The Great Resignation continues as Hong Kong SAR employees are entering the job market for higher compensation.
By Zee Johnson
Morgan McKinley’s 2023 Salary Guide revealed insights that are posing much concern to leaders in Hong Kong SAR.
The report found that 60% of the region’s employers think they will lose staff in the next six months with many workers actively seeking more money—and they’re doing this by changing jobs. To avoid this, the report found that over half of employers are increasing salaries to retain existing employees over the last 12 months.
Sixty per cent of employees are looking to move jobs in the first and second quarters of this year for the chance of obtaining a “higher salary” (45%) and for ‘better career growth and development opportunities” (15%). As a result of this, 65% of employees in Hong Kong SAR are expecting their employer to increase their salaries this year, and 71% are expecting some form of bonus payout.
Robert Sheffield, managing director of Morgan McKinley Hong Kong and Greater China, says competition is fierce for the region and will remain so until the market subsides. “Until availability of talent returns to normal levels, and pay expectations level out again, there will be plenty of competition between hiring organisations, and the potential for significantly higher earnings when moving roles will still be there,” he says. “Being able to match the expectations of professionals looking to move roles is going to be crucial to successful recruitment.”
He also adds that while demand is expected to even out at some point this year, he anticipates technology and IT attracting the most candidates, with focuses surrounding digital banking, CDCs and cyber security.