🎯 Salary Equalisation/Cut + Fierce Competitions are the new trends

There are a few things that have happened in the HK business world lately.

✏️ Below are my thoughts about the market trend in HK and it would potentially apply to other developed countries with expensive labour as well. 

1. Deliveroo exited HK because of the competition from Keeta (a Chinese food delivery platform).

2. JD officially entered the HK market to compete directly with HKTV Mall.

3. Despite an increase in hiring lately, the new headcounts or replacement roles have discounted their budget about 10-30% depending on the seniority.

4. It is more common for business to outsource certain job functions overseas to save costs.

💻 I guess I am one of the few recruiters who would picture both the good and bad of the economy rather than just saying the market is good in general. 

We need to analyse the problem objectively and come up with a solution. 

🐘 We cannot ignore the elephant in the room because this trend will be more prevalent in the developed countries with expensive talents. 

📝 We need to brainstorm different strategies to win and survive!

Back to the news: 

💰 Keeta was able to beat Deliveroo because of their economies of scale.

- You can never compete on price alone because the winner will always be the one with the most capital.

- Applying to the job market, you can never compete on salary alone. 

- There is always someone in this world who can perform a similar job function as you at a cheaper salary. 

🔻 Who will benefit in a downturn economy?

- Countries with cheaper labour but similar skill set 

- Juniors who don't mind working more hoping for a promotion

📉 How should we handle this?

Pick your battle and level up accordingly

Depending on whether you are a junior or senior staff

If you know your company is starting to outsource certain departments, 

- you (as a senior) should start looking out

- you (as a junior) should raise your hand up to do more to get promoted because promoting internally would be cheaper 

But of course the most ideal situation for both (senior and junior candidates): 

🪓 Pick a battle ground that your industry/team would not be easily replaced by cheaper labour overseas or by AI. 

Once you have picked the correct battlefield, you need to level up accordingly. 

In the next article, I would share my thoughts on the competition between JD and HKTV Mall. 

How it applies to us as employees as well.

💡 How are you handling the market and business world lately?

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