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Have you ever considered leaving the UK and working in Hong Kong?
If you are a well skilled and experienced candidate with a background within the Banking, Financial Services, Accountancy, IT or Property and Construction sectors there are not many places that could offer better employment opportunities than Hong Kong at the moment.
Layoffs and record-high unemployment rates are still making headlines in Western markets, as much of the world reels from the worst downturn since the Great Depression. The UK Jobs market remains stagnant outside of London, and with a disenfranchised UK electorate, whichever party wins the general election has the uphill challenge of reviving the economy and jobs market.
In Hong Kong however the picture is markedly different.
Since the start of 2010 the markets have bounced back and employer confidence has definitely followed suit. According to data compiled by Career Times, from January to March this year, 50,894 executive positions were available, a 34.5 per cent jump over the same period in 2009:
A recent example of Asia Pacific growth is that UK based Standard Chartered plans to hire thousands of bankers in Asia over the next four years. UBS, Citigroup, Barclays and Deutsche Bank have all publicly committed to adding jobs in the region and growing their APAC presence.
So why is there a stark difference of retrenchment in the West and Expansion in the Asia for most global businesses?
The reality is global companies flock to where the money is. Asia is growing fast and the wealth that is being generated is being invested. This has resulted in Banks and Financial Services companies requiring more money managers to look after all that newly invested cash, as well as more equity derivatives traders, commodities buyers and portfolio managers. This wealth then trickles through to other areas where jobs are created throughout the economy in general.
For a candidate considering moving abroad further positive evidence for considering Hong Kong can be demonstrated through a shift in the current challenges faced by Hong Kong recruiters. Prior to 2010 the major effort of Specialist Consultants at Reed was sourcing out employer requirements that were fairly scarce due to the downturn. Good assignments were rare and candidates were plentiful because of layoffs.
The complete opposite is now the case where there is an abundant supply of vacancies but not enough quality candidates that fit employer requirements.
For top-tier positions, many companies are looking for Asian-born workers who may been educated abroad or have risen through the ranks of a major multinational company. However, expatriates who have spent much of their career in Asia are equally sought-after to lead and manage organisational change and improvement initiatives.
In summary; a buoyant jobs market; increased salaries due to candidate shortages; one of the lowest income tax regimes in the World and not forgetting the tropical weather make Hong Kong the number one destination if considering a move from the UK or Europe. If you are interested please look through our active advertised roles and submit your CV to a position that matches your background and a Specialist Consultant will contact you for an informal discussion.
Search Hong Kong jobs now.
Pathay Singh, Consultant - Advisory, Risk & Compliance. Hong Kong
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