Hong Kong’s skilled professionals can expect pay rises of up to 6 per cent as employers scramble to keep talent amid Covid-19 exodus, Hays survey shows

Name: Hong Kong faces expat exodus as appeal of international city wanes
Uploaded: 2022-04-08T06:30:25.000Z
Duration: 4 min 36 s
Description: Hong Kong faces expat exodus as appeal of international city wanes

Four out of 10 employers in Hong Kong plan to increase salaries by up to 3 per cent, while a quarter intend to offer a pay rise of between 3 and 6 per cent

The outflow of talent has been mainly from the finance and accounting sectors over the last two years, according to the report

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Some 65 per cent of employers in the city plan to increase salaries and offer bonuses this year. Photo: Felix Wong

Enoch Yiu

Published: 2:30pm, 8 Apr 2022

Most of Hong Kong’s skilled professionals can expect a pay rise of between 3 and 6 per cent this year as an exodus of talent forces employers to offer bigger wages, according to a survey.

Some 65 per cent of employers in the city plan to increase salaries and offer bonuses this year, according to the 2022 Hays Asia Salary Guide, which surveyed 9,500 professionals in Hong Kong, mainland China, Japan, Malaysia and Singapore in October and November.

Four out of 10 employers in Hong Kong plan to increase salaries by up to 3 per cent, while a quarter intend to offer a pay rise of between 3 and 6 per cent.

Only 24 per cent plan to freeze pay this year, compared with 32 per cent in 2021.

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Hong Kong faces expat exodus as appeal of international city wanes

“The shrinking talent pool in Hong Kong is amplifying the competition for high-calibre candidates. As a result, employers have had to bump up salaries above market rate to secure the candidates they want,” said Sue Wei, managing director of Hays Hong Kong.

The outflow of talent has been mainly from the finance and accounting sectors over the last two years, a trend that will continue this year, according to the Hays report.