for startups

In Q2 2017, we launched Hatch, a unique recruitment solution designed for startups. Hatch has been well received by the market since its launch.

The startup ecosystem in Hong Kong has been booming in recent years and is still going strong. Today, there are over 2,000 startups here that seek high-calibre talents to build market-disruptive products across FinTech, Internet of Things, Sharing Economy, and e-Commerce. Experts in Web, Mobile, Server-side Development, and Data Analytics have been and will continue to be in high demand.

Web and Mobile have been evolving at a phenomenal rate. We predict that React Native from Facebook will potentially be the next popular framework, and professionals skilled in this area will be in demand.

Blockchain and AI, the recent talk of the town, have attracted a lot of investments but true experts in these areas have been elusive and hard to identify.

The waging war for qualified Tech talent

As we progress along Q3 2017, we expect the Technology hiring momentum to continue, especially as banks push towards filling the remaining headcounts this year.

The talent war amongst Cybersecurity, Data Science and Digital professionals will continue.

Technology
Salary Report for Q3 2017*

*Notes about salary table:

1. Titles and levels vary from organisation to organisation.

2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.

3. 12-month base salaries are assumed.

4. All other benefits and bonuses are in addition to these figures.

5. 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.

6. 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.

7. Healthcare policies are standard.

8. 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.