Randstad, one of the world’s largest talent partners recently released all three editions of the 2024 Market Outlook and Salary Guide reports to provide employers and job seekers the latest insights and projections to navigate the job market this year.
Benjamin Elms, Managing Director at Randstad Hong Kong said, “With the cautionary economic and job markets influenced by macroeconomic factors, employers are increasing their talent expectations, frequently narrowing their search pool to those with specific in-demand skills and experience in a talent-scarce market.”
“While hiring top talent is critical for organisations, employers must be aware of how and where talent expectations have also shifted. Talent wants more than a wage and is seeking more work-life balance, learning opportunities and a sense of belonging,” he said.
Randstad Hong Kong’s 2024 market outlook & salary trends reports target specific industries and specialisations
- Randstad Hong Kong: Operational Market Outlook & Salary Trends report
- Construction & Property
- Sourcing & Supply Chain
- Randstad Hong Kong: Professional Market Outlook & Salary Trends report
- Accounting & Finance
- Banking & Financial Services
- Human Resources & Business Support
- Insurance
- Legal
- Life Science
- Luxury & Retail
- Sales & Marketing
Randstad Hong Kong: Technology Market Outlook & Salary Trends report
Understanding and navigating evolving talent expectations
Specialised support will be crucial to navigate the changing world of work
Largely fueled by investments and digital transformation, talent demand for professionals specialising in artificial intelligence, data analytics and cybersecurity will remain high across banking and financial services, healthcare, supply chain and technology.
Within the banking and financial services industry, Randstad Hong Kong expects to see more demand for talent with expertise in financial technology, blockchain and digital assets.
Consequently, the increasing use of data will drive demand for services related to data protection and data analytics across various functions spanning consulting, marketing, sales and human resources.
With in-demand skills becoming harder to find, employers want solutions to address big talent challenges around flexibility, agility and a sustainable pipeline for talent with the right skills.
Randstad Hong Kong strives to become the world’s most equitable and specialised talent company by bringing focus and distinctness to meet the expectations of both employers and talent.
Flexibility with intentionality is set to address talent demands
The increasing expectation for better work-life balance adds another layer of complexity to managing talent expectations.
The demand for flexible work will show no signs of slowing. Employers with policies based on flexibility with intentionality will likely prevail as the most effective and attractive to job seekers.
Employers looking for growth will need to invest in learning & development
The Randstad Hong Kong 2023 Employer Brand Research found that even though 3-in-4 Hongkongers said upskilling is important, less than half received learning opportunities.
Continuous upskilling and re-skilling is expected to be high on the agenda as employers aim to foster a more adaptable and agile workforce that is more prepared to meet the dynamic demands of the modern economy.
