In Focus
HR & EDUCATION | Staff Reporter, Hong Kong

3 out of 5 Hong Kong bosses mulling over wage hikes of up to 5%

While 74% are planning to hire this 2016.

It has been noted that about 60% Hong Kong employers are offering a salary increment of 3 - 5%, and 74% are planning to hire in 2016.

According to a release from Faro, based on its Faro Report 2015/16, Technology & Telecommunications (IT&T) sector foresees the most ambitious hiring plans; Banking & Finance comes second, and Retail & FMCG the third.

The specialized research was conducted among 240 key employment decision makers at MNCs and local enterprises in Hong Kong and China, aiming to providing a quick overall summary of recruitment scenes in both regions.

Here's more from Faro:

Key findings in the Faro Report – China & Hong Kong 2015/16 are: Hiring Expetations: The majority of respondents take a positive hiring outlook in 2016. Half are hiring for “business expansion”.

74% of Hong Kong respondents are planning to hire. 91% in Tech & Telecom, 85% in Banking & Finance and 72% in Retail & FMCG sectors have recruitment plans. 77% of China participants are looking to hire. 86% in Banking & Finance, 82% in Tech & Telecom and 72% in manufacturing sectors foresee robust hiring activities.

Employers endeavor to attract and retain top performers amid the changing market dynamics Joyce Cheung, Director of Faro Recruitment Hong Kong & China, noted that “The year of 2015 witnessed strong employment markets in Hong Kong and China, despite the global economic challenges and the rapid changing market conditions.

We’ve seen Hong Kong further exploring its Fintech innovation, and China embracing a new wave of rising sectors to fuel its growth as the country’s structural reform gains steam. Moreover, job seekers are becoming more active in searching for new roles within their industries and cross-sector opportunities.

Ushering into 2016, these trends are poised to exert a significant impact on recruitment scenes in both regions and would drive up staff turnover rate. Therefore, talent attraction and retention becomes a main challenge for corporations to maintain their competitive edge, especially for those facing organizational change and skill shortfall”.

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