Hong Kong employees expect 10-15% salary increase when switching jobs: Randstad
Some expect a salary raise of between 15% and 20%.
Around 1 in 4 of the respondents expected a minimum salary raise ranging between 10% and 15% when they change jobs in 2023, according to a report by Randstad Hong Kong.
In the 2023 Market Outlook & Salary Snapshot Report, Randstad said 18% of the respondents are expecting a raise of 15% to 20% when switching jobs.
Meanwhile, the survey also found that the local workforce has “realistic and reasonable” demands.”
Around 35% of the respondents expect a salary increase of 5% to 10% next year to manage the increase in the cost of living.
As for their bonus, 29% hope to receive equal or less than a month of their salary, whilst another 34% said they should receive an amount equivalent to between one to three months of payout.
Randstad added that a high salary and bonus may attract talent as these will enable them to meet their immediate financial needs and offer a sense of stability.
Today’s talent may be attracted to a high salary and bonus as these meet their immediate financial needs and offer them a sense of stability.
“During a time when companies are trying to find cost efficiencies, stroked by fears of recession and record-high inflation, employers may not have the sizable budget to meet these expectations. employers step up their game by offering alternative benefits and promoting their employer brand to attract more talent,” said Benjamin Elms, managing director at Randstad Hong Kong.
“Not only would an attractive employer brand appeal to the local talent, but it will also be equally effective when attracting top-tier global talent as well,” Elms added.
Companies should also improve the work conditions of the workforce to attract new talent. They should also allow hybrid and remote work, provide health-focused benefits and manage a fair share of the workload by expanding the workforce to help employees achieve a better work-life balance.