According to research from Morgan McKinley, over half of professionals in Mainland China, or 52%, are optimistic that they will receive a salary increase next year.

The research also found that 47% of employers plan to increase salary offers in 2024 for specific in-demand roles.

At the same time, 57% of organisations are maintaining their current headcount, with 26% planning to increase headcount and hire new employees in the next six months.

Employers in Mainland China outlined the three most important things that lead to successful recruitment: Having organisational security, high salary offers and providing career development opportunities.

On the candidate side, 34% of professionals in Mainland China plan to actively look for new jobs in the next six months, while 34% are considering looking for new roles. 'Higher salary' remains the most valued reason for wanting to move jobs at 35%, followed by 'career growth and development opportunities' at 22%.

Meanwhile, the top five desired benefits Chinese workers look for in a job are: Bonuses, flexible working hours, employee stock options, incentive plans, and work from home. Most organisations (63%) pay combined company performance and personal objectives bonuses for 2023.

Marlon Mai, Managing Director of Morgan McKinley Mainland China, said, "Companies are only interested in having top-tier talent; retention has been the focus due to the increased workloads and pressure for existing teams, and even when there has been scope for movement, counter offers have been more frequent."

"Despite all this, there is a positive sentiment for the longer-term view of employment, and companies have plans that will require new skills," Mai added.

The research was based on 67 businesses and 176 professionals in Mainland China to find out what companies' hiring intentions are for 2024, what the key motivators are for changing jobs, and what the expectations are for movement on salaries.