Talent Trends 2021

Hong Kong Salary Guide 2021

The Michael Page Salary Index has traditionally been our annual salary guide that allows business leaders, hiring managers and job seekers to make informed employment decisions in Hong Kong. However, in view of the COVID-19 pandemic and the ensuing economic disruption around the world, we recognise that our annual salary index needs to do a whole lot more.

Enter Talent Trends 2021, a new report that features insights and market sentiment for areas that have experienced major upheavals in the past year. Expect topics that cover prominent recruitment- and talent-related concerns, including digital readiness, organisational design, flexible work, leadership, performance management, as well as diversity and inclusion. The results draw from a survey of 12 Asia Pacific markets, with responses from over 5,500 businesses and 21,000 employees, of which over 3,500 replies are from directors or business leaders.

With advice and recommendations from Page’s consultants and leadership, the report is the definitive guide to hiring trends across the Asia Pacific region in 2021.

Hong Kong’s Key Statistics

27%

of companies in Hong Kong are looking to increase their headcounts in 2021

87%

of those employed anticipate themselves looking for new job opportunities

8%

expect zero increase from their current salary on a new job offer

Report Highlights

1. Future workplace trends

Learn from our findings, the top priorities for business leaders in 2021, key investment areas in technology and digital tools, employees’ preference on workplace flexibility, and how performance assessment has changed.

2. People-first strategies

From leadership communication to mental health and wellbeing, the report highlights the best people strategies to engage your most valuable asset – talent.

3. Salaries and bonuses

Find out how your company offer to new hires match up with your competitors and the expectations from top talent.

4. Attracting and retaining top talent

Remuneration may be important, but it is not everything in talent attraction. Learn non-monetary aspects of attraction and retention strategy top talent value most.

2021 Salary Guide: Embracing disruptions and the road to recovery

Mark Tibbatts
Managing Director, Taiwan & Hong Kong

It was another difficult year for Hong Kong in 2020. Aside from the social unrest, the city was deeply affected by the COVID-19 pandemic. The combined impact of these two factors led to significant slowing in the employment market. The second quarter of 2020 was the low point of the year for Hong Kong in terms of hiring activity, with travel restrictions kicking in around the world and businesses electing a more conservative recruitment strategy across the board.

With that said, the third and fourth quarters saw some noticeable rebounds among Hong Kong’s businesses — and our Hong Kong Talent Trends 2021 report reflects just that. Financial Services, for example, proved to be especially resilient throughout 2020 with a number of banks boasting near record results. Private equity and venture capital firms, too, have been very active in Hong Kong, injecting significant investments into Technology, Internet, Healthcare, Life Sciences and other related industries. Hiring activities among these sectors have been robust as well, with hot competition for talent throughout the year.

Despite early setbacks and the ongoing challenges affecting Retail and Food & Beverage, there have been encouraging signs in the consumer sectors. In fact, we have observed an increase in hiring activity in areas such as FMCG. Hiring activity at the senior levels has also been buoyant in 2020, as leadership and expertise have really come into focus.

Contracting was  not  a  popular form of employment , but it’s now having its moment.  This is a phenomenon that we have observed across all sectors in Hong Kong as the gig economy continues to evolve.

Overall, there is a real drive among businesses to get the engines back up and running once more. Though the immediate outlook remains foggy and a full rebound depends on factors beyond the control of most, optimism and confidence are returning. We are already starting to see the early green shoots of a recovery. It’s widely anticipated that 2021 will be a better year than 2020. Caution may prevail as the government withdraws some of its support for businesses but demand for talent is likely to increase through the year as the recovery gathers momentum.

Get a copy of the 2021 Salary Guide now