The majority (65%) of workers in Hong Kong received an average pay rise of 4.7% this year, a decrease of 1.2% compared with last year, according to the Jobseeker Salary Report 2015 from job board jobsDB.

Over 40% of respondents indicate that they plan to switch jobs this year, with 80% expecting a pay rise after the change.

Justin Yiu, General Manager of jobsDB Hong Kong, noted: “According to the information provided by respondents, the salary increase dropped by 1.2% as compared to the figure last year, while the bonus increased from 1.3 to 1.7 months of basic salary. The figures indicate the slowdown of economic development, and that hirers [who] have been more cautious in salary increment, […] instead retain high calibre employees with a bigger bonus.”

“The data also suggest that the fields which have been experiencing a prolonged lack of manpower are offering a higher rate of salary increase. For instance, the field of Building & Construction records a 7.5% increase in average salary, in which the mid-level project managers enjoy an average salary increase of 8.6%.”

“Meanwhile, the sector of Hospitality/Food & Beverage, which has also been facing a labour shortage, only provides for a 3.2% of pay rise, which is 0.1% lower than the figure last year. The reason for the low rate of growth may be attributed to the increase of operating costs owing to minimum wage, increased rental and food prices, coupled with the fall in the number of visitor arrivals,” Mr Yiu added.

The survey revealed that 24% of employees changed job in the past year, with the primary reason for doing so was that they were “not satisfied with the current salary and benefits” (42%). After switching job, they received an average pay increase of 6.2%.

Just under half (43%) of survey respondents intend to change jobs this year, of whom 80% expect a pay rise. The survey revealed a crucial link between the intention to change job and the rate of pay rise.  Employees not planning to change job received a pay rise of 5.2%, while those who plan to change only received 4.2%.

Mr Yiu noted: “The report reveals a direct causation between the salary, rate of salary increase, and the intention to change job. Candidates generally believe that those who make changes get more pay, and that they intend to strive for more satisfactory salary and benefits by changing jobs.”

“The data shows that those who changed jobs did receive a higher rate of pay rise than those who did not. Since February this year, the labour market has been witnessing a peak season for job changing, where the number of openings has been on the rise, and the employees still show a strong desire to seek a different hirer.”

“It is advised that hirers should pay close attention to the trend of salary movement in the labour market so as to formulate appropriate pay rise schemes, improve staff benefit, and enhance competitiveness so as to prevent brain drain,” he added.