HONG KONG SAR – Media OutReach Newswire – March 15, 2024 – The overall hiring sentiment in Hong Kong and mainland China is more subdued. However, a KPMG survey shows a more optimistic view from Hong Kong’s senior executives, suggesting that there is still a need for top talent who can drive results in their organizations.
For the KPMG annual report entitled
Hong Kong Executive Salary Outlook 2024 , 1,103 business leaders and professionals were surveyed to measure employment trends and career opportunities. Of these, 552 work in Hong Kong or have a home base there and 551 work or have a home base in mainland China. The study covered the latest workforce expectations, salary outlook, talent trends and other relevant topics.
David Siew, partner, people services, KPMG China, said: “This year’s results indicate that there will continue to be demand from C-level executives for talent who can drive performance. Continuing business transformation and the evolving business environment will mean that roles and responsibilities will continue to evolve. Diverse talent pipelines and talent matching will be essential for employers. »
Expectations for staff increases decreased across all sectors compared to the previous year, with a corresponding increase in expectations for staff reductions. On the contrary, C-level decision makers are more optimistic about headcount than the overall workforce in 2024. More than 80% of executives expect no change or increase in headcount, and only 14% expect to a decrease. To the extent that these leaders have a better understanding of their organization’s plans, their opinions may be a better indicator of future trends.
In 2023, 43% of respondents were looking to advance their careers, but less than half of that percentage (15%) landed new roles, reflecting the fact that connecting talent is becoming increasingly difficult and companies fail to match talent with positions. 39% of respondents plan to advance their careers in the first half of 2024, which represents an increase from last year despite a challenging market environment. 74% of respondents who changed careers in 2023 saw a salary increase, with an average increase of 17%.
From an employer perspective, 97% of C-suite and HR executives surveyed experienced challenges recruiting the right talent to meet business demands. Among them, 63% found these challenges unmanageable.
Eric Cheng, Director, Executive Search and Recruitment (HKSAR), KPMG China, states: “Even though fewer job seekers landed new positions in 2023, they remain active. We’re seeing challenges as companies fail to match talent with jobs and employees don’t have the specific skills they’re looking for. In this context, organizations can consider investing in training existing staff so that they can retain talent and access additional recruitment channels to find new talent. Likewise, professionals looking to advance in their careers may need to hone their skills to meet market needs.
Hong Kong professionals have typically seen a 3-5% increase following salary reviews with the same employer in 2023, consistent with government figures showing a 4.65% increase for civil servants in salary bands middle and lower. Respondents in Hong Kong also remain optimistic about their salary prospects, with 78% expecting a salary increase in 2024, up from 74% last year. Most respondents expect modest increases in their upcoming salary reviews.
In 2024, 73% of respondents would consider moving to or from the Greater Bay Area (GBA) for work. The three main factors attracting them to the region are better career and industry prospects, higher incomes and exposure to a wider range of work. Innovation and technology, financial services, and professional and consulting services are expected to present the greatest number of employment opportunities in the GBA.
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