The Hong Kong labor market remained stable in the first half of 2014 with the overall average staff turnover rate recorded at 9.1%. Besides, hiring intentions for the second half of the year will remain positive, according to a survey conducted by the Hong Kong Institute of Human Resource Management (HKIHRM).
“The unemployment rate for the June to August period this year was 3.3%. Considering the consistently low unemployment rate in Hong Kong, it is natural to see employees have more choices in the labour market," says David Li, President of the HKIHRM.
"Some labour-intensive sectors faced comparatively greater challenges such as restaurant/catering, retail and construction/property development/real estate, with their overall average turnover and job vacancy rates being the highest among the surveyed sectors.”
The top three sectors with the highest staff turnover rate are restaurant/catering (27.4%); retail (19.1%); and construction/property development/real estate (18.2%).
In terms of employee level, clerical/frontline staff continued to show the highest turnover rate at 12.3%.
The top three sectors with the highest job vacancy rate are restaurant/catering (15.3%); retail (13.4%); and construction/property development/real estate (8.3%).
In terms of employee level, clerical/frontline staff recorded the highest job vacancy rate at 6.1%.
The net growth in new positions during H1 2014 was 1.4%. The top three sectors with the highest net growth in job positions are retail (4.4%); wholesale, import/export, trading, distribution (2.7%); and restaurant/catering (2.5%).
In terms of employee level, middle management/non-managerial professionals and clerical/ frontline staff recorded the highest position growth rate (1.7%).
Among the 86 participating companies, 68 companies provided data on staff absence. In the survey, “absence” is defined as unscheduled absences of one or more than one day including sick leave (paid or no paid), emergency leave and casual leave.
The absence rate in H1 2014 was 3.7% (weighted average), 1.1 percentage points higher than H2 2013. The top three sectors with the highest absence rate are transport/services allied to transport (7.2%); engineering (2.5%); and business services/professional services (2.1%).
In terms of employee level, the clerical/frontline staff recorded the highest absence rate at 1.1%.
Hiring Intentions for H2 2014
Among the 86 participating companies, 84 companies provided data on their hiring intentions for the second half of 2014.
The top three sectors reporting the strongest intentions to increase hiring are restaurant/catering (100%); business services/professional
services (40%); and transport/services allied to transport (storage) (22.2%).