A quarter of talent in Hong Kong states that they are expecting a minimum salary increment of between 10 - 15% when they switch jobs in 2023. Another 18% state that they expect a whopping 15 - 20% pay raise when switching employers next year. This, rather worrying news for HR and C&B teams, is according to the 2023 Market Outlook and Salary Snapshot Report released today by Randstad.
Benjamin Elms, Managing Director, Randstad Hong Kong said, “The ever-shifting economic climate may dampen the mood for some businesses that are planning for expansion. Many western counterparts have adopted a wait-and-see approach going into 2023, reallocating resources towards more high-value business activities. However, it’s not an entirely bleak future for Hong Kong.”
Elms added, "Companies will continue to forge ahead with their digital transformation projects, shifting their resources to accelerate them further. Across all industries, we’ll see an uptick in demand for technologists like cybersecurity engineers and software developers, as well as digital-led roles in data analytics, digital marketing and performance management.”
However, the Survey also revealed that the local workforce is realistic and reasonable in their demands. To manage the increasing cost of living, 35% of respondents said that they expect their employers to adjust and increase their salary by 5 - 10% in 2023.
When asked how much bonus they expect to receive for their work done in 2022, 29% of respondents said that they hope to receive equal or less than 1 month of payout and another 34% said that they should receive a bonus of between 1 and 3 months.
Optimise resources, attract right talent
Today’s talent may be attracted to a high salary and bonus as these meet their immediate financial needs and offer them a sense of stability. Elms expanded, “During a time when companies are trying to find cost efficiencies, stroked by fears of recession and record-high inflation, employers may not have the sizable budget to meet these expectations. employers step up their game by offering alternative benefits and promoting their employer brand to attract more talent. Not only would an attractive employer brand appeal to the local talent, but it will also be equally effective when attracting top-tier global talent as well.”
To effectively attract new talent, companies will need to improve the work conditions for their existing workforce. Hybrid and remote work, health-focused benefits and managing a fair share of the workload through workforce expansion could help your employees reach a better work-life balance.
Randstad Hong Kong 2023 Market Outlook and Salary Snapshot Report
The report looks at talent analysis and new salary benchmarks in the following industries:
-
Banking & Financial Services
-
Insurance
-
Technology
-
Accounting & Finance
-
HR & Business Suppor
-
Sales & Marketing
-
Life Sciences
-
Property, Construction & Engineering
-
Sourcing & Supply Chain
-
Legal
The full Greater China Talent Expectations Report will be available in Q1 2023.
Ian Thomas
