AI found to fuel hiring in financial hub, survey says
More than a third of employers in Hong Kong are expecting to hire more people in the third quarter of 2024, according to the latest ManpowerGroup study.
The report found that 37% of employers are anticipating an increase in hiring, 29% are expecting a decrease, while 32% are not reporting any changes to their headcount.
As a result, Hong Kong's Net Employment Outlook for the third quarter stood at eight per cent, down by seven per cent from the previous quarter and -25% compared to the same period last year.
The information technology sector recorded the highest employment outlook with 32%, while the transport, logistics, and automotive industry registered a -17% for the third quarter.
Source: ManpowerGroup
AI fuelling hiring in Hong Kong
Meanwhile, the report also found that 47% of employers in Hong Kong are planning to increase their headcount as a result of AI and machine learning.
By sector, the Financials and Real Estate (59%) as well as Information Technology (56%) reported the highest number of employers expecting a headcount increase from AI and ML
Only 27% of employers in Hong Kong are expecting a decrease in headcount due to AI and ML, with the Consumer Goods and Services sector leading them (35%).
Source: ManpowerGroup
These findings come as 52% of Hong Kong employers said they have already adopted AI, with 25% planning to implement it in the next 12 months.
According to these employers, the top changes brought about by AI in the workplace include:
- Overall business performance (68%)
- Required employee training (66%)
- Upskilling/reskilling of existing employees (65%)
On the other hand, the challenges cited by those who adopted AI include:
- High cost of investment (48%)
- Workers don't have the skills to use AI effectively (39%)
- Concerns about privacy and regulations (38%)
