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Hong Kong: quality workforce in Asia
The workforce in Hong Kong is among the most qualified and productive in Asia and at the same time an important contributor to the city’s attractiveness as a business destination in the Asian area.
Hong Kong is a city that welcomes foreign direct investments and it is easy for entrepreneurs to hire local or foreign staff. The labor law in Hong Kong offers certain advantages to the employee but the employer also has a degree of liberty in firing employers or terminating the collaboration after the probation period.
Hong Kong workers
The rapid and successful development of the city has transformed Hong Kong is a veritable gateway to Asia and especially China. Many Chinese nationals have moved to Hong Kong and now their children make up part of the workforce of the city. Young individuals have grown up in a globalized city, they are well-connected, speak better English than their parents and some of them will also speak a third language.
Approximately 10.000 individuals graduate each year from the eight universities in Hong Kong. Engineering, sales and services, financial services and marketing are just some of the areas chosen by university graduates in the city.
The labor force in Hong Kong: an overview
Import and export companies as well as those activating in wholesale and retail trade are those that employ the largest percentage of the working population in Hong Kong. Employers social and personal services are also numerous, followed by those in transportation, financing and insurance.
The labor force participation rate is approximately 61.4% while unemployment has a rate of approximately 3.2%. The total workforce in Hong Kong has grown over the years: from 3.51 million employees in 2008 to some 3.73 million employed people in 2013 and growing close to 4 million employed individuals in 2015. Out of the employed individuals, more than half of the workforce are male and some 48% female.
For more information about the labor market in Hong Kong or if you need assistance for company formation and hiring personnel you can contact our law firm in Hong Kong.