Overview of some of the sectors
Crypto and Investment Banking Technology
As the cryptic world of crypto started to lose steam during the 2nd quarter of 2022, roles were being put on hold in this space. We noticed that some of the offers were being canceled or withdrawn.
The ongoing quarantine requirement in Hong Kong is continuing to make finding technology talent from overseas still difficult. This has kept the demand for tech talent much greater than the locally available supply.
Although we have only seen an increase in the number of jobs available during Q2 (outside of crypto), we have been reading about imminent signs of a slowdown in the economy.
In terms of the actual skillsets in demand, there was no significant change. Java/Full Stack Developers, and DevOps/SRE specialists were most in demand.
HSBC has been going through a Technology platform consolidation including the shutdown of Serai.. There was also a severe disruption of ATM and Online banking services in early June, leading to a change in the Bank’s technology strategy.
Commercial banks are catching up on their technology innovation as customers are expecting more digital access and convenient banking services. We noticed that more commercial banks are increasing their headcount and hiring budgets in order to bring onboard product managers, developers, infrastructure and security professionals as well as Agile/Scrum Masters.
The major insurance groups including Manulife and Prudential have had new senior leadership appointments which we think will lead to an ambitious drive in hiring technology talent in the digital, data, cloud, and transformation areas.
In terms of the actual skill sets in demand, we continue to see a steady demand within the Information Security and Risk sectors, and within Data Engineering and Analytics. Also, there has been a continuing demand for Java API / Microservices and mobile software developers.
We see a steady growth of demand in all sectors of IT hiring including Retail, e-Commerce, Utilities, and so on as the impact of the virus has subsided. In general, companies are more open and willing to increase their budget for hiring, especially if they have been affected by the recent high employee turnover rate as a significant number of employees have been moving abroad resulting in skill shortages.
Hope you find this information useful.
Vince Natteri, Managing Director
(on behalf of the Pinpoint Asia Recruitment Team)