Looking closely at HR alone, the average salary adjustment is +2.5%.
New research from jobsDB has highlighted that up till March, only about one in three (34%) respondents in Hong Kong received a raise in the past year, while the rest of the respondents either faced salary freeze (55%) or wage cut (11%). Of the 'lucky' squad, the average increment is merely 0.4%, a 0.9% decrease from the previous year and also the tiniest increase recorded since the job search platform's survey in 2008.
As part of its survey of 4,288 workforce members in Hong Kong, respondents aged 26-30 (43%) and 31-35 (39%) had a higher chance of pay rise, while those who aged above 46 had a higher chance of pay cut (aged 46-50: 15%, aged above 50: 18%).
Unsurprisingly, 34% of the respondents did not receive a bonus or double pay, an increase of 8% when it is compared to last year.
Three job functions saw higher percentage pay cuts: hospitality/ tourism (-8%), retail sales (-6.4% ), and food and beverage (-4%). Conversely, the three sectors that recorded the highest monthly salary increments are digital marketing, e-commerce & social media (+3.8%), and legal or compliance (+3.3%), and media and advertising (+3%).
As for HR and Admin, 56% of the surveyed respondents reported a salary freeze, while 35% of them had a salary increase. The average salary increment is 0.2%, lower than the overall average.
Looking closely at HR alone, the average salary adjustment is +2.5%. Two in five (42%) of HR respondents indicated that they are planning to find a new job in the upcoming three months.
In the past 12 months, close to a quarter (24%) of respondents changed employers or jobs functions. Of these, 60% took the initiative.
Notably, 11% of respondents changed job functions completely, including employees working in ‘security/fire /electronic access controls’ (28%), ‘government & public organisation’ (16%), ‘education and training’ (12%).
The three main reasons for changing fields are that the original job function has contracted sharply due to COVID 19 (24%), the new job has better career prospect/higher pay’ (18%), and the perceived demise of their original job function/nature (12%).
The majority of employees with three to 10 years of work experience recorded salary increments after switching job functions, while respondents with 10 years or more work experience were more likely to get pay cuts.
JobsDB commissioned an independent organisation and invited 4,288 respondents to fill in the questionnaire between 1 March to 21 March 2021, in order to understand the employment overview and outlook of Hong Kong.