Key survey findings - Michael Page Salary and Employment Forecast 2012, Hong Kong
- The majority of employers (72%) plan to award salary increases in 2012 based on performance.
- Most employers (42%) will award a salary increase in the range of 4-6%, with a further 26% of employers offering increases between 3-4%.
- 62% of employers believe salaries will rise above inflation rate due to a skills shortage over the next 12 months.
5 March 2012: Hong Kong’s white collar recruitment market is set to remain active in 2012 due to continued international investment into the Asia region and Hong Kong’s position as a key regional hub, according to a survey conducted by global recruitment firm Michael Page International.
Incorporating the responses of more than 250 Hong Kong-based hiring managers, the Michael Page Salary and Employment Forecast reveals that employers are expecting a positive employment market over the next six to 12 months despite economic difficulties in some international markets.
“Early signs show that while there is an element of caution, the expectation remains that 2012 will be a solid year for recruitment in Hong Kong with career opportunities for talented professionals,” says Anthony Thompson, Managing Director of Hong Kong and Southern China. “However uniformity across sectors is not expected, with some areas set to experience substantial hiring and others where employers are taking a more conservative approach due to economic conditions in Europe and the US.”
Areas where demand for talent is expected include front line, revenue-generating roles, while individuals with technical skills in engineering, IT, and construction remain in demand due to continued investment in infrastructure across Asia. In the finance and accounting and financial services sectors, regulatory requirements mean there will be continued requirement for staff with compliance, governance, internal audit and legal skills. In addition, demand for talented human resources specialists is expected as the management of human capital remains critical for businesses.
The Michael Page Salary and Employment Forecast survey reveals that the majority of employers in Hong Kong (72%) will award salary increases in 2012 at varying levels based on performance. Where salary increases are awarded, most (42%) will be in the range of 4% to 6%, with a further 26% of employers offering between 3% and 4%. Skills shortages are also expected to place upwards pressure on salaries, with 62% of respondents predicting that salary levels will rise above the inflation rate in 2012.