Despite a conservative salary outlook, one in three (33 per cent) candidates in Hong Kong expects to receive a salary increase of more than 6 per cent yet just 20 per cent of employers in Hong Kong plan to offer such an increase, according to research carried out by recruiting experts Hays in Hong Kong.
The annual Hays Salary Guide asked more than 1,200 employers about their salary intentions. Overall, 52 per cent plan to award salary increases of 3 to 6 per cent while 28 per cent intend to award pay increases of nil to 3 per cent.
Of the 318 Hong Kong candidates taking part in a recent Hays online poll on salary expectations, 49 per cent expect to see a pay increase of nil to less than 3 per cent hit their pay packet while 18 per cent expect an increase of between 3 and 6 per cent.
“Employers are looking to maintain costs where possible,” explains Marc Burrage, Regional Director of Hays in Hong Kong.
“For candidates this means looking at the opportunity for professional growth offered by a potential employer and not just the salary. This will help you position for promotion once inside the organisation to command greater salary increases down the track,” says Marc.
“The potential for salary increases moves up and down as economic conditions change so it is important not to overreact to salary trends.
“Employers also need to tread carefully in this market and ensure they are selling the full range of the benefits they offer employees when they are interviewing job candidates.
“Open and honest communication with existing and potential employees regarding salaries and benefits is very important to help bridge the gap in pay expectations,” said Marc.
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
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For further information please contact Lucy Sharp, Regional Marketing Manager of Hays, on +61 2 8226 9885 or firstname.lastname@example.org