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Hong Kong Employment Outlook 2025 Summary

Core Content

The Hong Kong Employment Outlook 2025 report, conducted by KPMG People Services, provides insights into the current employment landscape in Hong Kong and the Greater Bay Area (GBA), based on a survey of 425 business executives and professionals. The report highlights trends in headcount expectations, salary outlooks, and talent management strategies, with a focus on the evolving priorities of employees and the challenges faced by employers.

Main Views and Key Information

Employment Trends

• Headcount Expectations: 24% of all respondents expect their organisation's workforce to increase in 2025, up from previous years. C-level executives are more optimistic, with 44% anticipating headcount expansion.
• Job Moves in 2024: Only 14% of respondents moved jobs in 2024, the lowest in three years, indicating a more cautious job market.
• Sector Outlook:
  • Consumer Markets: Continued softness due to post-pandemic shifts in consumer behavior and economic uncertainty.
  • Financial Services: Slight improvement in sentiment, driven by recovery in the banking sector and strong IPO activity.
  • Innovation and Technology: More cautious approach after years of optimism, influenced by over-hiring during the pandemic and macroeconomic challenges.
  • Real Estate: Least optimistic about hiring, though signs of stabilisation are emerging.
  • Professional Services: Slightly higher than average headcount expectations, with some organisations anticipating reductions.
  • Public Sector: Facing a budget deficit, with plans to cut 10,000 civil service jobs by 2027.

Salary Outlook

• Salary Increases: 74% of respondents expect a pay rise in 2025, down from 78% in 2024.
• Career Moves and Salaries: In 2024, 66% of respondents who moved jobs saw a salary increase, with an average of 19.58%.
• Bonus Trends: Bonuses in 2024 were lower in consumer markets and innovation and technology, while financial services reached a three-year high. In 2025, expectations for bonus increases have slightly risen.

Talent Management

• Top Drivers for Job Seekers: Compensation package (65%), career progression (54%), and work flexibility (49%) remain the top non-monetary factors.
• Employee Priorities: Job security and stability are now more important than salary increases, with 39% of respondents citing stability as their top factor in choosing a new employer.
• Talent Sourcing: 51% of Hong Kong organisations are sourcing talent from the Chinese Mainland, leveraging its talent pool and immigration policies. This trend is also influenced by the expansion of operations in GBA cities.
• Generative AI Adoption: 53% of organisations have adopted generative AI in the past 12 months, aiming to enhance efficiency and productivity.

Organisational Actions

• Upskilling and Reskilling: To bridge talent gaps and stay competitive, organisations should invest in upskilling and reskilling programs.
• Benefits Refocusing: Employers must adapt benefits offerings to attract and retain top talent, with housing benefits and long-term incentive plans being particularly valued by executives.
• Immigration Policies: Leveraging Hong Kong's immigration programmes to source non-local talent is a strategic move for organisations.

Regional Comparison

• The survey was expanded to Singapore, revealing differences in employee priorities:
  • Singaporean executives and department heads value organisational culture more (54%) than Hong Kong counterparts (41%).
  • Work flexibility and work-life balance are more important in Hong Kong (37%) than in Singapore (21%).

Key Takeaways

• The employment market is showing signs of caution, with lower job moves and more conservative salary expectations.
• Marketing and branding are becoming increasingly important in talent expansion, with hiring expectations doubling from 2024 to 2025.
• Job security and work-life balance are now top priorities for employees, especially junior staff.
• Organisations must integrate talent and technology strategies to remain competitive and address the evolving needs of the workforce.
• The Greater Bay Area presents significant opportunities for talent sourcing and business expansion.

Sector Highlights

• Consumer Markets: Still affected by frugal consumption and post-pandemic changes.
• Financial Services: Showing signs of recovery, with increased focus on operational efficiency.
• Innovation and Technology: More cautious hiring due to global tech trends and cost-cutting.
• Professional Services: Slightly more optimistic than other sectors, though some anticipate reductions.
• Public Sector: Facing a budget deficit, with job cuts planned.
• Real Estate: Least optimistic, but confidence is slightly improving.

About the Survey

• Conducted between 2 and 14 January 2025.
• Participants included 425 Hong Kong business executives and professionals, with an even distribution of male and female respondents.
• 53% of respondents' organisations are based in Hong Kong, 36% are public listed companies, and 43% are private.
• 50% of respondents hold leadership positions (21% C-level, 29% department head or equivalent).
• Average work experience: 19.93 years.

Conclusion

The report underscores the need for organisations to adopt strategic and flexible approaches to talent management, prioritise employee well-being, and leverage regional opportunities to navigate the evolving employment landscape.