Zero to 4% increase in salaries predicted for 2021 in Hong Kong and Singapore, while the Mainland of China is fairing a little better. The impact COVID-19 has had on business strategies and salaries across wide-ranging industries are covered in the 2021 Hong Kong Salary Guide, just released by Links International.
Salary increments reduced in 2021
| Location | 2020 Salary Increment | Projected 2021 Salary Increment |
| Hong Kong SAR, China | 3 - 5% | 0 - 4% |
| Singapore | 2 - 4% | 0 - 4% |
| The Mainland of China | 4 - 6% | 3 - 5% |
With companies still feeling the economic squeeze of the pandemic, salary increments, and bonuses are expected to be lower than in previous years. There is a strong likelihood of no increments in industries that have been impacted hard by COVID-19. Professionals in better performing functions like IT and Life Sciences are, however, still expected to receive generous increments of up to 7.5% without changing jobs.
Winning & losing job roles
2020 has created new opportunities but also caused the demise of some job roles due to businesses streamlining and reorganising operations for better efficiency. For example, demand for Office Managers saw a 40% decrease.
Winning job roles:
Digital Marketing & Strategy Specialists
Fintech Engineers
Big Data Specialist
HRIS Analyst
CRM Manager
Ecommerce Specialist
Losing job roles:
Office Managers
Talent Acquisition
Executive/ Personal Assistants
Technology professionals in high demand
IT talent has continued its high-demand throughout 2020 despite the job market taking a significant hit from COVID-19. The technology transformation has fuelled the demand for different tech specialists and implementation experts. For example, Hong Kong saw the demand for IT professionals grow 11% in 2020 despite the job market taking a hard hit.
Greater emphasis on flexible working
Research by the Harvard Business Review shows that 80% of candidates would give serious consideration to a job offering them work from home arrangements. With flexible working on the rise, the pandemic has shown that remote working doesn’t have to hurt business productivity. We are increasingly seeing candidates favour opportunities that offer flexible working arrangements and are even actively seeking this perk when looking for new jobs.
APAC rebound expected 2021
The global economy entered a downward spiral for 2020, but many APAC economies have the local virus situation better controlled and are showing signs of recovery. The Mainland of China’s rebound back to positive economic growth along with Southeast Asia’s return to some resemblance of normality will be the driving forces for a 2021 global recovery. The Asian Development Bank is forecasting a strong 6.8 - 7.2% growth in 2021 for Asia, combined with the positive vaccine news and potential travel bubbles, and this points to a boost in business sentiment for a strong APAC rebound.
Paul Arkwright
Publisher
