Guess which sector is good for entry level positions.
Salary increases in Hong Kong have been trending down over the last few years. When observing salary budget allocations and bonuses, overall salary increase in 2017 is projected to remain relatively aligned across employee levels, according to Aon-Hewitt.
Variable pay-outs (as a proportion of fixed pay) increased slightly over 2015, reflecting the superior business performance in 2016. Higher variable pay opportunities at higher levels cause greater differences in pay from one level to the next. This reflects the importance companies place on results-based compensation for strategic positions.
Aon-Hewitt added that graduates entering the job market in 2017 can expect to earn a projected 4.3% more than those who entered the market in 2016. Those taking up entry level jobs in sales and marketing can expect a higher salary compared to administration and accounting, indicating a shortage of skills in these functions.
4.8% salary increase projected for construction / engineering and 4.6% projected for hi-tech higher than other industries. This is also indicative of the lack of talent in these industries.
Professional services will see the biggest jump in salaries from 4% in 2016 to 4.5% in 2017. Triggered by the oil and gas crisis, the transportation sector will see a relatively lower salary increase rate from 3.5% to 3.2%.
Base salary for Directors/Top Executives remains higher in Shanghai compared to Hong Kong over the past 3 years. Total compensation for local directors/top executives and senior management also continues to be higher in Shanghai compared to Hong Kong.
Top talent attractions are competitive fixed compensation, career development, and work environment, including culture and flexible work and competitive variable compensation.
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