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Despite the markets having to navigate some fairly choppy waters, hiring across the Hong Kong market remains stable according to Morgan McKinley’s 2016 Salary Guide Hong Kong.
“Whilst volatility is to be expected, smart employers see the benefit of investing in a strong and capable workforce to address the economic uncertainty. By assembling a skilled and highly motivated team, businesses seem to be prepared to seek out growth, and allow the choppy waters of the markets to be navigated safely,” explained Richie Holliday, chief operations officer, Asia-Pacific, Morgan McKinley.
“As a result, salaries have not been radically changing, and in some areas – despite the general lack of longer-term confidence – we have seen increases in salary and compensation levels,” Holliday added.
The HR sector is one the areas that is expected to experience growth despite the market experiencing downturn.
Professionals in the talent and organisational development are generally highly sought-after and might achieve salary increments of up to 20%.
The guide also predicts the HR function to get more diverse.
Typically female dominated disciplines, HR departments of multinationals, particularly in the banking industry, are looking to make their workforce more diverse.
“Diversity is a growing topic in these firms and whilst they will look to hire the best candidates in the market for the job, more efforts are being put in place to consider and encourage more men in to the discipline to better balance the gender mix,” Holliday said.
HR has evolved significantly within the talent acquisition space too.
In a number of multinational businesses in Asia, HR divisions are moving the in-house recruitment function to use either: a recruitment process outsourcing (RPO) or a managed service outsourcing (MSP) model for cost saving purposes.
Furthermore, banks continue to offshore operational HR teams in order to reduce costs.
There has also been an increase in China-based firms acquiring businesses globally. These firms are using Hong Kong as a key hub as their global headquarters. This has, as a result, created HR director level opportunities with a global remit.
“Such China firms require professionals with mergers and acquisitions, as well as HR transformation project experience. They will also look for professionals with international HR experience, and professionals with a strong understanding of the Chinese culture and fluency in Mandarin are essential. Additionally this has presented more mobility opportunities for locally based candidates to gain experience working outside of the Asia region,” Holliday said.
Salaries (per month in HKD) for permanent roles major sectors in Hong Kong:
HR Director: $76k – $120k
Talent Acquisition Head $76k+
Talent Acquisition Manager $43k – $76k
Talent Acqusition Specialist $23k – $43k
Organisational Development Head $76k – $120k
Learning & Development Training Manager $43k – $63k
Learning & Development Assistant Training Manager $32k – $43k
Learning & Development Senior Officer $28k – $40k
Learning & Development Officer $16k – $28k
Compensation and Benefits Director $70k – $90k
Compensation and Benefits Manager $40k – $70k
Compensation and Benefits Assistant Manager $28k – $40k
Compensation and Benefits Specialist $21k – $28k
Banking and financial services
VP corporate finance : $130k – $185k
Director corporate finance: $160k – $225k
Managing director corporate finance: $250k+
Managing director private banking: $160k+
Finance and accounting
Chief financial officer: $90k – $150k+
Finance director: $80k – $120k
Financial controller: $85k – $100k
Finance manager: $65k – $85k
Financial analyst: $65k – $85k
Mobile application programmer: $65k – $75k
IT manager: $65k – $75k
Project manager: $65k – $75k
Business analyst: $60k – $70k
Data Center Manager: $55k – $65k
Office manager $25k – $50k
Executive assistant (to senior management) $35k – $45k
Personal assistant $25k – $45k
Team secretary $18k – $35k
Senior administrator $18k – $30k
Sales and marketing
General manager – – $100k – $150k
Managing director – – $120k- $180k
Account Management (Agency): $60k – $80k+
Business development manager: $35k – $45k