Hiring demand for contractual consultants to rise in 2018

The insurance industry in particular is hiring one-year contractor positions.

As businesses move to optimise costs and keep up with changing regulations, interim and project-based consulting work will take center stage in Hong Kong’s hiring scene especially in the insurance industry, according to Hays Hong Kong’s Top 10 Talent Trends.

“In 2018, we will also see different types of employment gain traction such as an increase in the one-year contract and shorter term project-related contracts to help companies drive important change projects. This is especially the case for the insurance sector where a new regulator is creating regulatory process and compliance projects,” said Hays Hong Kong managing director Dean Stallard.

Highly-skilled contractors with the ability to deliver projects at a country or regional level are increasingly seen as attractive alternatives to traditional consulting and advisory firms.

As the Hong Kong Insurance Authority (HKIA) is in the process of creating new and mandatory regulations for insurance firms to follow, the sector is correspondingly opening up positions for one-year contractor positions on the back of the impending implementation of the International Financial Reporting Standard 9 (IFRS9).

Qualified financial planning and analysis professionals especially those with experience in HKIA regulatory returns reporting are projected to be highly sought-after as they will be needed to help drive IFRS 9 requirements.

The IFRS 9 is a new financial instruments standard which will take effect on January 1, 2018 and is expected to create operational challenges across banking systems in APAC.

One of the major changes it introduces is in the requirement to recognise and provide for expected credit losses (ECL) on financial assets as opposed to the current practice of providing only when losses are incurred.