Pay rises in Hong Kong shrink for the second year running
Author: PM editorial | Date: 4 May 2016
Survey finds locals have become more cautious about job-hopping for better salaries
Salary increases have shrunk for the second year in a row in Hong Kong, to an average of 3.6 per cent.
A survey by JobsDB.com has revealed early signs of salary regression in 2016, and a continuing downward trend in salary increases after they fell to an average of 4.7 per cent in 2015 from 5.9 per cent in 2014.
The survey’s findings broadly correspond with the perception that strong career progression and higher pay rises in mainland China are proving very attractive to Hong Kongers.
However, 60 per cent of respondents have already received a pay rise this year and just over half have been given a bonus.
The construction industry had the highest pay rises (5.1 per cent), followed by IT and marketing and PR (both 4.9 per cent). Sales, customer service and business development jobs received the lowest pay rise (1.8 per cent).
Locals have become more cautious about job-hopping for short-term salary gains, as only 39 per cent of respondents intend to change jobs in 2016 − a drop from 43 per cent in 2015 and 51 per cent in 2014. Although 45 per cent of those in public sector jobs were looking to change, as the resignation rate in Hong Kong’s civil service continues to rise.
Money is by no means all-important though: 60 per cent of respondents wanted non-monetary benefits such as extended lunchtime, a 15-30 minute work break and work incentive programmes; while 51 per cent would prefer a ‘better salary package’.
Respondents were also asked if they take care of personal matters during a working day. Those in professional services were most likely to (75.6 per cent) and those in insurance were least likely (51.2 per cent). The most common reason for employees to engage in personal matters at work was to ‘take a break or keep their mind refreshed’.