pros and cons of contracting vs permanent jobs

Over the past 3 years, there has been a noticeable surge of contract based jobs following the global pandemic. This increase can be attributed to several factors:

  1. Enhanced Flexibility: Contracting work offers greater flexibility for both job hunters and employers. This allows individuals to pursue diverse projects and roles, while granting businesses the ability to upscale or descale their workforce as required;
  2. Market Uncertainty: The post-pandemic economic uncertainty has led companies to favour temporary hires as a means of mitigating risk and maintaining financial stability;
  3. Cost Savings: Employing contract roles can result in significant cost reductions, as businesses do not need to provide the same comprehensive benefit package as they would for full-time employees;
  4. Streamlined Hiring: The recruitment processes for contract jobs tend to be shorter and more efficient. It allows a quicker workforce adjustment in response to changing needs;
  5. Opportunities for Career Transition: Contracting roles provide individuals with the chance to explore new fields or industries, broadening their professional experience and enhancing their skills.

The high paying contract jobs in Hong Kong for 2023 will be discussed in this article. We will also look at the outlook for the contract jobs market, which can help you decide if becoming a contractor is right for you.

Contractors are not the only ones that like contract jobs. Hong Kong employers may prefer to use them too. Some companies will use contract management to quickly scale up or down without having additional fixed overhead costs.

Thus, whether you're considering a contracting career or are interested in the highest-paying and most sought-after contract positions in Hong Kong, keep reading. 

What is the outlook for contracting work?

The contracting job market has been growing steadily in recent years, and this trend is expected to continue in the coming years. The COVID-19 pandemic has accelerated the shift towards contract work as companies look for more flexible and cost-effective ways to fill their talent needs.

In particular, the IT, financial services, and banking sectors have seen a significant increase in demand for contract workers. This is partly due to the need for specialized skills and expertise, often found in contract workers who can provide focused solutions for specific projects. Additionally, with the rise of remote work and the need for digital transformation, the demand for IT contractors has continued to increase.

The outlook for contracting jobs remains positive, even for administrative and clerical support roles. Contractors might anticipate finding a variety of employment across numerous sectors if they have the necessary qualifications and expertise. To further position themselves for success in the always-changing employment market, they can start or continue keeping up with the most recent trends and advancements in their industry.

What are the best-paying contracting jobs in 2023?

In 2023, the best-paying contracting jobs are expected to be in the IT and financial services sectors. These roles require specialized skills and experience, making them high in demand and commanding higher rates. Some contractors in project roles may even enjoy 1 to 3 months gratitude bonus after project completion.

Now let's take a look at these top roles:

IT Professionals

IT Scrum Masters

IT Scrum Masters play a critical role in the success of IT projects, and their demand is only expected to increase in the coming years. They are responsible for facilitating the agile development process and ensuring that projects are delivered on time and within budget. IT Scrum Masters are also among the highest-paid contracting roles in the IT industry, earning between HK$70,000 to HK$100,000 monthly.

IT Project or Programme Manager

IT Project or Programme Managers are another in-demand contracting role in the IT industry. They are responsible for overseeing the planning, execution, and delivery of IT projects or programs. These roles are highly renumerated and can earn a premium due to their high responsibility level and critical role in ensuring project success. Their salaries range from HK$ 60,000 to HK$170,000 monthly.

IT Architects

IT Architects design and implement complex IT systems, ensuring alignment with business needs and security compliance. They play a critical role in the success of IT projects and programs, and their demand is only expected to increase in the coming years. With expertise in high demand, they can earn a premium as highly-paid contractors. IT Architects can earn between HK$60,000 to HK$100,000 monthly.

IT Development Managers

IT Development Managers are highly sought-after in the IT industry due to their proficiency and knowledge. They lead projects through successful completion, providing direction for teams of software developers while ensuring that business objectives are achieved within budget and on time. Generous salaries accompany this challenging role, ranging from HK$60,000 to HK$100,000 monthly.

Commercial, support, and admin roles

Risk Business Manager

With a unique skill set, including risk assessment, data analysis, and excellent communication and interpersonal skills, Risk Business Managers are very well paid as contractors. People in this role are critical in mitigating risks and protecting an organization's reputation and financial stability.

Human Resources Manager

Human Resources (HR) Managers are responsible for overseeing the HR functions of an organization, including recruitment, employee relations, performance management, and benefits administration. HR is vital for any organization's success, and their contract rates are competitive starting from HK$60,000 to HK$85,000 monthly.

Executive Assistant

Executive Assistants play a crucial role in supporting high-level executives, like CEOs and CFOs, and ensuring that they are able to operate efficiently and effectively. Given the pressure and sensitivity of the role, Executive Assistants are in high demand and can be well-paid contractors. These roles can expect salaries from HK$40,000 to HK$60,000 monthly.

Finance System or Financial Services Project Manager

Finance System Project Managers are vital for facilitating finance-based projects within an organization, working with IT and different teams to coordinate all facets of a project’s finances. Finance System Project Managers are expected to perform complicated tasks such as SAP project management, migrating data, and dealing with regular changes to rollout, project life cycles, and implementation. Because of the technical nature of the role, they can expect high-earning salaries starting from HK$60,000 to HK$80,000 monthly. A Financial Services Project Manager focuses more on risk and compliance in order to drive changes. These roles also require sought-after expertise, resulting in competitive salaries from HK$60,000 up to HK$150,000 per month. 

Finance Director 

Finance Directors are extremely important to drive the financial planning of an organization. They are essential for maintaining projects and BAU to deal with peak season volume. These roles tend to be non-renewable or transition roles, with companies offering a premium on top of the monthly salary, usually resulting in a higher salary with slightly fewer benefits. These salaries range from HK$70,000 to HK$120,000 monthly.

Some other popular contracting jobs in Hong Kong includes Developer, Infrastructure Engineer, Compliance Associates and etc. 

Final thoughts

2023 presents excellent opportunities for those seeking high-paying contracting jobs in Hong Kong. The pandemic has accelerated the trend towards remote work and project-based roles, increasing demand for skilled contractors in various industries.

We have listed here the best-paying and highest-demand contracting jobs in Hong Kong. Each role offers competitive salaries and career growth prospects. Remember, though, to succeed in these roles, candidates should have the required skills and experience, as well as the ability to work independently, make decisions, and communicate effectively.

Also, the job description for a contract worker will vary depending on the industry and type of role. Benefits may vary as well.

With the right mindset, you can land your dream contracting job and enjoy a fulfilling career in Hong Kong. So why wait? Take the first step towards your dream job today and explore the exciting contracting opportunities available in Hong Kong!


Looking for high paying contract jobs in Hong Kong? Discover the hottest opportunities in 2023 for IT Scrum Masters, Project Managers, and more.