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Here's a glimpse of the 2024 salary guide, most in-demand roles, and skillsets to help hiring managers plan better for 2024.
Hong Kong's talent market will continue to be competitive next year, as 47% of professionals surveyed in Hong Kong plan to actively look for new jobs in the next six months, according to a new survey by Morgan McKinley.
Having surveyed 650 businesses and 3,400 professionals, the research revealed that nearly three-quarters (73%) of organisations in Hong Kong have found hiring ‘very’ or ‘quite’ competitive in 2023. A vast majority (91%) have lost staff members in the last six months, with half selecting ‘salary’ as the main reason for their departures.
Hong Kong workers were not happy with the benefits they received: 76% being ‘neutral’, ‘dissatisfied’ or ‘highly dissatisfied’ with their packages.
The top five desired benefits workers in Hong Kong look for in a job are:
- Bonus
- Work from home
- Health insurance
- Flexible working hours
- Health and wellbeing support
‘Higher salary’ remains the most valued reason for wanting to move jobs at 60%, followed by ‘career growth and development opportunities’ at 13%. More than half (57%) of professionals in Hong Kong are optimistic that they will receive a salary increase in 2024, and 47% of employers plan to increase salary offers in 2024 for certain in-demand roles.
Rob Sheffield, Managing Director of Morgan McKinley Hong Kong & China, commented: “In the current environment, employee retention is going to be key. Whilst competitive salaries are important to attract talent, it doesn’t always correlate with retaining employees. You need to also offer comprehensive benefits, have a slick hiring process, create a positive candidate experience, provide flexibility in working patterns and encourage professional development.”
To help hiring managers better plan out for next year, as well as to give professionals more visibility over what they can earn, here's a glimpse of the 2024 salary guide, most in-demand roles and skillsets across different industries in Hong Kong.
Accounting & Finance
In-demand roles:
- Internal audit manager
- Regulatory reporting
- Financial planning and analysis manager
- Mergers and acquisitions manager
- Fund accountant
Valuable skillsets:
- Internal audit
- CPA
- Risk management
- Data analytics
- Mergers and acquisitions
2024 salary guide:
| Job Title | Permanent (HK$ Per Month) | Contract (HK$ Per Month) | ||||
| Low | Median | High | Low | Median | High | |
| Payroll Manager | $48,000 | $55,000 | $65,000 | $48,000 | $55,000 | $65,000 |
| Financial Planning and Analysis Manager | $60,000 | $70,000 | $80,000 | $60,000 | $70,000 | $80,000 |
| Vice President - Regulatory Reporting | $50,000 | $70,000 | $90,000 | $70,000 | $100,000 | $120,000 |
| Internal Audit Manager | $60,000 | $70,000 | $80,000 | $60,000 | $70,000 | $80,000 |
| Fund Accountant | $25,000 | $37,500 | $50,000 | $30,000 | $50,000 | $80,000 |
Banking & Financial Services
In-demand roles:
- Sales (fund/private banking/corporate banking)
- Assistant relationship manager
- Trader
- Corporate actions
- Payment
Valuable skillsets:
- Relationship management
- People management
- Mandarin speaking
- Coding skills (for trading floor)
- Technical skills (financial modelling, equity research multi-strategies)
2024 salary guide:
| Job Title | Permanent (HK$ Per Month) | Contract (HK$ Per Month) | ||||
| Low | Median | High | Low | Median | High | |
| Administrator | $18,000 | $25,000 | $35,000 | $22,000 | $28,000 | $35,000 |
| Manager | $50,000 | $70,000 | $80,000 | $55,000 | $85,000 | $115,000 |
| Head Of | $80,000 | $120,000 | $150,000 | $90,000 | $150,000 | $190,000 |
| Sales Support | $25,000 | $45,000 | $85,000 | $25,000 | $50,000 | $80,000 |
| Trade Support | $20,000 | $45,000 | $80,000 | $25,000 | $50,000 | $80,000 |
Human Resources
2024 salary guide:
| Job Title | Permanent (HK$ Per Month) | Contract (HK$ Per Month) | ||||
| Low | Median | High | Low | Median | High | |
| HR Director / Head of HR (8+ years of experience) | $100,000 | $150,000 | $200,000 | $130,000 | $150,000 | $200,000 |
| Regional HR Director (15+ years of experience) | $100,000 | $150,000 | $250,000 | $130,000 | $160,000 | $200,000 |
| Talent Acquisition Manager | $55,000 | $65,000 | $75,000 | $40,000 | $55,000 | $60,000 |
| Learning and Development Manager | $50,000 | $60,000 | $80,000 | $50,000 | $60,000 | $70,000 |
| Compensation and Benefits Manager | $60,000 | $70,000 | $80,000 | $45,000 | $55,000 | $70,000 |
Legal, Risk & Compliance
In-demand roles:
- Documentation negotiator
- Legal counsel
- Risk analytics manager
- Equities compliance officer
- Trade surveillance
Valuable skillsets:
- Data privacy
- FICC
- Technology risk
- Cross-border regulatory knowledge
- Regulatory and financial crime compliance
2024 salary guide:
| Job Title | Permanent (HK$ Per Month) | Contract (HK$ Per Month) | ||||
| Low | Median | High | Low | Median | High | |
| Risk Manager | $45,000 | $60,000 | $80,000 | $50,000 | $65,000 | $85,000 |
| General Counsel | $120,000 | $220,000 | $300,000 | $120,000 | $200,000 | $300,000 |
| Legal & Compliance Manager / Director | $80,000 | $150,000 | $250,000 | $85,000 | $150,000 | $250,000 |
| Fraud Analyst | $30,000 | $55,000 | $75,000 | $30,000 | $55,000 | $75,000 |
| Documentation Negotiator | $25,000 | $45,000 | $70,000 | $35,000 | $50,000 | $80,000 |
Sales & Marketing
In-demand roles:
- Sales manager
- E-commerce manager
- Market analyst
- Performance marketing manager
Valuable skillsets:
- Business development
- Data analysis
- E-Commerce development
- Account servicing
2024 salary guide:
| Job Title | Permanent (HK$ Per Month) | Contract (HK$ Per Month) | ||||
| Low | Median | High | Low | Median | High | |
| Account Manager - Sales | $25,000 | $30,000 | $40,000 | $25,000 | $30,000 | $40,000 |
| Business Development Director | $55,000 | $75,000 | $100,000 | $55,000 | $75,000 | $100,000 |
| Marketing Director | $60,000 | $80,000 | $100,000 | $70,000 | $90,000 | $120,000 |
| Corporate Communications Manager | $40,000 | $50,000 | $65,000 | $40,000 | $50,000 | $70,000 |
| Events Manager | $30,000 | $40,000 | $55,000 | $30,000 | $45,000 | $60,000 |
Supply Chain & Procurement
In-demand roles:
- Supply chain management
- Demand & supply planning
- Strategic sourcing & procurement
- Process improvement & engineering
- Supply chain analyst
Valuable skillsets:
- Operational excellence
- Process re-engineering & optimisation
- Inventories control and allocation
- Data analysis
2024 salary guide:
| Job Title | Permanent (HK$ Per Month) | ||
| Low | Median | High | |
| Logistic and Operations Manager | $35,000 | $50,000 | $60,000 |
| Procurement Manager | $45,000 | $60,000 | $70,000 |
| Sourcing Manager | $45,000 | $55,000 | $65,000 |
Technology
In-demand roles:
- Java programmer
- Mobile developer
- Cybersecurity
- Solution architect
- Data scientist
Valuable skillsets:
- Python
- Cloud (AWS/Azure)
- Data lake
- SQL
- System and network
2024 salary guide:
| Job Title | Permanent (HK$ Per Month) | Contract (HK$ Per Month) | ||||
| Low | Median | High | Low | Median | High | |
| Algorithm Engineer | $30,000 | $50,000 | $70,000 | $30,000 | $50,000 | $70,000 |
| Backend Developer | $25,000 | $40,000 | $65,000 | $25,000 | $40,000 | $65,000 |
| Cyber Security Manager | $50,000 | $70,000 | $80,000 | $50,000 | $70,000 | $80,000 |
| Data Analytics Manager | $50,000 | $60,000 | $70,000 | $30,000 | $45,000 | $55,000 |
| IT Director | $70,000 | $90,000 | $120,000 | $70,000 | $90,000 | $120,000 |
Lead image / 123RF
All data / Morgan McKinley 2024 Salary Guide
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