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According to the Hong-Kong based job-board jobsDB, salaries have increase for 59% of Hong Kong workers since the beginning of the year 2013. Though the average rate of increase is 4.8%, down by 0.9 percentage points from last year.
jobsDB’s Job Seeker Salary Report is based on an online survey conducted in March 2013, aiming to compare the changes in salaries and bonuses between 2012 and 2013, and to analyse the latest trends among job seekers in Hong Kong. A total of 2,960 Hong Kong employees participated in this survey.
Among those who changed jobs last year, nearly 60% claim that they have got a better job. As we enter the peak season for recruitment, hiring intentions remain positive and the number of vacancies posted on jobsDB has reached 50,000 - a 25% increase after the Chinese New Year.
Justin Yiu, General Manager of jobsDB Hong Kong, comments, “The average percentage of pay rise is dropped by 0.9% compared with last year, showing that employers continue to adopt a cautious pay strategy. We see that business sectors with good prospects have recorded higher pay increases. The Property/Real Estate sector recorded the highest increase because the role of property practitioners has expanded a lot in recent years. In addition to property security and maintenance, property management professionals are required to oversee various building facilities. Meanwhile, the government is planning to introduce a licensing policy for this industry and employers are on the look-out for talents with hands-on experience,”
“Marketing/Public Relations is another sector with high pay increases, reflecting that businesses are willing to invest in marketing to attract new customers. With the advancement in internet technology, the demand for digital marketing professionals is particularly high.”
Yiu added, “The average bonus size is increased by 0.3 months compared with last year. I believe this slight growth indicates that overall business performance was not affected significantly last year despite economic uncertainties. Strong domestic demand has provided concrete support to the economy as a whole.”
The survey finds that 27% of respondents changed job last year, 59% of which claim that they have got a better job. Among those who intend to change jobs this year, 79% expect a salary increase after taking up a new job. For unemployed respondents, only 40% expect a salary increase.
Yiu says, “Nearly 60% of workers who changed jobs last year claim that they have got a better job, indicating that good opportunities are available for change seekers. Although the economy is under downward pressure this year, I think the hiring activities would remain active in the first half of this year. In fact, the number of job vacancies posted on jobsDB has reached 50,000, which shows a 25% increase after the Chinese New Year. Those who plan to change jobs should keep an eye on industrial trends and job requirements. If they intend to give up their current job to find a new one, they should also consider their financial situation. As shown from the survey findings, unemployed people tend to have lower expectations for their new job, especially when they are discouraged by job hunting failures or financial difficulties. ”
According to the report, 52% of respondents plan to change jobs this year and on average they expect a 13% salary increase after job change. The main reasons given for a career move are “Not satisfied with current salary/benefit”, “Slim advancement prospect” and “Discontent with company culture”.
Yiu concludes, “Employers should be aware that more people plan to change jobs after bonus payout. They might be able to find good job opportunities, especially for high-growth job positions. To avoid staff turnover, management should communicate with their subordinates to understand their work condition and career goals and offer guidance as needed. This is a good way to show the company’s care to employees.”