40% of Hong Kong employees have reported a salary freeze this year

40% of Hong Kong employees have reported a salary freeze this year

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Surveying 4000 employees across a range industries in March, JobsDB's latest survey has revealed that the overall salary adjustment this year is 1.3%. Half of the respondents this year have received a salary raise, while 40% has reported a salary freeze. 

A total of 75% of those surveyed hold a negative outlook towards this year's job market, which is not a surprise taking recent events into account. They cited possibilities of local recession due to socio-economic situations such as COVID-19 (78%), uncertainties around the external environment (67%) and the foreseeable closure of local companies (61%). 

Many workers are reflecting on their career and are open to taking a new career path (76%), especially for those working in the hospitality and tourism (26%), customer service (20%), and general management (20%) sectors — all of which suffered a severe blow from the month-long protests and ongoing pandemic. More than a quarter of the respondents have taken action already. 

Job security is jobseekers' main concern when switching to another job function. Half of the them took less than two months to make the decision, and 46% are prepared that it will take them three to six months until they find one, which is much longer than the year before (31%). 

Employees with three-to-five years of experience had the highest chance (73%) to have a salary increase (of at least 5%) when switching to a new career, followed by those with six-to-ten years' experience (62%). '

“Job seekers should avoid solely focusing on salary and benefits,” Isaac Shao, CEO of JobsDB Hong Kong, said, “as their consideration in changing roles should be driven by personal interests and strengths."

In terms of salary, the industries who had the biggest salary increments are information technology (+6.1%), analytics (+5.8%), education (+4.6%), engineering(+3.9%), and public relations & corporate affairs (+3.7%).






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