Here at Claremont Consulting, we have published our Hong Kong salary guide to help Hong Kong business leaders, hiring managers, and job seekers make better hiring decisions. We decided that issuing our salary guide now, in light of the COVID-19 outbreak and the international economic disruption, would provide a truer picture of the salary situation in Hong Kong. Our comprehensive guide to hiring trends in Hong Kong is based on Claremont’s placements and our customers' starting salaries. Our guide will help keep you up to date on starting salary ranges, recruiting trends, and the tools you'll need to acquire top talent.
Hong Kong suffered not just the COVID-19 outbreak in 2020, but also social upheaval, which had a significant impact on the city, the combination of these two concerns produced a major slowdown in the labour market. With travel restrictions kicking in throughout the world and businesses opting for a more conservative recruitment strategy across the board, Hong Kong's hiring activity dropped to its lowest point of the year in the second quarter of 2020 with businesses not making a significant comeback until the third and fourth quarters.
Financial services, however, fared brilliantly in 2020, with some banks posting near-record revenues. Private equity and venture capital firms have been active, making significant investments in technology, the internet, healthcare, life sciences, and other related industries. For some businesses, hiring activity has been brisk, with stiff competition for talent throughout the year.
It was clear on the offset that the economy would perform significantly better than expected in the first half of 2021, which is good news for both businesses and job seekers. With a mass immunisation programme well underway and a gradual return to work, we've all seen hiring spikes, especially in specific industries that had to lay off a portion of their personnel during the pandemic's peak, employers may still be wary to hire the big numbers but they remain keen to hire right. Many companies have realised that the key to getting the right hire is salaries, which have a big impact on hiring decisions, especially when projects are on track, new ways of working are being explored, and market competition is fierce.
Since the pandemic, we’ve seen a significant increase in businesses looking for people with transformation, project management, change management, software development, cloud computing, data analytics, and UX/UI expertise. These digital skills are in high demand right now, particularly among professionals who can analyse data to uncover trends and scenarios and set up digital procedures. All this along with employee retention, hiring and people management, compensation and benefits, mental wellness, and team morale are all hot topics in the workplace, and many organisations are implementing these into their business plans to make them a more desirable place to work.
Our report highlights
1: Workplace trends in the future
*Top priorities for business leaders in 2021,
*Important technology and digital tool investment areas,
*Employee preferences for workplace flexibility, and how performance evaluation has changed.
2. Strategies that put people first
*How to engage your most precious asset - talent,
*From leadership communication to mental health and wellbeing.
3. Bonuses and salaries
*Salary expectations from your top talent
4. Recruiting and keeping top performers
*non-monetary aspects of top talent recruiting and retention strategies.
In general, businesses are eager to get their businesses back up and running. Although the immediate future remains uncertain, and full recovery is contingent on factors beyond most people's control, optimism and confidence are returning. The earliest signs of recuperation are already showing up. We already know that 2021 is going to be a stronger year than 2020. But, as the government withdraws some of its business aid, how careful will hiring managers and decision-makers be? Demand for expertise is likely to climb throughout the year as the economy gains traction.
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If attracting top talent for your organisation is a huge concern for you, or if you want to prepare your team for the future of work, please reach out to us. You can also take a look at our main areas of competence in the field of recruitment.