Time: 9:30am - 5:30pm
Cost: HK$1,100 (Regular), HK$1,000 (Before April 16, 2009)
Medium: Cantonese with English Handout

To register for this workshop, please click HERE.

 

To learn more on how HMI can help your company to enhance performance, please email to info@hmi.hk

 

We are proud to announce that the seminar on 'Critical HR Strategies under Financial Turmoil' co-organized with Ufida (Hong Kong) Co. Ltd. on March 20, 2009 was completed with an overwhelming success and clients' appreciation.

During the seminar, Mr. Victor Tsang, Senior Consultant of HMI Consulting Limited, shared the different HR strategies that companies can adopt during the time of economic downturn.  Victor also provided some practical tips on how to motivate staff with minimal costs.  During the seminar, Mr. Sunny Lau, Senior Consultant of Ufida (Hong Kong) Co. Ltd., also shared how Ufida's IT solution can support the HR strategieis to be deployed to the complex environment of mainland China. The seminar was wrapped up by Mr. Hua Su, Head of HRB, Ufida (Hong Kong) co. Ltd., with the successful cases of Ufida's HR solution implementation in mainland Chian.

 

Economic Overview

According to the the latest figures released by the Census and Statistics Department, more than 14,000 people lost their jobs in Hong Kong between December 2008 and February this year. The unemployment rate rose to 5% - the highest level in 34 months - up from 4.6% in the period from November last year to January this year. At the end of last month, 171,900 people from a workforce of more than 3.68 million were out of a job. Construction, transport, import and export, manufacturing and catering were worst hit [Source: SCMP (A1)/ The Standard (P4)/ HKEJ (P4)/ HKET (A3), 18 March 09].  While unemployment rate continued to incline, job vacancies fell 33% year on year in December. There were 32,150 vacancies in the private sector in December, down 15,920 year on year [Source: SCMP (A3), 21 March 09]

Meanwhile, consumer prices rose just 0.8% last month from a year earlier, a significant easing from January when inflation was 3.1, data by the Census and Statistics Department showed.  More moderate food price increases and housing rents accounted for the slower pace of inflation last month. Inflation for the first two months of this year was 2%. This is a more accurate reading of consumer prices as January and February data are usually distorted by the different timing of the Lunar New Year holiday from year to year. One-off government relief measures, such as the electricity charge subsidy, also affect the consumer price index. Without the measures, the inflation rate would have been 2.1% last month and 3.3% for the first two months of the year [Source: SCMP (A2)/ HKEJ (P4), 21 March 09]
       

For Hong Kong's exports,  the latest figures released by the Census and Statistics Department indicated its drop to 23% in February - the biggest in more than five decades - as external demand waned.  Taking January and February as a whole to neutralize the distortion caused by the difference in timing of the Lunar New Year Holidays, the value of total exports of goods dropped by 22.4% over the same period in 2008.  Within this total, the value of re-exports decreased by 21.5%, while the value of domestic exports decreased by 46.0% [Source: The Standard (P13)/ www.censtatd.gov.hk, 27 March 09]

The following summarized the recent actions taken by different organizations under the financial turmoil:

- UBS is said to raise pay after cuts in bonuses  [Source: The New York Times, 2 Mar, 09]    
- Revamp of Hitachi television unit could lead to 2,000 job losses [Source: SCMP (B3), 2 Mar 09]
- Hongkong Bank imposes salaries freeze [Source: SCMP (B3) / HKEJ (P4), 3 Mar 09] 
- Hang Seng Bank's staff salary has frozen [Source: SCMP (B1) / The Standard, 3 Mar 09]  
- Centaline Property Agency launches no paid leave [Source: HKET (A27), 3 Mar 09]
- HSBC to ax 6,100 staff in goodbye to US consumers [Source: SCMP (A1) / The Standard, 3 Mar 09]      
- StanChart has frozen salaries of senior mgt. [Source: SCMP (B1)/ HKEJ (P4/P6)/ The Standard, 4 Mar 09]  
- Dah Sing Bank cancelled bonus rewards this year [Source: Apple Daily (A10) / HKET (A27), 5 Mar 09]
- Gome to employ 20,000 migrant workers [Source: China Daily (P13), 5 Mar 09]
- HKEx freezes pay as net drops 17pc [Source: SCMP (B1)/ HKEJ (P3)/ The Standard, 5 Mar 09]
- KPMG introduces part pay leave in Hong Kong and the mainland [Source: HKET (A37), 6 Mar 09]        
- CLSA sacked 90 as slowdown takes hold [Source: The Standard (P13) / Mingpao (B2), 6 Mar 09]
- CLP offers pay increase of 2% [Source: HKET (A6), 10 Mar 09]
- Singamas lays off 4,000 workers as demand falls [Source: SCMP (B2), 10 Mar 09]
- Deloitte introduces no-paid leave in April  [Source: HKET (A6), 11 Mar 09]
- Carlsberg offered pay rise for its 8,200 employees [Source: SCMP (A3)/ The Standard (P4, P10)/ HKET 
  (A25), 12 Mar 09]
- Samsung to recruit 5,500 graduates amid crisis [Source: Channelnewsasia.com, 12 Mar 09]
- 30 jobs go as Disney halts HK expansion [Source: SCMP (A1)/ HKET (A3, 18), 17 Mar 09]
- Power project shines light on 4,000 jobs [Source: The Standard (P5)/ HKET (A24), 17 Mar 09]
- Nokia to axe 1,700 jobs as phone demand slips [Source: SCMP (A4, B4)/ The Standard (P11)/ HKEJ (P16),
  18 Mar 09]
- SCMP sacks 17 staff, cuts pay levels [Source: HKEJ (P2, Mar 21)/ The Standard Online (Mar 20)]
- Mitsubishi UFJ to cut 1,000 jobs in 50 branches [Source: SCMP (B6)/ China Daily (P17)/ HKEJ (P12), 24 
  Mar 09]                              
- BOC unit marks first loss and freeze staff pay [Source: The Standard (P10), 25 Mar 09]        
- Australia's Qantas to cut 90 senior management jobs [Source: Channelnewsasia.com, 25 Mar 09]
- Exports drop worst in 55 years [Source: The Standard (P13)/ www.censtatd.gov.hk, 26 Mar 09]
- Bonus cut to 2 months for HKMA staff [Source: SCMP (A2, Mar 28)/ HKET (A2, Mar 28)]              

Disclaimer: Should there be any different views in the interpretation, please always refer to the original media source as reference. HMI Consulting accepts no liability in respect of the accuracy and truthfulness of the materials included in this newsletter.