Talent demand is high for both executive and operation roles, according to a Robert Walters Salary Survey 2020, with firms increasingly open to importing foreigners with matching skill sets. Tech talent across all industries are expecting bonuses of 11-20 percent of their 2020 salary and 40 percent expected a 7-15 percent increase in this salary.

Recruitment remains active for financial sub-sectors such as virtual banking insurtech, private banking, wealth management, distressed debt and special situations funds.

Whilst the outlook for tech in finance or not remained bright, the broader job market showed signs of being hit by the ongoing economic slowdown. Hong Kong’s expected salary increase for 2020 fell to the 10-15 percent range compared to 10-20 percent in 2019. Greater prudence is being applied to various aspects of hiring, the survey found.

Companies are more cautious when hiring, and hesitate to look into a long-term hiring plan. Hiring processes are foreseen to be lengthened and additional interview stages will be added as employers are more insistent on candidates with specific skill sets, said Ricky Mui, managing director of Robert Walters Hong Kong. We also expect contracting engagements to continue to grow further.