Hire in Hong Kong
Hong Kong is known for its highly developed free-market economy. The main features of the country’s market include free port trade, low taxation, and a developed international finance market. Hong Kong is considered to be one of the most important business centers in the world. Due to the aftereffect of the pandemic, Hong Kong’s unemployment rate has increased to 6.8%, and the population is around 7.45 million.
The last decade has shown growth in the four key industries; financial services, tourism, trading and logistics, and professional services. These industries are the main roots for the economic growth of the country as well as the development of other sectors. The country has got the most attractive business environment and has the seventh-largest port in the world. Surprisingly, you can start a business in Hong Kong within one and a half days.
Overview of Hong Kong
According to the 2020 statistics, Hong Kong is ranked 37th in the World’s GDP Ranking. The four key sectors dominate the economy along with the emergence of start-ups. E-Commerce industries contribute 22%, whereas Fintech and Software industries contribute 12%. The country is governed by a policy of positive non-interventionism, which easily helps in setting up a business. According to 2015, the country is ranked as number one by The Economic Freedom of the World Index.
Total population – 7.5 million+
GDP - 349.45 billion (USD) (FY20)
As per the National Bureau of Statistics reports, the Hong Kong economy bounced back considerably in the first quarter of 2021 after the pandemic enforced restrictions. The strong growth of the export of goods has contributed to the rise of GDP. The tourism industry, which was one of the key industries, is affected because of the pandemic and will take time to recover. The unemployment rate has increased from 4.2 % to 6.8%.
The COVID-19 pandemic has specifically affected the tourism sector of Hong Kong, as well as the labor force industry, trading and logistics industry, and other technical services departments. The economy is expected to grow from 3.5 to 5.5 % in 2021-22. Financial and professional service, health, and export industries were the ones least affected. And e-commerce, advertising, and software are the emerging industries.
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A brief glimpse of the industries
- As the financial and insurance industry is internationalized and highly modernized, the industry was least affected. The financial industry is the important pillar of the economy that accounts for 21.7% of the country’s GDP in the year 2019.
- The tourism industry was hit hard by the Covid-19. It is one of the key industries of the country. It contributes around 4.5% of the country’s GDP. The total number of tourists who visited the country was reduced to 88.2 % in 2020 due to the pandemic. The average hotel room occupancy has also decreased to 79%, according to the reports in May 2020.
- Hong Kong’s merchandise trading sector also witnessed a decline of 5.7% to US $1,073 billion (HK $8,404 billion) in 2019. The rate of offshore trade has increased by 8.3 %. The import and export sectors, especially the exports, show growth and gain in the first quarter of 2020.
- The healthcare industry of Hong Kong is well advanced, and the people have got the highest life expectancy compared to the other countries. The private and public health services contribute to 6.2% of the country’s GDP according to 2018-19.
Cost of Living in Hong Kong
Hong is ranked 1st in the cost of living in the world. It is the most expensive city in the world according to 2020. The cost of living is extremely high compared to the other cities due to the dense population and low supply, and high demand for land; the housing price is very high. Property rates are very costly.
Salary structure for various roles
Depending on various employment sectors present in Hong Kong, individuals can expect the average salaries to be around: -
Cost of Renting
The cost of living in Hong Kong may depend upon the location and size of the house. A one-bedroom apartment may cost you about 17,230.77 HK$ depending upon the area. The rent is subjected to an increase depending upon the desired facilities.
The top sectors that are expected to hire in 2021 in Hong Kong are: -
Top Skills in Hong Kong
Hong Kong is a highly developed free-market economy. The main industries are the finance, tourism and professional service sector. Consequently, it is keen on hiring skilled individuals and highly qualified professionals trained in various hard and soft skills. From architects to animators, there are lots of job opportunities available.
Major skills and areas which witnessed a recent growth rate
- Language (creative opportunities)
- Digital Marketing
- IT/Computer Science
Top skills city-wise occupation-wise
Hong Kong is known for its floating islands and unique skyline. It is the most expensive city to live in the world but offers great employment prospects. It creates opportunities for the immigrants as well as the expats.
- Victoria City - It is the capital city of Hong Kong, and all the government bureau head offices are situated here. It is one of the most developed cities in Hong Kong. There are opportunities in software and networking engineering as well as in human resources.
- Kowloon - It is one of the famous urban areas of Hong Kong. It has more job opportunities in financial services, schools, advertising, and IT services.
In order to conduct a seamless recruitment process, you need to focus on several important factors. Some of the essential aspects of a hiring process are: -
- Onboarding and training cost
- Cost of conducting interviews and hiring processes
- Time invested in the process
Employment laws in Hong Kong
There are proper laws and benefits ensured by the Government of Hong Kong for employees. It also ensures occupational health and safety. The Employment Ordinance frames a code for employment based on the following aspects-
- Maximum work hours
- Paid and unpaid leaves
- Workplace surveillance; and
- Free employment and recruitment services
How Can Skuad Help You with Hiring in Hong Kong?
In order to conduct a smooth hiring process in Hong Kong, not only do you need considerable resources but in-depth knowledge of local laws. This will take up a lot of your precious time and resources. Skuad’s unified employment platform simplifies recruitment for organizations. Connect with Skuad to know more.