Even though accounting and finance professionals are able to work productively from home, it is one of the functions that will most likely be affected by the two-year long pandemic moving into 2022.
The pandemic and digital transformation have created new business opportunities for insurance companies. Organisations are exploring the use of new technologies to predict customers’ demands and develop new products and services that can meet their needs.
Insurers are adopting digital solutions to enable remote work for their employees. Many multinational insurers have already implemented hybrid work policies, Having good hybrid work guidelines, comprehensive wellness benefits that also extend to mental health, as well as a positive work environment are going to be critical to an employer’s ability to attract potential employees, according to insights from Rouella Landicho, Associate Director - Banking & Financial Services and Legal, in Randstad's Market Outlook and Salary Report.
In 2022, insurance job candidates can expect a salary increase ranging from 10% to 15% on their base income when switching employers. Professionals working in the insurance industry can also expect to receive a three to four months’ bonus in 2022.
Accounting and finance
Companies that overlook their productivity and workforce issues in the accounting and finance function will be ill-prepared for the global economic growth expected in 2022. This is according to Randstad's Market Outlook and Salary Report, particularly for those that do not have plans to expand and strengthen their workforce.
Specialist accountants in IT audit, finance transformation, and financial planning and analysis who switch employers in 2022 may receive a salary increase ranging from 30%to 45% in 2022. Out of the three specialisations, finance professionals with a global remit in finance transformation are most likely to negotiate for an even higher remuneration package.
The obvious reason for this salary increase is the sustained scarcity of skilled talent in Hong Kong. There has been an increasing number of accountants who have relocated to other business cities like Shanghai, Beijing, London, and Singapore, which has further diminished the local candidate pool.
Accounting, taxation, and treasury candidates will most likely receive a 5% to 10% salary increase when switching employers, with executive and C-suite positions commanding higher pay.
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