As on the mainland, the most common reason for employee turnover in Hong Kong is to get an increase in salary, with Hong Kong residents more likely to target salary increases through job changes. The survey found that 40% of employer respondents said this was the key reason their employees were leaving the company. View Hong Kong market overview here.
However, in the coming year, employers plan to offer more modest salary increases than those offered on the mainland. Rises of 1% to 5% are expected to be awarded by 65% of employers surveyed.
At a junior level, employees in Hong Kong earn less than they would in other developed markets. Salaries become competitive at the middle level and can be quite high for senior executives, particularly in industries such as financial services.
“Those who switch jobs can expect a pay increase in the vicinity of 10% to 15%, while on the mainland pay increases may be at a slightly higher premium, depending on the role,” says Howard Chan, a Director in Michael Page’s Hong Kong office. “Turnover is still an issue in Hong Kong – it’s the big city and people are opportunists. But, in addition to salary and benefits, Hong Kong offers other attractions such as a more centralised location with respect to other Asian cities, better-established infrastructure and a lower tax rate than that of the mainland.”
For full details see the 2015 Greater China Salary & Employment Outlook report.