In 2017, contracting has remained a simple and efficient way for organisations to acquire talent and meet business objectives.
Commercial organisations demanded contractors
In Q3 and Q4 2017, we have seen a demand for contract talent across industries such as medical, luxury retail, business services and telecommunications.
Most of these contractors were those with expertise in financial analysis and consolidation, respectively at the Assistant Accountant and Manager levels.
Contract talent was in demand by financial institutions
Many global banks have been employing more contractors to lead urgent projects, mainly within their middle-office, operations and technology departments.
We have observed that banks were improving their packages including higher salaries, longer annual leave and better completion bonuses to entice experienced professionals to move from permanent into contract roles.
In Hong Kong, professionals with less than 4-5 years of experience have become increasingly open to contracting opportunities, as it gives them the access and opportunity to work for some of the best organisations.
Contract-to-permanent conversions happened in H2 2017
At the start of 2017, the Hong Kong economy was sluggish and many businesses hired contractors for flexibility. In the last six months of 2017, many of our contractors have been converted to permanent staff due to good performance.
In the commercial field, we have seen the trend of hiring 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.
Contracting will have bright times ahead in the first half of 2018
In 2018, we expect to see the volume of contract recruitment to increase due to conservative headcounts on permanent recruitment.
We also expect to continue seeing the trend of part-time roles opening for mothers who have a wealth of previous accounting experience and who have to stay at home to look after the family. As these women tend to be more committed and reliable, employers welcomed them to work as part-timers.
Banks and financial services firm will continue to hire contractors
Throughout the next few months in 2018, the contracting job market in banking and 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.
We expect banks and financial services firms to maintain a conservative hiring view, along with an increased number of ongoing and new projects requiring contractors to share project delivery workloads. As such, we foresee the healthy demand for contracting to continue into the months ahead.
Temporary roles in Hong Kong will continue to expand and remain strong for the foreseeable future and 2018. It will become more accepted by employers and employees as a feasible employment option, as it will allow many businesses to carry on functioning with the required resources they need for projects, and also give them greater flexibility in terms of headcount.
Salary Report for H1 2018*
#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