Hong Kong’s workforce can expect to see growth of 4.3 percent in their salaries in 2017, according to a study by global talent, retirement and health solutions business Aon Hewitt.
The Aon Hewitt 2016 Total Compensation Measurement (TCM) Study Hong Kong has found that the slowing of the global economy will have minimal impact in Hong Kong in the foreseeable future, with unemployment rates to remain steady and salaries to grow at a modest rate.
Among the study’s findings are:
- Graduates entering the job market in 2017 can expect to earn a projected 4.3 percent more than those who entered the market in 2016.
- A 4.8 percent salary increase is projected for construction/engineering and 4.6 percent for hi-tech – higher than other industries.
- Professional services will see the biggest jump in salaries from 4% in 2016 to 4.5% in 2017.
- Triggered by the oil and gas crisis, the transportation sector will see a relatively lower salary increase rate from 3.5% to 3.2%.
However, the study also found that base salaries for directors and top executives will remain higher in Shanghai than in Hong Kong, as will total compensation packages – a leading motivator for employees looking for the best opportunities.
“An increase in voluntary turnover amidst a stable job market signals that employees continue to explore better external opportunities and have high demands from their employers,” says Aon Hewitt Rewards Practice Lead, Gary Chin. “Apart from meeting the talent’s needs and expectations, companies face the challenge to devise innovative people policies and programmes to differentiate themselves from competitors in the market and shape a positive employee experience, in order to sufficiently attract and retain critical talent.
“When such differentiators are in place, it is also important for organisations to clearly communicate them across the board, as employee understanding can essentially help foster a sense of adequacy and further enhance engagement.”
