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Career Prospects Still Gloomy

A recent survey shows that one in four workers in Hong Kong say they could lose their jobs in the coming year

Despite Hong Kong's economic recovery gaining momentum, and signs that the global economy is also picking up steam, there's still plenty of pessimism flowing across the job front in Hong Kong. 

More than one in four workers in the trade, tourism and financial services sectors (27.3 percent) say there is a possibility they could lose their jobs in the coming year, according to the second Global Career Confidence Index survey conducted by Right Management Consultants. 

 This is even higher than in March 2003 when 24 percent felt the axe might fall.  The only country with a gloomier career outlook was Great Britain, where 29.1 percent of the workforce said they were vulnerable to job loss in the next 12 months. In the United States, 25.4 percent said that they could lose their jobs, slightly better than the previous 26.6 percent of March 2003. 

"Despite an upturn in the stock market, Hong Kong is still wired with negative psychology.  There's lingering concern about SARS and the war in Iraq -- and recent news about an expanding U.S. economy hasn't sunk in yet.  People lack confidence in the world economy and aren't sure conditions will improve," said Stephen Lazar, Managing Principal for Right Management Consultants' operations in the Greater China region. "The results of this survey suggest further deterioration in workers' confidence levels.  The Hong Kong economic climate has been very unsettled though it is improving slightly.  Hong Kong people are still feeling concerns about their careers as a result."

Employees around the world were uniformly gloomy about job prospects of those made redundant in their respective countries.  In 12 of the 17 countries surveyed, two-thirds or more of the workforce said it would be somewhat or very difficult for a laid-off employee to find comparable work.  In Hong Kong, that number was 86.1 percent.  The most pessimistic country was Germany, where 96.2 percent of workers said it would be hard for a laid-off employee to find similar-paying work.

"Employers should recognize the high levels of anxiety many of their employees still feel about their job security," Mr Lazar said. "Any workforce reductions should be handled in a professional and sensitive manner that provides the most support possible to departing employees and sends a reassuring message to employees who remain."

For employees, he suggests that even in good times they need to stay abreast of where their organizations are heading, keep their skills up to date and demonstrate they can make a significant contribution to their employers.