Hong Kong attracts companies but talent in short supply

Hong Kong continues to attract companies looking to gain a foothold in Asia, but talented professionals are in short supply, according to a Michael Page report.
Thu, 23 Jan 2014Hong Kong continues to attract companies looking to gain a foothold in Asia, but talented professionals are in short supply, according to a Michael Page report.

The ‘Michael Page Hong Kong 2014 Salary & Employment Forecast’ shows average salaries in Hong Kong are expected to increase over the next 12 months, with 71% of all surveyed employers expected to offer salary increases of between 1% and 5%.

Sectors expected to provide employees with higher salary increases of 6-10% include procurement & supply chain (50%), secretarial & office support (42%) and legal (33%).

Andy Bentote, senior managing director of PageGroup in Hong Kong and Southern China, comments: “While some established businesses are beginning to look at setting up in other cities such as Shanghai and Singapore, Hong Kong’s deep pool of talent makes it hard to beat for companies starting out in the region.”

Michael Page also witnessed growth in Greater China and achieved record revenue for the region in 2013, in particular, a resurgence in financial services in Hong Kong contributed to its revenue growth. Michael Page also expanded its recruitment consulting team and increased its headcount by 21% to 420.

Bentote adds: “For 2014, we believe that staff retention will be the key theme for employers in Hong Kong as competition for the best performers will be strong.”

More than 500 Hong Kong employers contributed their views on salary increases, employee retention, bonus payments and recruitment activity to the annual survey.

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