The Pulse of Recruitment report: Fewer salary raises in Hong Kong SAR compared to initial projections

Abstract:

 

 
Hays Asia has released its latest Pulse of Recruitment report, offering fresh insights into salary expectations and workforce sentiment across six key Asian markets: China, Hong Kong SAR, Japan, Singapore, Malaysia, and Thailand. The findings reveal a growing sense of caution among both employers and professionals, with salary optimism notably declining across the region. 
 
Across Asia: Salary expectations have dipped 
 
Expectations around salary increments from employees have declined compared to projections made in late 2024. At that time, 75 per cent of professionals were confident they would receive a raise. However, by June 2025, only 40 per cent had seen an increase in their salary, and just 22 per cent still expect one before the year ends.  
 
At the same time, salary reductions are becoming more common. Six per cent of respondents in Asia reported experiencing a pay cut in 2025, double the rate anticipated last year. This trend may continue, with 12 per cent of organisations indicating plans to reduce salaries in the second half of the year.  
 
Professionals in Hong Kong were among the least optimistic regarding raises this year. Only 64 per cent of professionals have already received a raise or still expect to receive one this year, lower than initial projections of 81 per cent. This percentage is surpassed only by China (54 per cent) and trends behind Japan (65 per cent), Singapore (69 per cent) and Malaysia (79 per cent). Professionals in Thailand were most optimistic regarding their raises at 87 per cent. 
 
Conversely, seven per cent of organisations in Hong Kong expected to decrease salaries for the remainder of 2025, lower than Singapore (10 per cent) and Malaysia (11 per cent) but ahead of Thailand (five per cent). Organisations in China were most likely to implement salary reductions, at 18 per cent. 
 
“The data signals a recalibration of expectations among professionals, as Hong Kong continues to recover from economic volatility,” said Adrian Lam, Regional Director of Hays Hong Kong SAR. “Rather than anticipating growth, many are now focused on maintaining stability as organisations take a more conservative approach to salary planning.” 
 
Hong Kong: Salary first, job security second 
 
While work-life balance remains the leading reason professionals across Asia choose to stay with their current employers, the landscape in Hong Kong presents a different picture. 45 per cent of professionals locally cited their salary package as the primary reason for staying, followed closely by job security at 41 per cent. In contrast, only 24 per cent prioritised work-life balance, down from 33 per cent in late 2024. 
 
Job security has notably gained importance. The proportion of professionals in Hong Kong who value job stability rose from 31 per cent in late 2024 to 41 per cent in 2025, overtaking preferences for team fit (36 per cent). “Declining job security is particularly evident in Hong Kong, where 39 per cent of professionals who changed jobs this year did so in pursuit of greater stability,” Adrian added. 
 
“This trend aligns with the restructuring activity we’ve observed. 47 per cent of organisations surveyed in Hong Kong reported headcount reductions in 2025, with 41 per cent anticipating further restructuring before year-end.” 
 
Beyond salary and job security, professionals in Hong Kong also placed value on clear career progression pathways (26 per cent), benefits such as healthcare and insurance (26 per cent) and alignment with company values and culture (23 per cent). 
 
“Professionals are responding to rising sentiment that their jobs are at risk and actively seeking new employment before decisions are made for them. Organisations may wish to act swiftly to manage this sentiment, leveraging internal mobility and redefining career growth beyond traditional promotions to retain talent.” 
 
“For professionals considering their next career move, it’s vital to identify what truly matters, be it compensation, long-term stability, or other personal priorities. A clear understanding of these drivers not only enables more informed decisions but also instils greater confidence in navigating the next step of their career journey.” 

 

A copy of the Pulse of Recruitment report is available here. 
 

 

Bill Wang, Assistant Marketing Manager, Greater China, Hays  

T: +86 21 2322 9697

E: Bill.wang@hays.cn

 

About Hays Hong Kong SAR  
Hays Specialist Recruitment Hong Kong is the one of the leading specialist recruitment companies in Hong Kong SAR in recruiting qualified, professional and skilled people across a wide range of industries and professions.  
  
Hays has been in Hong Kong SAR for 20 years and boasts a track record of success and growth. At Hays in Hong Kong SAR, we operate across the private and public sector, dealing in permanent and contracting positions, and workforce solutions such as recruitment process outsourcing (RPO) in the following specialisms: Accountancy & Finance, Banking & Financial Services, Construction, Digital Technology, Engineering, Finance Technology, Human Resources, Information Technology, Insurance, Legal, Life Sciences, Marketing & Digital, Office Professionals, Property, Procurement, Supply Chain, Sustainability and Sales. We continue to strengthen our position across Asia, with active operations in Hong Kong SAR, mainland China, Japan, Malaysia, Singapore, and Thailand.

 

About Hays 

Hays plc (the "Group") is the world’s leading specialist in recruitment and workforce solutions. The Group is the expert at recruiting qualified, professional, and skilled people worldwide, being the market leader in the UK, Germany, 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 of 30 June 2025, the Group employed over 9,500 staff operating from 207 offices in 31 countries. For the year ended 30 June 2025: