7 Hair Raising Global Employment Facts
Hong Kong is one of the top global employment hubs. It is without doubt still a key part of the international financial markets, and a gateway to China. Hiring in Hong Kong is full of challenges.
The recruitment industry, as well as the corporate talent acquisition function is going through an exciting, albeit gradual, period of change right now. Sometimes, amid the pace of working life in Hong Kong, we narrow our mindsets and start to think in an insular or narrow minded way about the challenges of recruiting in Hong Kong – oblivious to the common challenges facing other global job markets. The following global employment facts I read last week took me by surprise, and actually made me appreciate Hong Kong’s hiring outlook in the context of global problems.
Global Employment Facts
In Australia the average length of time a young graduate spends looking for a full-time job is 4.7 years
The difficulties recent grads face finding jobs isn’t news to us, but the length of 4.7 years caught me by complete surprise. That is 4.7 years where many youth struggle to pay off hefty student debts and contribute to Australia’s economy. It’s no wonder many of they contribute to the growing brain drain that both New Zealand and Australia face.
According to the “Youth Wellbeing Index“, 85% of global youth are experiencing low-levels of well-being. A major contributing factor is the lack of or perceived lack of future economic opportunities.
If Americans shortened their working hours to match those of European standards the country would experience an estimated 20% drop in Energy Consumption”. The argument is that a 3 day weekend could save the climate, but at what impact to the economy?
A huge 17% of the EU’s employer workforce has flexitime, meaning they control their own working hours.
Monash University charges their students between A$1,500 to A$1,800 for 12 week unpaid internships. Applications cost A$500 and are non-refundable.
Millennium development Goals or MDGs include the eradication of hunger, illiteracy, child mortality and disease, but there is no goal for unemployment or underemployment.
Research has shown that in the United States white applicants receive 50% more call backs for interviews than equally qualified African American applicants.
Hong Kong’s Place in the Global Employment Market
These global employment facts were surprising to me. Living and working in Hong Kong, the issues of diversity, flexible working, youth unemployment and employee well-being are all too familiar. It’s often tempting to think that the grass is greener elsewhere, but statistics like this show that this isn’t necessarily the case. One thing that Hong Kong could benefit from, is more extensive research made publicly available. An understanding of these challenges and solutions to them can only be formulated if there is an open awareness and acknowledgement of their existence. European and American labour markets hold a big advantage by simply having greater visibility on these issues. If Hong Kong can just open up the debate, and increase the information flow, that could go a long way towards a better place in the global employment market.