How tough has the economic downturn been for finance professionals?
In our survey, 46 per cent of Hong Kong respondents said their company had made redundancies in the accounting and finance departments during the past year. This is the highest percentage among the Asian countries surveyed. But it is not surprising. Hong Kong is home to many multinational firms that have been hard hit across the globe. Hong Kong, like London and New York, also has a large banking community, which has been one of the worst-hit sectors.

And yet, is it true that the job market in Hong Kong remains relatively healthy? That it is even seeing a shortage in some areas?
Although about 32 per cent of worldwide respondents say they have no difficulty finding skilled candidates, in Hong Kong special skill sets are still in demand, especially those talented candidates with regulatory-compliance expertise, public company experience and understanding of international markets, as well as those who have experience and knowledge of a specific industry/sector.

Nineteen per cent of Hong Kong companies claim it is difficult to find financial management candidates, compared to only 11 per cent in other countries. Eighteen per cent of Hong Kong companies say it is difficult to find internal auditors, compared to six per cent worldwide. Good-quality candidates are still in demand, and it's worth remembering that, prior to the downturn, there was a severe candidate shortage. In many industries, this shortage has still not been equalised by the downturn.

How are Hong Kong employers responding to the current circumstances? 
We are seeing a growth in temporary and contract-based work. The benefit of this business model is that corporations can expand and contract manpower to deal with workload demands and special projects without adding permanent employees. When many firms have been forced to make headcount cuts, they reach a point when they realise they don't have the staff to meet their business needs, or to the same standard. It's important not to put too much strain on your existing employees, as you need them to help you through these difficult times. A temporary or project-based team member is the perfect solution to this situation.

What does this say about Hong Kong?
The Hong Kong market has slowed, like many other markets across the world. However, the reality is that it hasn't been as badly affected as the United States or Europe. In addition, it is a widely held belief that the Asian market will recover a lot faster than some of the old-world economies, largely due to the impact of the Chinese mainland. Hong Kong people are also known for their flexibility and creativity, which will also hold the city in good stead.

Will these advantages help Hong Kong recover faster than other financial hubs? 
Besides the mainland's support and the flexible quality of Hong Kong companies, Hong Kong people are also more optimistic. They expect an earlier rebound in the local economy and the job market than other international financial centres. Twenty-six per cent of Hong Kong respondents said they believed a turnaround will occur in early 2010, while respondents in the United Kingdom (24 per cent) and the US (23 per cent) predict that their economies will not improve until early 2011 or later. Hong Kong respondents believe there is light at the end of the tunnel, and it will happen sooner than most other countries.

What, then, is the bottom line?
There have been a lot of negative activities in the financial sector in recent months, including job uncertainty and redundancies, public scrutiny and tightening up of laws and systems. But employers should also note that this is the time for them to nurture the talent they do have by investing in their core team. If you take care of your employees during the bad times, you stand a better chance of keeping them when the market starts recovering.