Morgan McKinley’s 2024 Salary Guide reveals that 73% of organisations in the special administrative region have found hiring competitive in 2023.
By Maggie Mancini
Employers in Hong Kong are struggling with talent attrition due to financial stressors, according to Morgan McKinley’s 2024 Salary Guide. The new survey reveals that 73% of organisations in the special administrative region have found hiring “very” or “quite” competitive in 2023. A majority (91%) have lost staff members in the last six months, with half citing their salary as the main reason for their departure.
Despite this, the research finds that 55% of businesses still plan to hire within the next six months. On the candidate side, 47% of professionals in Hong Kong plan to actively look for new jobs in the next six months. The survey also reveals that workers in Hong Kong are not happy with the benefits they receive. More than three-quarters (76%) are neutral, dissatisfied, or highly dissatisfied with their packages.
Rather, the top five benefits most desired among workers in Hong Kong are bonuses, work from home opportunities, health insurance, flexible working hours, and health and well-being support.
Salary remains the most valued reason for wanting to move jobs at 60%, followed by career growth and development opportunities at 13%. More than half (57%) of professionals in Hong Kong are optimistic that they will receive a salary increase in 2024 and 47% of employers plan to increase salary offers in 2024 for certain in-demand roles.
“In 2023, businesses assessed their hiring needs after sustained activity in recent years,” says Rob Sheffield, managing director of Morgan McKinley Hong Kong and China. “Vacancy and job seeker volumes have held steady, but hiring has been slow despite modest expectations of both headcount and salary increases.”
