The number of jobs placed for these IT-related positions in Hong Kong, fell by nearly 38 per cent from October to December 2008, although the report notes that "areas where there is still evidence of activity, albeit at a reduced rate, are IT and accounting, which are still seen as business critical".

"There is a continuing need for personnel to fill compliance and audit functions, whilst cost-saving initiatives are increasingly reliant on new forms of technology," the Robert Walters Asia Job Index stated. The Asia Job Index, launched last year, tracks ad volumes for professional positions across the leading job boards and national newspapers in Singapore, Hong Kong, China, and Japan.

In Singapore, the fall in IT job ads for the period was nearly 36 per cent. The reports said that "one area that has held up quite strongly has been public sector work, especially within infrastructure, where there has been a drive by the Singapore government to support the local economy".

Andrea Ross, managing director of Robert Walters Singapore, said: "There will be minimal increase in salaries for key/critical positions, whilst non-critical roles will likely remain static. As headcount is expected to be tight across all sectors, more organisations will be focusing on improvement in technology and reengineering processes to improve efficiency and productivity."

Malaysia bucks the banking trend