Hong Kong and Singapore are in a tight position. A new salary report suggested that the job market in Asia will favor Hong Kong professionals over those in Singapore. Hong Kong’s skilled class is confident about achieving more hikes this year as compared to 2022, mainly due to the layoff and many employees’ exodus. But now they are probably assuming the hike.
According to an annual salary report 2022 by Morgan McKinley, almost 65%, approximately two third of employees in Hong Kong SAR are expecting their salaries to increase in 2023, with 71% also expecting some form of bonus pay-out too.
It is not wrong to assume that positivity falls in the right place. According to the survey, 69% of employers in Hong Kong also think salaries in their specific sector will rise in 2023, with 40% planning on increasing base salaries across all teams.
By contrast, just over half (51%) of Singaporean employees expect their salaries to increase this year, with a lower 65% also expecting some form of bonus.
Singaporeans might be too pessimistic though. 75% of employers in Singapore think that salaries in their specific sector will rise in 2023, with a third planning on increasing base salaries across all teams, despite a sharp focus on costs.
In Hong Kong, 60% of employees are looking to move jobs in the first half of the year as they seek to earn more, while 64% of employees in Singapore want to switch jobs as they look to secure a higher salary.
The question is why people are migrating, the one and only satisfying answer to that is the primary salary expectation driver which is followed by career development opportunities, deserving work culture, work environment, and job security (most important). Singapore provides more of a cultural and leadership-driven work environment over better job security.
Probably in the next four to five years, the corporate world’s shift is coming. A study says that Hong Kong employees want to work in a flexible trend whereas other surveys stated that half of the employees would prefer to be in the office for three to four days weekly. If this data is compared to Singaporean professionals only a third of employees are fitting into it whereas, a majority (53%) of employees would prefer to work in an office for one to two days only.
A Hong Kong Banker has been interviewed with eFinancialCareers, the banker stated, “This doesn’t surprise me. After three years of lockdowns in a small flat, people want to be in the office. Singapore hasn’t had the same restrictions.”
Robert Sheffield, Managing Director of Morgan McKinley Hong Kong & Greater China, said: “Until the availability of talent returns to normal levels, and pay expectations level are out again, there will be plenty of competition between hiring organizations, and the potential for significantly higher earnings when moving roles will still be there. Being able to match the expectations of professionals looking to move roles is going to be crucial to successful recruitment.”
The new watchword of 2023 should be Stability. Gurj Sandhu, Managing Director of Morgan McKinley Singapore, said: “As a result, there will be a slight recalibration of salaries. Whilst professionals will receive an uplift when moving externally, the increases are broadly not likely to be as significant as they were in 2022. Attempts to retain staff via increments, alongside managing inflation, will also have an impact on the salaries of those not looking to move.”
- Published By Team Hongkong Journalist