More jobs are on offer and more people are taking new jobs,
thanks to the economic upswing, a survey has found.
The turnover rate for Hong Kong employees last year was 12
percent, with the average job vacancy rate being 2.6 percent, both
highest since 2003.
The growth coincided with the economic recovery in recent years,
especially in 2005 when the territory's GDP rose by 7.3 percent and
the unemployment rate fell to a four-year low of 5.3 percent.
The Hong Kong Institute of Human Resource Management (HKIRM)
conducted surveys in every quarter of 2005 to get an in-depth idea
about the city's economic and social health, with 94,000 employees
of 107 companies taking part in the fourth quarter survey.
HKIRM President Lai Kam-tong said: "This shows the city's
economic recovery has continued to boost the growth of different
sectors, with more companies expanding their business... The rates
have shown an obvious increase, which means more jobs are available
now and more people are changing jobs."
The retail industry recorded the highest turnover rate, with 33
percent employees changing jobs, followed by the telecom industry
(21.4 percent) and the wholesale, import/export and trading sector
(21.1 percent).
"The Individual Travel Scheme (ITS) and Closer Economic
Partnership Arrangement (CEPA) with the mainland have helped
develop those industries, especially retail," Lai said.
Although a high employee turnover rate may raise a company's
operation costs, Lai said that some industries could be better off
with new blood and ideas.
The retail sector also saw the highest vacancy rate of 5.3
percent last year, with financial and banking services being second
(4.7 percent).
On the contrary, industries that seemed to have less vitality
were those of utilities such as electricity, gas and
transport-related services.
Yesterday, the government also released the latest retail
figures, which show that sales in January 2006 increased by 11.6
percent year-on-year. Tourists, especially those from the mainland,
during the Chinese Lunar New Year holidays, are believed to have
contributed in a large measure to the sharp rise.
(China Daily March 3, 2006)