Salaries across APAC are set to have risen an average 6.9% by the end of 2014, China leading the way with an 8% increase after allowing for inflation, which remains unchanged from 2013 at 4.1% across the region.
Hong Kong, on the other hand, is falling below average with a 4.5% rise, according to the Towers Watson 2013-14 Asia-Pacific Salary Budget Planning Report, which surveyed around 400 different companies across 18 countries in APAC.
For HR throughout the region, finding and retaining suitably skilled staff remains a challenge. Sambhav Rakyan, Data Services practice leader, APAC, Towers Watson explained, “The expected raises for production or blue-collar workers in China, Hong Kong, India, Indonesia, South Korea and Thailand show growing pressure to find such staff. We hear from large-scale employers—often manufacturers—in these markets that staff hiring and retention is a constant challenge.”
In other markets, such as Malaysia, the Philippines and Vietnam, higher increases are expected in the ranks of middle management, reflecting the relative shortage of that skills mix in those markets.
The shortage of talented professionals in Hong Kong, however, is mirrored in the findings of the Robert Half 2014 Salary Guide, with an average of 95% of senior financial services leaders, CFOs and CIOs claiming they are concerned about losing top talent and are challenged to find skilled talent in their respective industries this year.
The Guide revealed that in order to tap into an increasingly competitive market while also retaining strong talent, firms in Hong Kong are looking to offer non-monetary incentives and rewards such as demonstrating a commitment to work-life balance, training and career development opportunities and career mobility.
Towers Watson 2013-14 Asia-Pacific Salary Budget Planning Report
Salary increases across the globe:
- Pakistan 13%
- Vietnam 11.5%
- India 10%
- Indonesia 9.6%
- China 8%
- Hong Kong 4.5%
- Singapore 4.3%
- New Zealand 3%
- Japan 2.3%
Paul Arkwright
Publisher
