Salaries are expected to remain at the 2016 level in year ahead for most industries in Hong Kong. Due to a continued uncertain economic outlook companies will generally remain cautious about hiring, although talent shortages in sectors such as fintech and technology will create a strong hiring demand. Companies looking to attract and retain HR talent will need offer competitive rates and completion bonuses.
In 2016, hiring in Hong Kong was mostly focused on business-critical functions, Robert Walters’ annual Global Salary Survey reports. However, the rise of technology across many industries still ensured it was a busy year for recruitment in the IT and legal/compliance sectors.
In the year ahead, sectors such as fintech, mobile development, e-commerce, big data, and cyber security will see a high demand for new talent. Sales and marketing specialists with digital and e-commerce skills and general management experience will be the prime hiring targets in 2017 across various sectors.
Additionally, the legal/compliance will continue to seek lawyers that can help companies as they adopt new products and practices made possible by the latest technological developments.
Similarly, banks and financial institutions will be on the lookout for tech-savvy professionals with a strong understanding of financial products to help them support their growing focus on fintech innovations.
Competition for talent in the human resources industry intensified last year, a trend expected to continue during 2017 as a focus on retention increases the need for experienced talent management professionals and HR business partners. Talents who specialise in employee engagement and compensation & benefits will be in high demand, as well as professionals who have the flexibility to carry out a range of HR functions.
Employers aiming to attract the best talent should focus on promoting attractive long-term career prospects and meet the expected 15% salary increase for job movers. Employees staying in their positions should be rewarded 3-5% increases. In order to retain contractors, companies should expect to offer competitive rates and completion bonuses.
Salary wise, in 2017 HR professionals in Hong Kong can generally expect to earn the following per annum (in HKD):
- HR director: 1.0 – 1.5m
- Head of compensation and benefits: 1.2 – 1.7m
- HR manager: 600 – 900k
- Organisational mevelopment manager: 700k – 1.1m
- Payroll manager: 500 – 780k
- Recruitment manager: 400 – 700k
- Shared services manager: 480 – 750k
- Training and development manager: 500 – 840k
- HR generalist (non-managerial): 350 – 550k
- Recruitment specialist: 300 – 450k
- Payroll specialist: 300 – 450k
- HRIS analyst: 250 – 400k
- C&B officer/specialist: 240 – 400k
HR practitioners working in the financial services sector can expect to take home a slightly bigger paycheck in comparison to the numbers above.
Commenting on the survey’s findings in a press release, Matthew Bennett, managing director – Greater China, Robert Walters, added: “One of the significant trends of 2017 will be promoting social diversity. Companies that are recruiting from diverse cultural and academic background will be seen as more attractive employers.
Hiring managers should also be aware of a shift in candidate priorities when recruiting in 2017. While in recent years job seekers were more concerned about remuneration, specialist professionals are increasingly demanding a stimulating and open working environment, where communication and collaborative skills are highly valued.”
Photo / iStock