Morgan McKinley: Employers in Hong Kong braced for talent exodus as professionals seek more money by moving jobs

HONG KONG, Feb. 16, 2023 /PRNewswire/ -- 60% of employers in Hong Kong SAR believe that they will lose staff in the next six months as they seek to earn more by moving jobs, according to new research.

According to the research by global talent services company, Morgan McKinley for its 2023 Salary Guide, 60% of employees in Hong Kong SAR are looking to move jobs in the first half of the year, with 45% selecting 'higher salary' as the primary reason, followed by 'better career growth and development opportunities' (17%).

The survey revealed that over almost two thirds (65%) of employees in Hong Kong SAR are expecting their salaries to increase this year, with 71% also expecting some form of bonus payout.

Over half (54%) of employers had to increase salaries in order to retain existing employees over the last 12 months. Furthermore, 69% of employers in Hong Kong SAR think that salaries in their specific sector will rise in 2023, with 40% planning on increasing base salaries across all teams.

60% of businesses plan to hire new permanent or contract employees in the first half of the year.

Robert Sheffield, Managing Director of Morgan McKinley Hong Kong & Greater China, commented: "2022 was another year of high demand to hire but short supply of talent in Hong Kong, across most sectors. We see this increased level of demand stabilising in 2023, as clients will pay close attention to the economic climate. Despite this, we expect Technology and IT to be a growth area, specifically around digital banking, CDCs and Cyber Security. It's also likely that, with demand outweighing the supply of permanent talent, the recruitment of contractors will be evident."

"Throughout 2022, salaries in most sectors saw significant growth. The continued reduction of overseas talent arriving into Hong Kong and increased levels of professionals leaving, alongside the offshoring of numerous functions, heavily contributed to a shortage of talent and therefore increases in salaries for those remaining. Notably, those hiring across Technology and IT, Banking and Operations have had to increase remuneration in order to compete for talent."

Sheffield concluded: "Until availability of talent returns to normal levels, and pay expectations level out again, there will be plenty of competition between hiring organisations, 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 Morgan McKinley 2023 Salary Guide presents up-to-date salary data for a wide range of roles across Hong Kong SAR, providing hiring managers with industry benchmarks when they are working out what to pay employees and giving professionals more visibility over what they can earn.

Research from businesses and professionals was conducted to find out what companies' hiring intentions are for 2023, whether there is an appetite to change jobs, and what the expectations are for movement on salaries.

For the Morgan McKinley Hong Kong SAR 2023 Salary Guide, visit: https://www.morganmckinley.com/hk/salary-guide

About Morgan McKinley

Morgan McKinley is a global talent services expert, offering the full spectrum of solutions to meet employers' and jobseekers' needs. With 19 offices in 10 countries and nearly 1000 employees, it provides 3 distinct solutions for customers. Morgan McKinley Recruitment Solutions encompassing deep expertise across 10 professional disciplines offering temporary, contract and permanent recruitment; Morgan McKinley Executive Search for targeted C-Suite talent searches; and Morgan McKinley Talent Solutions including RPO, MSP, Project Recruitment and more.

https://www.morganmckinley.com

Contact: Sharmee Mavadia, smavadia@morganmckinley.co.uk