Geoffrey Yau, co-founder of Moovup, recently accepted an interview with HK01 to discuss in detail the impact of the epidemic on the job market over the past two years and more. He stated that with the outbreak of the fifth wave of the epidemic, recruitment advertisements in the catering industry have dropped by more than 30%. Yau explained that the catering business is heavily affected by epidemic prevention measures. Over the past two years, whenever the government tightened anti-epidemic measures, recruitment ads in the industry decreased immediately, and once restrictions were eased, they surged again. He expects that the overall labor market will generally worsen in the coming months, but labor demand in certain sectors, such as cleaning and logistics, will increase. Data from the platform further shows that recruitment advertisements for sales and intermediary services have continued to buck the trend and increase, with many insurance and real estate companies continuously hiring agents. Currently, such recruitment ads have increased by 17% compared to early January.
The severe fifth wave of the epidemic has dealt another heavy blow to Hong Kong’s labor market. With the outbreak of the fifth wave, the number of recruitment advertisements on Moovup has plummeted significantly to 19,000, a drop of nearly 30% compared to early January, with recruitment ads in the catering industry falling by more than 30%. The catering business is extremely sensitive to epidemic prevention measures. Over the past two years, whenever the government tightened measures, industry recruitment ads immediately decreased, and once relaxed, they rebounded sharply. It is expected that the overall labor market will generally deteriorate in the coming months, but labor demand in some industries, such as cleaning and logistics, will increase.
Late last year, Moovup conducted a survey interviewing employers, and many indicated an intention to hire in the next two quarters. However, with the current reversal of the epidemic situation, it is believed that their hiring appetite will be affected. We advise current job seekers to adjust their mindset, consider taking on different jobs to accumulate experience, and make it easier to find good job opportunities when the market improves. At the same_time, we suggest that even when facing operational difficulties, employers should try their best to retain good staff, avoiding a shortage of manpower when they need it after the epidemic improves.
The Financial Budget will be released on the 23rd of this month. Yau pointed out that some older catering employees, such as chefs, may find it harder to transition due to their age or job type. He suggested that the government strengthen support efforts by providing them with additional assistance.
