The pay adjustment forecast for 2015 of 4.5% does not differ greatly from the average actual adjustment of 4.3% in 2014, according to the results of the Hong Kong Institute of Human Resource Management’s (HKIHRM) 2014 Pay Trend Survey. As concerns about the global economy and the local labour market persist, employers continued to be prudent in their pay strategies for 2015.
Mr Francis Mok, Immediate Past President, HKIHRM highlights a different approach to the problem, “An open economy like Hong Kong is more likely to be affected by external global factors. Yet, the labour market faces its own challenges including labour and talent shortages, weaker employee engagement and higher turnover, thus making employee training, the building of talent pipelines and succession planning more difficult. Remuneration package has always been regarded as the primary measure to address these issues. At a time when labour shortage prevails, pay strategies alone may not be effective enough. Other HR practices including a clear career development path, more innovative and tailored employee benefits and employee retention measures are becoming more important on the work list of HR professionals.”
Paul Arkwright
Publisher
