Remuneration package key to attracting talent in Hong Kong

Employees will only be tempted to leave for another employer in 2023 if they receive a substantial salary increase as the cost of living continues to raise.
By: | December 13, 2022

One in four employees in Hong Kong will be seeking a salary increase of between 10-15% if they were to change jobs in 2023, while 18% will demand an increase of between 15-20%, Randstad’s 2023 Market Outlook & Salary Snapshot report has revealed.

For those looking to stay with their current employers, 35% expect a salary increase of between 5-10% in 2023 to manage the increase in the cost of living. 29% of employees also hope to receive equal or less than a month’s salary, whilst another 34% said they should receive an amount equivalent to between one and three months of their salary.

Benjamin Elms, Managing Director at Randstad Hong Kong, commented, “During a time when organisations 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 need to step up their game by offering alternative benefits and promoting their employer brand to attract more talent.”

READ: Employers in Hong Kong prioritising employee retention in 2023

The report also suggested organisations improve the work conditions of the workforce to attract new talent. They should also allow hybrid and remote work, provide health-focused benefits, and help employees achieve a better work-life balance by expanding the workforce.