HONG KONG SAR EMPLOYERS TO INCREASE SALARIES UP TO 3%, EMPLOYEES EXPECT MORE
Workers in Hong Kong SAR can expect an increase in salaries in 2022, finds the 2022 Hays Asia Salary Guide. The guide compiles salary and sector overviews based on real data and a survey of skilled professionals across China, Hong Kong SAR, Japan, Malaysia, and Singapore. Over 9,500 responses were collected between October to November 2021.
41% of employers surveyed reflected plans to increase salaries by up to 3%, while 25% said they intended to increase salaries by 3-6%. Only 24% said they expect salaries to remain the same, which is lower than the 32% reported for the previous year. 65% of employers also indicated plans to give bonuses in 2022, compared to 54% in 2021.
However, with demand fast overtaking candidate supply in the market, employers might want to consider higher increments.
“The shrinking talent pool in Hong Kong is amplifying the competition for high-calibre candidates. As a result, employers have had to bump up salaries above market rate in order to secure the candidates they want,” says Sue Wei, Managing Director, Hays Hong Kong SAR.
Employee data from the survey shows that salary package has become a much higher priority for jobseekers. 81% said that the search for a better salary package was their top motivator for finding a new job. Last year, this figure was 64%. Satisfaction with their salary package was also the top reasons people chose to stay at their current job.
Yet, there is a distinct gap between the salary increase expectations of employers and employees. 12% of employees expect their salaries to increase by 6-10% and 20% expect increments of 10% and above.
“Failure to manage this gap could be detrimental for companies looking to attract and keep talent in the business, especially given how the competitive the talent market will be in the coming months. With 45% of employers planning to increase their permanent headcount, it is imperative to adjust compensation structures to reflect what’s important to candidates.”
For more 2022 trends and insights, download the 2022 Hays Asia Salary Guide.
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About Hays
Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2021 the Group employed c.12,100 staff operating from 254 offices in 33 countries across 20 specialisms. For the year ended 30 June 2021:
– the Group reported net fees of £918.1 million and operating profit of £95.1 million;
– the Group placed around 60,000 candidates into permanent jobs and around 220,000 people into temporary roles;
– 17% of Group net fees were generated in Australia & New Zealand, 27% in Germany, 22% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 61% of net fees and the permanent placement business represented 39% of net fees;
– Technology is the Group’s largest specialism, with 26% of net fees, while Accountancy & Finance (14%) and Construction & Property (12%), are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA
41% of employers surveyed reflected plans to increase salaries by up to 3%, while 25% said they intended to increase salaries by 3-6%. Only 24% said they expect salaries to remain the same, which is lower than the 32% reported for the previous year. 65% of employers also indicated plans to give bonuses in 2022, compared to 54% in 2021.
However, with demand fast overtaking candidate supply in the market, employers might want to consider higher increments.
“The shrinking talent pool in Hong Kong is amplifying the competition for high-calibre candidates. As a result, employers have had to bump up salaries above market rate in order to secure the candidates they want,” says Sue Wei, Managing Director, Hays Hong Kong SAR.
Employee data from the survey shows that salary package has become a much higher priority for jobseekers. 81% said that the search for a better salary package was their top motivator for finding a new job. Last year, this figure was 64%. Satisfaction with their salary package was also the top reasons people chose to stay at their current job.
Yet, there is a distinct gap between the salary increase expectations of employers and employees. 12% of employees expect their salaries to increase by 6-10% and 20% expect increments of 10% and above.
“Failure to manage this gap could be detrimental for companies looking to attract and keep talent in the business, especially given how the competitive the talent market will be in the coming months. With 45% of employers planning to increase their permanent headcount, it is imperative to adjust compensation structures to reflect what’s important to candidates.”
For more 2022 trends and insights, download the 2022 Hays Asia Salary Guide.
– the Group reported net fees of £918.1 million and operating profit of £95.1 million;
– the Group placed around 60,000 candidates into permanent jobs and around 220,000 people into temporary roles;
– 17% of Group net fees were generated in Australia & New Zealand, 27% in Germany, 22% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 61% of net fees and the permanent placement business represented 39% of net fees;
– Technology is the Group’s largest specialism, with 26% of net fees, while Accountancy & Finance (14%) and Construction & Property (12%), are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA
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