A Tale of Two Cities: Job Market Insights from Hong Kong and Singapore

Thoughts collected by Sandra Richez on a recent business trip to meet HR Managers in Asia for an overview of the job market, hiring trends and career opportunities.

It is still a great time to bring your career to Asia’s top-2 world cities

There is a buzz, a feeling of being where the action is, as you move around on the spotlessly efficient Hong Kong or Singapore public transit and observe the constant purposeful movement of the people here. Meeting professionals from HR or executives who have worked here for 5 to 10 years, there is a solid sense of optimism despite admittedly slower performance last year, notably in Financial Services sectors. The year of the Snake started out strongly, despite mediocre expectations - business has been picking up nicely even in banking. While these cities do not register the growth rates of Mainland China, they are the two most closely linked cities to Chinese growth and gateways to regional Chinese trade in Northern and in Southeast Asia.

For some, however, one cannot expect the same incredible career growth as in the past, these cities may be on second or third growth waves. Opportunity is expected to wane for international candidates as local and regional talent gain experience and local universities and business schools prove to be among the world’s finest, preparing highly competitive and skilled workforces. Hong Kong and Singapore have become favorite regional mobility targets for ambitious professionals from Shanghai, Beijing and South East Asia seeking a better quality of life, higher salaries and lower taxes. They have always been top-ranked destinations for expatriates, and as European and US headquarters slow down, many expatriates currently located in Hong Kong or Singapore are ready to stay, even if it means changing to local or local plus type contracts.  

Compounding the issue are the increasing numbers of professionals coming or returning to Asia as unemployment, uncertainty and taxation rise in Europe. The French Chamber of Commerce has registered an increase in the number of arriving French business people and job seekers alike since the start of 2013. Previously, Asian nationals would complete degrees in Europe and sought to stay on to gain international work experience. Now, it may be that the real opportunities are back home in Asia, where global firms are unanimously interested in returning nationals and the international experience can be gained right back at home.

The ups and downs of fast career growth in the Asia region

In Hong Kong, business and careers are fast-moving, people evolve quickly and may change positions often as soon as a new opportunity comes along. Singapore is reputed for being a more stable workforce, but rapid growth and constant change mean that one can expect faster career evolution, job creation and promotion in these markets than elsewhere. One of the classic pieces of advice for professionals focused on coming to Hong Kong with little or no Asian experience is to start out in a similar or even a lower level position here to learn the market, grasp the culture and prove your value – you are likely to be promoted several times in the first one to three years, making it an attractive job market for those who have ambitious plans.

Because it is such a fast-paced market, Hong Kong professionals need to hit the ground running, they are expected to bring in short-term results and be operational from day one. Staff in Hong Kong work fast, are very competitive, highly competent and business saavy, so anyone coming into the market who is not ready to operate in that environment is quickly left by the wayside. There is no such thing as job security here, results and performance are key because the stakes are high, there are few barriers to hiring and firing.  In such high-growth, high-change workplaces, there is little time for training and internal development. Consequently, there is a lot of external hiring, and candidates must know the market and do their homework on their target firms as a matter of mere survival.

Singapore’s work ethic is similar to Hong Kong’s in the quality and competitiveness of the workforce, with world-renowned educational institutions and high productivity. While performance and results are equally valued here, one feels a less frenetic pace to acquiring and developing talent, perhaps mirroring the more programmed approach to growth typical of Singapore’s public policy and government incentivized growth. Staff turnover and mobility levels are more stable here. Currently in the press one reads about protecting jobs for Singaporeans, limiting work permits for people from abroad, and Singapore for Singaporeans. While this is mainly aimed at the booming numbers of unqualified workers who enter the country and bring their families, the issue has raised concern among the expatriate community as well. Indeed, the government manpower office has recently tightened internship and work regulations for foreign nationals.

Opportunities for local, returning Asians and international talent

Nearly every firm I met spoke about their strong interest in hiring returning Asian talent who had gained international insight from studies or work abroad. Particularly for client facing roles in firms doing business with China, Mandarin language speakers are in high demand. Most of the international firms in both Singapore and Hong Kong are regional offices or subsidiaries of European or American headquarters. Due to the distance and time zone differences, communication is not always easy, and Asian offices often require quite a bit of autonomy. To handle that distance and to communicate effectively with overseas head offices, these firms require autonomous managers with the ability to perform in Western contexts, while facing daily operations in Asia. Certain firms are even interested in German, French or Italian speakers, particularly in financial divisions, or in roles that require intense contact with European head offices.

Commitment to Asia

And yet, even returning Singaporean or Hong Kong nationals should be aware that nobody is waiting for them to arrive like saviors. Recruiters are well aware when a candidate returns to Asia because they were unable to find something in Europe or the United States. They are also clued in to international candidates who come to Asia merely to escape slow career growth and economic stagnation in other markets. What they are looking for is evidence of a true commitment to Asia. That means doing the due diligence on the Asian market, on the companies operating there and on the sector’s performance and economic climate in general. It also means being curious and showing that they have learned about and at the very least visited the country before applying. One of the key risks that recruiters take is that the candidate will not be able to adapt or re-adapt to the lifestyle, culture and working conditions of these fast-paced cities. The final piece of advice would be that if you want to come to Asia, you need to get there first, so it’s great to plan a 1 to 2 week business trip and arrange with alumni associations, chambers of commerce and personal/professional corporate contacts. EDHEC Business School currently counts over 100 alumni in Singapore and over 80 alumni in Hong Kong working in a broad variety of sectors from financial services to luxury, consumer goods and technology. EDHEC's Singapore campus provides a local hub for MBA, Executive MBA and Global Business Management programs, and it is home to the EDHEC Risk Institute, EDHEC PhD in Finance and the MSc. Risk and Investment Management.