Job market strengthens with high demand in Greater China tech: survey

Expected salary increase has dropped to 10-15% in 2020.

The job market is becoming risk-averse amidst global economic uneasiness and weak local outlook for H2 2019, with high demand in Greater China’s tech industry, according to a survey by recruiter Robert Walters.

Expected salary increments has plummeted to 10-15% in 2020 compared to 10-20% this year, as both employers and candidates get more conservative and employees are less inclined to switch roles.

Recruitment remains active in the virtual banking, insurtech, private banking, wealth management, distressed debt and special situations funds sectors. Demand for roles in virtual banks surged after eight licences were issued earlier this year, and employers are already reporting a shortage of talent.

High-tech companies and startups are also looking to place strategic positions for innovation research in the city. In an earlier industry survey, Robert Walters revealed that 50% of professionals are expecting an 11-20% bonus in yearly salary in 2020 and 49% are expecting a 7-15% increment in annual salary.

Almost half (45%) of human resources candidates want to switch jobs next year amidst changing expectations in HR professionals by companies who are looking for candidates skilled in business partnering, employee engagement, compensation and benefits, and learning and development. Those with branding experience are high in demand, as employers become more aware of the importance of their brand in the job market.