This month earlier, theDesk hosted a panel discussion that explored recruitment in Hong Kong, how it’s evolved over recent years, and what that means for employers. This topic is of particular pertinence to local businesses as the current unemployment rate of 2.8%, the lowest since 1988, has left the city’s talent pool rather dry. To help discern how the progression of technology and society has affected the hiring landscape, theDesk invited talent acquisition professionals: Alto Wong from LinkedIn, Bradford Chan from cpjobs, Mahee Leclerc from HelperChoice, Marco Jorge from Wanted, and Nicole Lui from Wellesley, to drive the discussion.
Below are some key takeaways from the discussion:
1)What are the latest recruitment trends businesses should be aware of in 2019?
· The rise of Big Data will be a powerful tool in helping businesses understand what is happening in the job market, how competitive the talent pool is, where to find the right candidates, and what their target candidates are looking for in a job.
· Employer branding will continue to be of the utmost importance with 67% of job applicants refusing to work for a company if it has a bad reputation.
· A more candidate driven market. In 2012, 52% of recruiters felt the market was candidate driven, today that number stands at 86%.
· Temporary contracts are on the rise. Currently, around 10% of Hong Kong employees are part of the contract workforce.
2)What are the expectations of Millennial and Gen Z job seekers?
· Tell me your ‘Why”. Younger employees aren’t just seeking a competitive paycheque, they’re looking for a role that’s in line with their passions, beliefs, and values.
· Money isn’t everything. LinkedIn data shows that for 70% of Millennial and Gen Z employees, money isn’t the first priority.
· Balanced work-life lifestyle. Millennials and Gen Z know they’ll be working for longer and as digital natives, therefore flexible work conditions is considered the norm.
· I want to make a difference, now. While previous generations may have been happy to work for 5-10 years to see results, Millennial and Gen Z employees want to have an impact today.
3)How are New Economy companies recruiting in different ways?
· Leveraging people power. New Economy companies (founded around 2000), but more importantly Trust Economy companies (founded post-2014), are leveraging people power. For example, Airbnb and Uber, neither of which owns a single hotel or car respectively, are some of the biggest players in their markets.
· Bold and clear company values, such as ‘do first is better than perfect’ has really helped New Economy companies to grow and attract talent at a rapid pace.
· Attack the talent pool. Airbnb ‘over-hires’ for new roles so that they can take advantage of limited talented pools, recruit lots of people, and scale quickly.
theDesk’s panelists feel that these are the most important steps for improving the recruitment process in 2019,
· Focus on the “personality” of candidates and how they mesh with your company’s culture of and values,
· “Transform” your HR process to reflect the market landscape
· Believe in “potential” and not just what appears on someone’s CV
· Never underestimate a candidate’s “heart’ and desire to learn.
As 2019 unfolds and more trends come to the fore, our “Inspiring Thursday” series will continue to host insightful discussions that keep our community engaged and in the know – so keep your eyes peeled!
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