One in four employees surveyed by Randstad in Hong Kong expect a 10%-15% pay raise when switching jobs in 2023.
According to the recruitment agency’s 2023 Market Outlook and Salary Snapshot Report, 18% of respondents expect a 15%-20% pay raise when switching jobs next year.
The survey also revealed that the local workforce is realistic and reasonable in their demands, Randstad noted.
To manage the increasing cost of living, 35% of respondents said that they expect their employers to adjust and increase their salary by 5% to 10% in 2023, the company added.
When asked how much bonus they expect to receive for their work done in 2022, 29% of respondents said that they hope to receive equal or less than one month of payout while another 34% said that they should receive a bonus of between one and three months.
How to retain talent
Asked how employers in Hong Kong can effectively retain talent, Elms said as companies are trying to find cost efficiencies and stroked by fear of recession and inflation, what they could do is to step up their game by offering alternative benefits and promoting their employer brand to attract more talent.
Not only would an attractive employer brand appeal to the local talent, but it will also be equally effective when attracting top-tier global talent as well, he added.
To effectively attract new talent, companies will need to improve the work conditions for their existing workforce, according to Randstad.
Hybrid and remote work, health-focused benefits and managing a fair share of the workload through workforce expansion could help employees reach a better work life balance, the firm said.
Employers to forge ahead with digital transformation
In terms of the overall economic climate for employers, Benjamin Elms, Managing Director at Randstad Hong Kong said that the ever-shifting economic situation may dampen the mood for some businesses that are planning for expansion.
“Many western counterparts have adopted a wait-and-see approach going into 2023, reallocating resources towards more high-value business activities,” he observed. “However, it’s not an entirely bleak future for Hong Kong.”
Companies will continue to forge ahead with their digital transformation projects, shifting their resources to accelerate them further, Elms said.