Hays’ 2022 Asia Salary Guide has revealed that 87% of businesses in Asia Pacific plan to pay their employees a bonus this year. The guide also highlighted that eight in ten workers plan to look for a new job this year with 73% of respondents citing they are seeking better salary packages. The survey, conducted across China, Hong Kong, Japan, Malaysia, polled 9,500 professionals with a third of respondents being hiring managers.
The exponential rise in expectations around salary increases comes after two years of pay cuts and freezes with almost one in four respondents expecting an increase greater than 10% though, most employers noted that actual increases will be within the 3-6% range. The preceding freezes have come at a cost to organisations with almost half of businesses across the region facing a skill shortage due to higher benefit packages being offered elsewhere.
The guide examined the top three reasons for skills shortages in each place and found that all locations shared similar sentiments. Higher compensation packages offered by other companies were the most common reason for skills shortages in Hong Kong, Malaysia and Singapore whilst respondents in China and Japan stated that it was the lack of learning and development opportunities that resulted in them being short on skills. Overall, analytical and technical skills were the most in demand hard skills whilst communication and problem-solving skills were the most sought-after soft skills.
Richard Eardley, Managing Director, Asia, Hays said, “Upskilling will become even more of a necessity in the years ahead. Already we see a growing number of skilled professionals taking the initiative to develop their skills in preparation of progressing in their careers. With employers increasingly taking a skills-based approach to hiring rather than assessing candidates according to qualifications or job titles, investing in skills development will be paramount for jobseekers.”
The guide also polled respondents on their organisation’s hiring intentions for the coming year and found that the majority of businesses plan to resume hiring and increase their recruitment activity levels in the next 12 months. Almost three-quarters of companies in Malaysia and Singapore plan to be more active in the coming 12 months with around half of those businesses expecting to see increases in the levels of permanent members of staff.
Paul Arkwright
Publisher
