Hong Kong, 10 April 2018: Global recruitment specialists Michael Page Hong Kong issued the Salary Benchmark 2018 which highlights some of the key industries such as property and construction, retail, financial services and trade.
The Salary Benchmark 2018 recorded a 29% increase in the number of positions in digital in the past 12 months and professional switching jobs could expect an average 21 – 25% average salary raise. Similarly, the financial services industry cited a 24% rise in job opportunities where jobseekers saw an average 21 – 25% salary increase when moving jobs.
Managing Director of Michael Page Hong Kong, Sharmini Wainwright says, “Hong Kong has benefited greatly from a surge in Mainland Chinese corporations setting up their international business hubs in Hong Kong, with a large number of these organisations also listing on the HKSE. This hike has created new employment prospects for individuals in the Hong Kong labour market, and this typically comes with an opportunity to step up, share in attractive bonus schemes and make a significant and broad contribution to a business in set-up phase.”
Equally optimistic is the financial services landscape which continues to be the pulse of Hong Kong. Wainwright explains, “Confidence has been restored through the sheer lift in the volume of roles being recruited across investment banks, Asian banks as well as the hedge funds and private equity spaces. The insurance sector continues its change and reinvigoration journey, and has been opportunistic in attracting fresh talent from outside the industry to new senior roles.”
In the same sector, the report also observes a high level of interest around Hong Kong’s place as a fintech hub, as it competes for this status across Singapore. A lot of new organisations are being established in fintech, and though the trend is smaller than many anticipate, huge potential remains.
Therefore, the digital space has been identified as the growth engine of 2018 in Hong Kong fueled by the continued surge in e-commerce and fintech investments. To support these thriving industries, hiring managers in Hong Kong will seek digital marketing, social media and e-commerce managers.
Despite some public skepticism, the Hong Kong government’s initiatives to transform into a Smart City has boosted the already high levels of employment across property, infrastructure, technology and digital. In particular, the real estate market is further bolstered by the entrance of Chinese and foreign investors.
Professionals in this industry will see multiple job opportunities in particular those skilled in architectural, building services, civil and structural engineering, leasing, quantity surveying as well as technical and property management.
2018 is earmarked to be a significant year as Hong Kong positions itself amidst a changing landscape within Greater China and Asia. In addition, the Guangdong-Hong Kong-Macau Bay Area is one of Mainland China’s national strategies and will play an important role in its One-Belt, One-Road (OBOR) project. Hong Kong is expected to benefit from the new zone due to its established reputation in financial services and trade as well as its status as a gateway to China.
Editor’s Notes: The Michael Page Hong Kong Salary Benchmark 2018 covers market insights and recruitment trends. Compiled with employment figures from our database in the last 12 months, the report contains in-depth analysis and projections in key sectors such as digital, technology, property, construction, financial services, legal, marketing, procurement, supply chain and sales. Download the Michael Page Hong Kong Salary Benchmark 2018 here.