For much of 2023 and through 2024 we have experienced a period of economic uncertainty in Hong Kong which is worse than anything we have seen since the 2001 dotcom bubble burst and bled into the SARS outbreak in 2002. Social unrest followed by the Covid pandemic, geopolitical instability, and a sluggish mainland economy have all led to a challenging time for jobseekers. Here we try and share some of the responses to common questions that we have been consistently answering. Some of these were addressed in a better market back in 2022 by our MD in this article but, here we look at the issues in the current climate. When Will Things Improve? The short answer is, of course, we don’t know for sure. If we did, it is likely we would be making our money in something easier than recruitment! What we can say is that there is a sense that we are through the worst and, at the time of writing (late October 2024), dropping interest rates and economic stimulus are looking like they should kickstart a recovery. The impact of this on hiring is less likely to become significant until organisations move into their next financial year (commonly January or April) and, even then, we expect the first half of 2025 to remain conservative. Why Do I Not Receive Feedback? Applying for jobs online can feel like throwing your CV into a blackhole and this is the greatest frustration we hear from all jobseekers. The reasons why this has become so prevalent are not 100% clear but it seems to be a combination of factors: Limited resources – employers and agencies are stretched after reducing headcount. With increasing numbers of candidates on the market, there just isn’t the bandwidth to offer meaningful feedback to all applicants. Automation – recruitment automation has focused on screening efficiency but has not improved the candidate engagement process. Headcount anxiety – organisations have budgeted headcount, and roles are posted, but hiring managers remain conservative and don’t move the process forwards. For more commentary on this – see pages 12, 13 & 14 of our recent Talent Insights Report. The best advice we can provide is not to take this personally – it is not an issue that only you are suffering from. This doesn’t make it any less frustrating, but it does hopefully enable you to see it more objectively and less emotionally. Do All Roles Really Need Chinese Language Skills? The reasons why Cantonese has become an increasingly common prerequisite on job descriptions are complex and nuanced. It would need another article to explain why but, here we focus on how to approach this issue if you are a non-Cantonese speaker. Don’t assume that agency recruiters are using this criterion without good reason. External recruiters are driven by client expectations but will do what they can to widen the funnel of potential talent. In this market, employers have very specific requirements that need to be met to justify the cost of recruitment fees and so the influence of recruiters over the screening criteria is limited. If you can resign yourself to the previous point that you may not receive feedback on your application, still apply for roles that state the need for local language skills. If an organisation later relaxes the requirement, then they may revisit your profile. Equally, they may see you as a fit for other roles that have not yet been posted. Language skills can sit on job descriptions in the HR database, but the hiring manager may not see them as critical. Where possible, in addition to making an application, reach out directly to the potential hiring manager (via best guess on LinkedIn or, even better, through referral by personal connection). Our expectation is that, as the markets begin to recover and demand for talent increases, the need for more diverse talent pipelines will become clear. The government has been promoting the need for Hong Kong to position itself as an international talent hub and this will see more momentum as hiring volumes increase. Is There a Better Way to Approach My Job Search? One piece of advice for any candidate in an active job search is that the process itself is an opportunity to expand your network. Consider the value of the network itself, rather than just as a transactional means to and end and use these tips to help you. Create a way to track your progress. A simple format would be a spreadsheet with companies, names, titles and contact information with a note of the date of your last message/call/VC/meeting so that you can follow up at regular intervals. Use any connections you have from past roles and your social network to help with introductions and reach out directly to people on LinkedIn that seem appropriate. Unless there is a specific role you are aware of, don’t ask if someone is hiring as a way of making a connection. Ask for their advice and help to understand and navigate the market. This way they won’t feel like they have to let you down and it will be a more positive experience for them. Include recruiters in this exercise. Nudge them gently every few weeks, ask whether specific jobs they are advertising could be a fit, but remain respectful and polite. Recruiters are handling a lot of frustrated candidate communications in markets like these whilst trying to meet their own targets in an environment where salary reductions and layoffs are common. Treat each meaningful connection you make as a win. You will get more rejections and disappointments than positive results so, see the value in each new addition you bring to your network. You will also see that you have a stronger resource in your next role that you are able to leverage. Anything Else? To close out, here are a few CV tips: If you are not a Hong Kong National but you have a working visa, state this clearly on your resume (suggest at the top, under your name) i.e. ‘Hong Kong Permanent Resident’ or ‘Dependent Visa Holder – No Sponsorship Required’ etc. Don’t include a photo on your resume – this is not a market norm and therefore makes your CV look like an outlier. Make sure your contact details are on your resume in case it gets separated from your e-mail and/or cover letter. Mobile phone number and e-mail address are enough – any more than this is a data risk. You can check our current vacancies here. Feel free to make a general application via infoHK@connectedgroup.com

Hong Kong's Board & Advisory space is changing, with regulatory developments impacting the likely structure and strategy of future board composition. At ConnectedGroup we see that the future supply of talent will need to come from a more diverse range of backgrounds and experience to meet the needs of an evolving regulatory framework and rapidly changing economic landscape. To clarify, there are 3 main types of formal board role categories in listed companies: Executive Directors – employees of the organisation in the senior leadership team, some of whom may sit in the board, usually the CEO or equivalent on the main board. Non-Executive Directors – board members who are not employees but who represent significant shareholding interests. Independent Non-Executive Directors – board members who are not employees and who have no other connection to the business. It is the 3 rd role of INED on which the regulatory changes focus. A very useful ‘Snapshot of INED’s Roles and Responsibilities’ produced by HKEX can be found here . There are 2 key regulatory pressures: 1. Trimming the Seats: HKEX’s Push to Reduce Over-boarding Recently, the Hong Kong Exchanges and Clearing (HKEX) has announced a proposal to limit the number of board roles an individual can hold across listed companies. While this number was not restricted in the past, the proposal is that an individual can only hold maximum of six board roles. This is an effort to ensure that the directors can devote sufficient time to each company. These changes will be implemented from 1st January 2025 with a proposed three-year transition period for the changes relating to INEDs. As reported by the South China Morning Post, the "over-boarding" proposal has sparked significant debate among company directors because the proposal would force them relinquish some of their roles. At the end of 2023, 23 over-boarded INEDs served on the boards of 181 companies listed on the HKEX (approximately 7% of all HKEX-listed companies), and five INEDs held 10 or more listed company directorships. HKEX firmly believes that it will lead to positive outcomes as INEDs will demonstrate better performance for their board roles. At the end of the day, “Independent non-executive directors and other non-executive directors should make a positive contribution to the development of the issuer’s strategy and policies through independent, constructive and informed comments.” (HKEX, Rules en Guidance C.1.7). 2. Board Composition and Gender Diversity Gender diversity remains a persistent challenge in Hong Kong’s board composition. Nearly 57% of students enrolled in business and management courses are female and women hold over half of entry-level positions. However, their representation decreases as they progress up the corporate ladder. In the financial sector, women occupy only a third of senior management roles. More concerning is their presence in board composition, where women currently hold just 18.8% of directorships among Hong Kong-listed companies as shown in Figure 1. This disparity highlights the urgency of addressing gender diversity on boards. This is why another key regulatory change is the HKEX's mandate requiring all-male boards to appoint at least one female director by December 2024. It is a part of the broader efforts to improve gender diversity in corporate governance. By December 2024, Hong Kong’s firms are expected to show substantial progress in enhancing gender diversity on their boards. This shift aims to create a more balanced and inclusive corporate environment, offering equal opportunities for aspiring leaders of all genders. As companies work to meet these targets, the hope is that boards will reflect a fairer and more equitable landscape, ensuring that leadership roles are accessible to talent from diverse backgrounds, ultimately contributing to stronger governance and decision-making processes.

Hong Kong, August 29, 2024 – Great Place To Work®, the global authority on workplace culture, has selected ConnectedGroup for the 2024 Best Workplaces in Asia™ List . This year’s list features 200 organizations that were chosen after surveying over 2.7 million employees in Asia and the Middle East about their experience in the workplace. In total, the survey results represent the work experiences of over 6.9 million employees across the region. Companies were considered for the list after being selected for local honors on national Best Workplaces™ Lists (ConnectedGroup was selected for the Best WorkplacesTM in Hong Kong 2024 & Best Workplaces in Greater China 2024). This recognition is based on confidential survey data assessing employee experiences of trust, innovation, company values, and leadership. Companies are also evaluated on how well they are creating a For All TM workplace experience, where all employees are welcomed and celebrated no matter who they are or what they do. Companies on the list in 2024 have higher numbers of employees who report a positive experience at work compared to the typical workplace in Asia. When companies build high levels of trust with employees, they are more likely to be prepared for disruption At the Best Workplaces, 89% of employees report that their company celebrates people who try new ways of doing things — 27 points higher than the 62% of employees who said the same at typical workplaces in Asia. When employees say their company celebrates people who try new things, they are 69% more likely to adapt quickly to change and 18% more likely to give extra effort on the job. “Congratulations to the Best Workplaces in Asia,” says Michael C. Bush, CEO of Great Place To Work. “These companies prove that investing in people can lead to better outcomes for business and better outcomes for the planet.” The Best Workplaces in Asia List is published here. About ConnectedGroup Established in 1997 In Hong Kong, ConnectedGroup is a regional executive recruitment, search, and talent consultancy with broad coverage across a range of functional and industry specialisms. Our core services include; Retained Executive Search, Exclusive Contingent Search, Contingent Recruitment, Contract Staffing, Interim Management, Payroll Services and HR/Wellbeing Consultancy. This holistic approach to talent advisory enables an end-to-end view of the key issues and challenges that our clients face and how we can help resolve them. Our strategy is to continue to develop our offering as a 'big boutique' where we combine high levels of engagement and accountability with a comprehensive scope of delivery capability. Our vision is to ‘use recruitment as a lever to improve lives', supported by a mission of 'raising the recruitment industry standard by consistently delivering on our ’ConnectedPledge '. We recruit and measure our employees against the values of being Candid, Creative, Connected and Caring which influences our open and transparent culture whilst encouraging new ideas and focuses us on internal communications that leverage greater benefits for our clients. Beyond our mission and values, we have developed a strong social purpose of 'amplifying goodwill through the connection of talent with great causes' which has led us beyond just considering our professional impact, to focusing on how we can positively influence our communities. We are the founder of www.recruit4good.com - a not-for-profit initiative that aims to provide a job board and career portal at zero cost to the charitable sector. About the 2024 Best Workplaces in Asia List Great Place To Work selected the 2024 Best Workplaces in Asia List by analyzing companies’ workplace programs and surveying over 2.7 million employees across multiple countries in Asia and the Middle East. The responses represent the experience of nearly 6.9 million employees across the region. To be considered, companies must first be identified as outstanding in their local region by appearing on one or more of our Best Workplaces™ Lists in Bahrain, Greater China (including China, Hong Kong, and Taiwan), India, Indonesia, Japan, Kuwait, Oman, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Sri Lanka, UAE, or Vietnam during 2023 or early 2024. Companies rank in three size categories: small and medium (50–499 employees), large (500+ employees), and multinational. Multinational organizations are also assessed on their efforts to create great workplaces across multiple countries in the region. Multinationals must appear on at least two national lists in Asia and the Middle East and have at least 1,000 employees worldwide with either 40% of its total workforce, or more than 5,000 employees located outside their headquarters country. About Great Place To Work As the global authority on workplace culture, Great Place To Work brings 30 years of groundbreaking research and data to help every workplace become a great place to work for all. Their proprietary platform and For All Model help companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified™ or receiving recognition on a coveted Best Workplaces List.  Media enquiries: Mathew Gollop Managing Director ConnectedGroup +852 3972 5874 mat@connectedgroup.com