Market Outlook: Accounting and Finance Industry in 2021

Accounting and finance industry slowly regaining its confidence in 2021. Often seen as a support function, the accounting and finance industry in Hong Kong SAR was not spared the ill-effects of the COVID-19 pandemic. A large number of accounting and finance professionals have joined the job-seeking market due to office closures, cost-cutting measures and redundancy. Now that governments and people know what to expect in worst-case scenarios and are more prepared to handle them. Businesses are slowly regaining their confidence and this is expected to continue in the accounting and finance sector in 2021 as the job market gears up in Hong Kong SAR.

Labour and Salary Trends for Accounting and Finance Professionals

The ‘pull’ factors have to be highly attractive and be presented as a full package. When switching employers, accounting and finance professionals seek all four key factors – better titles, higher salaries, the opportunity to work with prolific brands and good career progression. Candidates will not leave their existing employment unless all four criteria are met.

Based on our observations, passive candidates are more likely to decline offers that do not meet their salary expectations. Active candidates who seek job security, however, do not mind accepting job offers for the same salary or less than their last drawn. With a slow job market in Hong Kong SAR and tighter hiring budgets, employers are open to hiring the second or third best candidate, as they tend to have lower salary expectations. This hiring trend in Hong Kong SAR will likely continue throughout 2021.