JobsDB’s Hiring, Compensation & Benefits Report for 2021 has revealed that HR professionals in Hong Kong can expect modest salary gains estimated between 1.0% and 1.3% this year for most job roles – with the ongoing effect of Covid continuing to suppress wage growth.
The comprehensive snapshot revealed that HR business partners are estimated to enjoy the largest pay rise in the profession of 1.4%, an average per month of HK$35,409 – up from HK$34,774 in 2020. While learning & development managers are also expected to fare relatively well with a 1.3% pay increase (HK$45,860).
HR directors in Hong Kong are tipped to gain a pay rise of 1.2% – an average monthly salary of HK$81,872 – while HR managers can expect a 1.3% pay rise (HK$40,590) in 2021.
The administrative sector of HR is expecting to see wage stagnation with administration / assistant clerk salaries expected to rise just 0.2% while administration officers are predicted to actually see a fall in the average wage dip of -0.8%.
While in terms of hiring trends, the main reasons for increased headcounts in the first quarter of 2021 were business expansion (65%), growth of new roles / skill sets (32%) and replacement of employees who resigned (18%).
Conversely, the main reason for a decrease in headcount over the same period were reducing operation costs (74%), restructuring or changing of duties (54%) and a prediction of poor economic conditions ahead (52%).
In terms of benefits, 2020 was hardly a typical year due to the pandemic but a number of interesting figures emerged. For special benefits, the main reasons cited were marriage leave (63%) and compassionate leave (62%), followed by study leave (25%).
For family-friendly benefits, almost a quarter of companies surveyed (23%) included medical protection for employees’ family members but just 10% offered a dedicated nursing room for new parents.
Work-life benefits also came under the microscope in 2020, with a focus on employees’ wellbeing due to the strain of the pandemic. Four out of five (79%) of Hong Kong-based companies had a five-day week, while 76% offered early leave on festive days such as Chinese New Year eve, mid-autumn festival eve and Christmas eve.
A total of 41% of companies allowed flexible working hours while more than a third (36%) offered work from home.
More than half (51%) had casual dress every day, while 48% offered free fruit and beverages. One in ten had physical fitness facilities in the workplace while 7% offered a gym membership – at least partially subsidised. While just 5% had early leave on Friday, at least once a month.
More than half (55%) of the companies surveyed provided performance bonus in the past 12 months – however this was a substantial drop from 72% last year. Just 12% of these companies offered a guaranteed performance bonus. While 50% offered double pay in the past year, a drop from 58% year-on-year.
The survey covered a total of 436 companies from 35 industries. Full-time exempt employees working in Hong Kong were the main focus of the survey, while specific questions about expats, part-time and temporary employees were also included.
Main image: JobsDB