One in four employees in Hong Kong expects a minimum salary increment of 10-15% when they switch jobs in 2023, reveals a survey by Randstad - human resources solutions agency. According to the findings of the report, another 18% of respondents said that they expect a 15 to 20% pay raise when switching employers next year.

The report titled, the 2023 Market Outlook and Salary Snapshot Report, also revealed that the local workforce is realistic and reasonable in their demands. The report is aimed to provide employers and job seekers with new talent insights and salary benchmarks for 2023.

To manage the increasing cost of living, 35% of respondents said that they expect their employers to adjust and increase their salary by 5 to 10% in 2023.

On sharing their expectations for bonuses, 29% of respondents said that they hope to receive equal or less than 1 month of payout and another 34% said that they should receive a bonus of between 1 and 3 months.

Benjamin Elms, Managing Director at Randstad Hong Kong said, “The ever-shifting economic climate may dampen the mood for some businesses that are planning for expansion. Many western counterparts have adopted a wait-and-see approach going into 2023, reallocating resources towards more high-value business activities. However, it’s not an entirely bleak future for Hong Kong.”

“Companies will continue to forge ahead with their digital transformation projects, shifting their resources to accelerate them further. Across all industries, we’ll see an uptick in demand for technologists like cybersecurity engineers and software developers, as well as digital-led roles in data analytics, digital marketing and performance management.”

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.

Elms continued, “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. 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.”

To effectively attract new talent, companies will need to improve the work conditions for their existing workforce. Hybrid and remote work, health-focused benefits and managing a fair share of the workload through workforce expansion could help your employees reach a better work-life balance.

The 2023 Hong Kong’s Market Outlook and Salary Snapshot report looks at talent analysis and new salary benchmarks in banking & financial services, insurance, technology, accounting & finance, HR & business Support, Sales & Marketing and contracting.