71% of employees are expecting a 20% salary increase when moving jobs and 25% even expect a 30% increase. This, according to the recent Employee Trends Survey and Salary Outlook conducted by KPMG. The Survey revealed that over half of Hong Kong executives view the Greater Bay Area (GBA) as an attractive place to work. Within the GBA job, the Survey indicates that prospects are brightest in the Innovation & Technology (IT) and Financial Services Industries (FSI). Companies are now having to offer an average of 20% salary increases to help attract professionals working in FinTech who are looking to switch jobs. And, according to KPMG, 45% of such talent is likely to get such salary increments.
Felix Lee, Head of KPMG Executive Search and Recruitment Services, KPMG China stated, “Current markets are volatile so companies will pay premium salaries for risk analysts and risk managers to achieve greater ROI.”
The Survey also revealed that global economic uncertainty is only having a ‘limited impact’ on the employment market in GBA cities. Government incentives are giving the IT and FSI sectors an attractive edge as well is added tax incentives facilitating free movement of talent between mainland China and Hong Kong.
In relation to retention, employees still deem total rewards as the top incentive when looking for a new job, 68%; closely followed by progression and promotion, 53%; then flexibility and work-life balance, 35%.
Paul Arkwright
Publisher
