HONG KONG: It looks like the sun is coming back out of the clouds - for job seekers. Five hundred Hong Kong employers in all sectors are more bullish about hiring than anywhere else in Asia, with 35 per cent saying they expect to be hiring in the next quarter, a recent survey has found.

The survey was conducted by Hudson, a global human resources company, in August. In the third quarter, the percentage of employers who intended to hire was only 22 percent. The 35 percent is also 3 percentage points higher than that for the fourth quarter a year ago.

The proportion of respondents intending to retrench manpower also reported a sharp plunge from 12 percent to 3 percent.

Mark Carriban, manager-director for Asia, at Hudson, said the market continues adapting to the global financial crunch. Staff have routinely been dismissed in the past few quarters. Now there are signs of improvement as all sectors plan to increase manpower.

Across all sectors surveyed, media, public relations and advertising recorded the largest increase in terms of recruitment plans, jumping from 28 percent in the third quarter and 18 percent a year ago to 69 percent.

"The sector experienced a severe downturn at the end of 2008, when many clients had already spent their marketing budgets for the year on Olympic campaigns. Firms are now hiring actively in anticipation of a rapid recovery of demand," Carriban said.

Some 43 percent of respondents in banking and financial services expected headcount growth in the fourth quarter, with more positions for front office staff.

The manufacturing and industrial sector reported a less optimistic view of recruitment and it was the only sector that anticipated more than a 5 percent layoff.

Carriban reckoned that a majority of the respondents were based in Southern China, which was the most sharply impacted by the slump in exports to the United States and European countries.

To add to the rosier picture, one-third of respondents from all sectors expressed willingness to employ people who have been jobless for more than a year, based upon the previous experience and niche skills of those applicants.

However, respondents found it difficult to find local candidates with the required skills and experience to fill senior positions. For instance, the banking sector needs overseas talents to manage overseas financial products.

In the coming year, employers will focus on attracting and retaining staff with the required skills and experience, as companies prepare for the economic recovery.

China Daily

(HK Edition 10/23/2009 page1)