Hong Kong hiring expectations at eleven-year low
Headcount reduction most widely adopted initiative to cut HR-related costs
Press Release
HONG KONG – 2 April 2009 – Hiring expectations have fallen again this quarter according to The Hudson Report. In this survey of 612 executives across key business sectors, all interviewed during February of this year, 14% plan to increase hiring in Quarter Two (Q2) 2009, compared with 18% in Q1 2009. The proportion forecasting reduced headcount has doubled, from 11% to 22%.
Hudson (NASDAQ: HHGP), a leading provider of permanent recruitment, contract professionals and talent management services worldwide, today released findings of its comprehensive quarterly The Hudson Report for Asia. With the reputation as a key socio-economic indicator in the current marketplace since its Asia launch in 1998, the survey has been built on the premise that employers’ expectations of an increase or decrease in staffing levels represent a significant indication of their level of optimism in the growth of their organisation and their industry as a whole. The Hudson Report surveys the expectations of nearly 3,000 key employment decision makers from multinational organisations of all sizes in all major industry sectors.
Significant findings in The Hudson Report – Hong Kong Q2 2009 are:
- Of the 612 Hong Kong executives surveyed, 14% expect to increase hiring in their companies compared with 18% in the previous quarter;
- Hiring expectations in Hong Kong are lower than in the other markets surveyed in Asia and are at their lowest since the Hudson Report started tracking the market in Q4 1998;
- Across all sectors, 51% of respondents have implemented initiatives to cut HR-related costs in the last six months;
- Headcount reduction and lower bonus payments are the most widely adopted cost-cutting measures;
- Employers are still using a range of channels to find candidates, with direct recruitment and recruitment consultancies being the most popular;
- Companies see open communication and CEO messages as the most effective ways of maintaining staff morale in tough economic conditions.
Source:Hudson
