Survey: HK labor market perked up in Q4 2009

17:47, March 16, 2010      

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The labor market in Hong Kong perked up in the fourth quarter of 2009, with the overall staff turnover rate up 0.29 percentage point compared with the same period of 2008, according to a newly conducted survey released Tuesday.

The survey, conducted by the Hong Kong Institute of Human Resource Management (HKIHRM), and covering some 122,000 employees from 142 companies, shows that the retail sector recorded the highest turnover of 4.29 percent, followed by the business/professional services sector of 4.14 percent.

In terms of staff grade, the highest turnover rate of 2.54 was among clerical/frontline staff from October to December of 2009, while the middle management/non-managerial professionals segment got the second high with 2.53 percent.

Besides, the percentage net growth in new positions during the fourth quarter was 0.52 percent, 0.51 percentage point higher than the figure of the same period in 2008.

"The improvement in the economic situation in the second half of 2009 created new business opportunities, and eventually a more upbeat labor market situation was recorded," said Li Chi-ming, vice-president of the HKIHRM.

But for 2009 as a whole, the employee-turnover and job-vacancy rates were "back to 2003/2004 levels", added Li.

The data on companies' hiring intentions for the first quarter of 2010 shows that 28.1 percent of the respondent companies planned to increase hiring, a rise from 20.9 percent recorded in the previous quarter.

Among companies that have hiring plans, over 40 percent in financial services, banking, insurance and real estate, and property development sectors indicated that they will increase hiring in the first three months of 2010.

"Recruitment confidence has further improved among companies in Hong Kong," said Li, who believed that the labor market will become more active after the long new-year holiday.

Conducted since 2002, the HKIHRM's quarterly survey of manpower statistics regularly tracks manpower movements in Hong Kong's Labor market. The key data of the survey include staff turnover, job vacancy and staff absence rates.

Source: Xinhua
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