Rober Half released its latest 2018 Salary Guide last week designed for employers and employees alike who are looking for more detailed information where high and low salary ranges have been replaced with percentages.
The percentages are determined according to a candidate's skill set, experience and complexity of the role. This new approach allows both hiring managers and employees to better benchmark starting salaries with what other companies are offering. In general Hong Kong retains a positive growth outlook of 3.9% in line with global trends.
The report focused on three key sectors accounting and finance, financial services and technology.
Three key trends to impact the finance and accounting sector in 2018 include; automation and digitisation as tools to adapt to change and upskill staff rather than eliminating jobs. Temporary employees in the sector are a key component of companies' long-term strategic goals and there is a fierce war for staff acquisition and retention. In fact, 46% of Hong Kong CFOs anticipate voluntary employee turnover in the finance department to increase in 2018.
In the financial services industry key hiring trends to be aware of in 2018 includes; disruptive forces impacting the industry means companies need to adjust its operations and equip its staff to successfully manage change, the regulatory environment continues to boost demand for compliance professionals who can actively minimise costs for the business whilst maintaining regulatory standards. A supply versus demand imbalance means companies need to streamline its recruitment processes. Furthermore, when it comes to salary 97% of Hong Kong CFOs within the financial services industry are willing to raise the initially-planned starting salary by an average of 8% to secure top financial services talent when hiring.
Technology is a key driver of business growth and primary source of investment in Hong Kong and this means increasingly relying on skilled technology professionals and the number of job opportunities has grown by 11% compared to 2% across other industries. 70% of Hong Kong CIOs say that their 2018 IT budget has increased by an average of 15%. Other key hiring trends include; IT professionals being aware that they are in ample demand and are taking their time to secure the ideal role, the governments increased focus on cyber-security regulation has amplified awareness for the need of IT security staff in Hong Kong companies.