Executives, professionals also expecting salaries to increase
Hiring intentions in Hong Kong have reached a new high since 2020, according to a new report, which revealed optimistic business sentiments in the financial hub.
CPA Australia's survey of 568 Hong Kong-based executives, accounting and finance professionals revealed that organisations are eager to add more employees in order to support their expansion plans.
According to the poll, 57% of the respondents are expecting their companies to increase headcount, marking the highest hiring intention since 2020.
Salaries are also expected to grow in a bid to retain talent, with 62% of the respondents believing that their salaries will increase in 2025.
Recent forecasts said salaries in Hong Kong will increase on average by 1.8% in 2025, with the engineering industry expecting the biggest pay adjustment at 3.4%.
The findings come as organisations expect to expand their businesses next year, with 36% forecasting an expansion outside of Hong Kong.
"A notably high proportion of respondents to this survey stated that their company has expansion plans in the next three years at home or abroad, with mainland China (40%) again nominated as the most popular destination," the report added.
More than a third of the respondents also said they believe their organisations will increase their investment in advanced technologies (38%), as well as sales and marketing (37%).
The report attributed this growing business investment to the improving business environment, with 51% of the respondents expecting their company's revenue to grow next year.
"Recent stimulus measures unveiled by the central government and the Hong Kong government have contributed to this improved sentiment. The start of the rate-cutting cycle has also boosted business confidence," said Cliff Ip, CPA Australia 2024 Divisional President of Greater China, in a statement.
"These positive factors should keep this momentum going into 2025 and strengthen Hong Kong’s international competitiveness."
Despite this confidence, concerns linger among the respondents over changes in consumer patterns (26%) and tension in US-China relations (26%).
"Respondents indicate that changing customer behaviour and weak customer demand are some of the key challenges they expect to face in 2025," Ip said.
"In response, companies must keep innovating their products and services, and how they deliver them. They also need to frequently engage with customers and potential customers to better understand trends both in Hong Kong and elsewhere."
