HR & EDUCATION | Staff Reporter, Hong Kong

Bosses willing to hike salaries by 7.5% for top financial talent

Finance managers in the 95th percentile can enjoy as much as $720,000 yearly.

Hong Kong chief financial officers (CFOs) are planning to raise starting salaries by 7.5% in a bid to acquire top talent in a candidate-short market, according to recruitment agency Robert Half.

Also read: Failure to plug talent shortage could cost Hong Kong $1.73t in lost potential revenue

The generous wage hike is well above the annual national wage growth which clocks in at 3.8%, indicating that bosses are more than willing to shell out competitive compensation packages to attract and maintain talent.

“Candidates within the sector know they are firmly in the driver’s seat when it comes to salary negotiations – so companies need to be thoughtful and creative when determining compensation, thinking about individual motivators to secure their preferred candidate, or else risk losing them to the competition,” said Adam Johnston managing director of Robert Half Hong Kong.

Also read: 3 in 5 companies willing to hire overseas to plug skills shortage

Financial managers are the most in-demand position in the financial services sector, with those in the 25th percentile earning $320,000 whilst those in the 95th enjoying a whopping $720,000 yearly.

Compliance managers are also in hot demand amidst heightened regulatory requirements with those in the 95th percentile enjoying almost a million dollars ($996,000) in yearly compensation. Trade support managers are also in demand to manage client relations and deploy investment strategies with those in the 95th percentile enjoying $800,000 yearly.

“Salary remains a determining factor in the Hong Kong employment market. While there are many other elements that make up an attractive remuneration package, many professionals working in the competitive financial services industry accept job offers based on financial incentives,” Johnston added. 

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