LSESU Chinese Society Careers Newsletter DEC

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    PageSESU Chinese Society Corporate Newsletter

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    Chinese Society Corporate N ewsletter

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    Page 5SESU Chinese Society Corporate Newsletter

    H ong Kong is facing anexpansion of low-skilledemploym ent at a time w henthe number of high-skilledjobs is contracting, reflectinga torpid environment for theterritorys financial servicesindustry and otherndustry and otherwhite-collar sectors.In the second quarter, thenumber of high-skilled jobsslipped by 0.9 from a yearearlier. By contrast,non-professional jobs surged3.8 in the second quarterafter rising 4.7 in the first.The reason for a contractionhe reason for a contractionin the number of high- skilledpositions, according tohuman resourcesprofessionals, is weak hiringin the financial sector. Thefinancial- services industrycontributes about 20 ofontributes about 20 ofemploym ent and just under afifth to national output butits share has been falling.Thats in contrast to rapidgrowth of the retail sectorand other blue-collarindustries that have drivenndustries that have drivenGD P growth lately as moremainland Chinese shop here.

    Some economists worry thatthe trend toward lower-skilledemployment may push downeconomic grow th in futurequarters.A structural shift ofA structural shift ofemployment toward thislow-profitability, labor-reliantsector could cause a gradualslowdown in GD P growth,said Hang Seng Banks Mr.Lam. If this trend continues,Hong K ong could turn intoong K ong could turn intoanother tourism city filledwith low-skilled labor insteadof being an internationalfinancial center.

    Economists are concerned theincreasing reliance onlow-skilled sectors could hurtproductivity growth and drag onthe economy in the future. Ibelieve the contraction of H ongKong professional sector ismore related to financialore related to financialdeleveraging over the globaleconomy, said Hang SengBank economist Ryan Lam.Financial centers like HongKong are m ore vulnerable to theend of the credit-driven era thanSingapore, which has aingapore, which has adiversified manufacturing base.Hong K ongs recruitmentagencies said theyd witnessed adecline in middle-managem ent jobs, especially infinancial services. Somerecruiters point to cost-cutting inthe financial-services industryglobally as a factor contributingto Hong Kongs changingemployment landscape.M anaging costs is still the topManaging costs is still the toppriority for most organizationsin financial services, and this isthe main factor behind thecurrent cautious hiringenvironment, said GeorgeMcF erran, Asia Pacificmanaging director ofanaging director ofeFinancialCareers, a recruitmentfirm.

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