Hong Kong, 21 August 2012 – eFinancialCareers, the leading global career site network for professionals working in the investment banking, asset management and securities industries, today announced the results of its 2012 Movement Survey in Hong Kong.
The survey, exploring the attitudes of 653 Hong Kong-based finance professionals towards relocation and working in Hong Kong, revealed that over 8 in 10 (82%) of them have no intention of leaving Hong Kong in 2012. The city’s stable and well-developed economy, supported by continued growth from Mainland China, makes it an ideal market for finance professionals to wait out the downturn. A similar proportion (81%) also said they would recommend Hong Kong as a place to live to other finance professionals.
When asked about the best things about living in Hong Kong, financial professionals cited:
- A safe place to live (23%)
- A favorable tax regime (18%)
- Greater job opportunities (16%)
Compared to their counterparts in the APAC region, Hong Kong finance professionals are the least likely to move and consider moving to a different country by the end of 2012.
| Are you moving or considering moving to a different country in 2012? |
Yes |
No |
|
Hong Kong |
18% |
82% |
|
Australia |
24% |
76% |
|
Singapore |
25% |
75% |
Source: eFinancialCareers 2012 Movement Survey
Untapped opportunities for Hong Kong finance professionals
The survey further revealed that over 8 in 10 (84%) Hong Kong finance professionals are not considering relocating to Mainland China despite the increasing importance of China as a main driver of business for the region. As the global economy picks up, Hong Kong professionals with experience and skills applicable to the China market will be in high demand.
“As the Hong Kong market maintains its stability and continues to benefit from Mainland China-driven growth amidst the global economic lull, local finance professionals appreciate what Hong Kong has to offer now more than ever,” said George McFerran, eFinancialCareers Managing Director, Asia Pacific.“But with the scarcity of experienced Hong Kong professionals willing to relocate, those who do choose to take their careers to the Mainland are well-positioned to take advantage of those opportunities.”
Although Hong Kong’s finance professionals wish to stay in the city, many face the slowing of the financial sector where large bonuses are no longer incentives to deal with a stressful work environment and long working hours.
Of those surveyed, 50% of finance professionals said they were prepared to move their careers into other industries while remaining in Hong Kong. Over 4 in 10 (43%) believe sectors outside financial services offer more job opportunities, and over 2 in 10 (22%) cited greater remuneration packages on offer. The top industries finance professionals are looking to transition to include hardware and softwaretechnology (19%), media and advertising (11%), and travel and tourism (7%).
With such a high desire from finance professionals to switch industries, financial institutions are now faced with retention challenges. In order to retain top performers, finance firms will need to provide employees with a well mapped out career path and opportunities to grow or try different job functions within the organization that will help advance their careers in the long term.
About the eFinancialCareers 2012 Annual Movement Survey
The eFinancialCareers 2012 Movement survey was conducted between 15 June, 2012 and 2 July,2012. There were 653 respondents, and all of them were employed bankers and finance professionals living in Hong Kong.
About eFinancialCareers
eFinancialCareers, a Dice Holdings, Inc. service, is the leading global career site network for professionals working in the investment banking, asset management and securities industries. The website provides financial services professionals with job opportunities, job market news and analysis, salary surveys and career advice. Recruiters and employers can post jobs targeting specific sectors within the financial services industry, both buy-side and sell-side, and can search the resume database for highly qualified and specialized professionals. eFinancialCareers has a network of co-branded career sites with industry-leading trade publications and offers local websites in 19 markets and five languages primarily across North America, Europe, the Middle East and Asia-Pacific. Please visit www.eFinancialCareers.hk for more information.
