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Employers in China, Hong Kong and Taiwan remain optimistic about their hiring activities this year, according to a new report by Michael Page.
Polling 2,000 bosses across all three regions, the salary and employment outlook for Greater China identified 51% of surveyed employers in Hong Kong with plans to increase headcount this year.
Similarly, 53% of bosses in mainland China and 63% in Taiwan stated they are likely to hire in 2015.
“The outlook for 2015 shows there is steady growth in the labour market across the region,” Anthony Thompson, regional managing director, Michael Page Greater China, said. “With rising salaries and a talent shortage, employees will be the winners on the labour market in the coming year.”
Echoing other reports, the survey results revealed junior professionals in Hong Kong’s banking and finance sector being highly sought after for the first time since the financial crisis.
Additionally, it highlighted a need for sales and marketing professionals across multiple sectors.
“85% of surveyed employers will be providing bonuses as part of their employee’s remuneration, with 60% of mainland surveyed employers expecting to offer salary increases of between six to 10%,” the report stated.
It also delved into the reasons for employee turnover in all three regions, with 36% of bosses stating monetary reasons as the main forces behind employees leaving companies.
Employers in the survey stated they were responding to such higher salary demands by increasingly offering alternative rewards such as career development (47%), recognition and rewards (39%) and a strong company culture (36%).
“As the region continues to be a global player, local companies are increasingly competing for professionals on the same terms as multinational companies,” Thompson said.
“Companies in Greater China are making heavy investments in finding and retaining talent and this trend will continue for the foreseeable future. Employers with a clear purpose and strategy, who invest in their people and who have a good reputation with a strong employer brand will be the winners in the future Greater China labour market.”