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In 2022, C&B and L&D specialists can expect to receive a salary increment ranging from 15% to 20% when they switch employers due to the additional job expectations.

Be prepared to face a highly competitive employment market in Hong Kong - according to Randstad's 2022 market outlook and salary report. The 2022 report looks at talent analysis and new post-pandemic salary benchmarks in 11 high-growth industries in the SAR from banking and financial services to HR and business support.

“2022 looks to be a very exciting year for Hong Kong. Many businesses have already fully recovered from the pandemic and we expect to see even more stabilising their business growth next year,” said Benjamin Elms, Regional Director at Randstad Hong Kong. "“In 2022, it is critical for employers to come to terms that Hong Kong is a candidate-short market. The developments and business trends all point towards increasing demand for talent in Hong Kong, resulting in intense talent competition among organisations across all major industries."

Four key take-aways

  • In-demand talent and skills

IT talent, such as developers, cybersecurity, data scientists and analysts, as well as project management, is in high demand across all industries. To stay competitive, many firms are looking fo rIT candidates with similar experience to support digital transformation activities (including enablin gremote working). The demand for talent continues to outstrip the supply of candidates, causing many organisations to struggle to find qualified employees locally.

  • Bilingual or trilingual candidates are in high demand

As the world learns to live with the pandemic, there will be a chance that we’ll see a more fluid talent movement between Hong Kong and mainland China to address talent shortages and drive developments in the Greater Bay Area. Language abilities will be in high demand across most Hong Kong businesses. Candidates who are business-proficient in Mandarin will have an edge in the employment market as the demand for cross-border integration grows.

  • Increasing shared services centres for corporate functions

While this was initially set up as a cost-cutting measure, the regional shared services industry will grow to foster better business agility and attract more diverse talent to the organisation. When companies outsource administrative work to shared services, it aims to create more high-value, high-paying positions for Hongkongers with the skills and experience that enterprises need to execute their business plans.

  • Increasing candidate and employee expectations for more flexible work strategie

Many Hong Kong employees want their employers to adapt to the times and provide work flexibility alternatives such as remote working and flexible hours. However, we have seen varied responses to this, with some businesses reverting to the typical 9-to-6 work paradigm and offering no flexibility in terms of working locations.

As a start, companies need to acknowledge that implementing hybrid work will require structural workforce changes that their employees are already expecting. Upskilling employees in their ability to manage their teams and work progress remotely is one example. More hiring managers will also have higher expectations for job candidates who are technologically proficient and independent enough to work from home.


ASLO READ: HR outlook 2022: 4 ways the workplace is transforming


What to expect for HR?

HR professionals have had to take on new work responsibilities, such as managing remote employees and candidates, as well as developing new HR strategies for the future of work.

With these new responsibilities, the role of the HR professional has evolved significantly and it creates a clear shift in the perception of the profession. In the new normal, HR professionals are increasingly expected to develop and drive impactful strategies that can fulfil the organisation’s and employees’ expectations.

The pandemic has driven higher workforce management demands and positioned HR at the forefront of every company. There has never been a more exciting time to join the industry to take advantage of the unique opportunities that have arisen and chart your career path.

Specialised HR professionals are in-demand

Most HR leaders and employees according to he surveyed have agreed that hybrid work is the “happy medium”. This means having the flexibility to work anywhere and any time. While it may appear to be a simple task, HRteams now have the responsibility of designing and implementing hybrid work models that are compatible with their company’s needs, driving organisational change to shift workforce mindsets, and promote their new HRpolicies to strengthen their employer brand.

Human resources specialists are expected to lead the charge in facilitating the shift towards remote work for the organisation. As a result of this transition, human resources business partners, compensation and benefits(C&B), learning and development (L&D), HR transformation and talent acquisition will all see an increase in talent demand.

In 2022, more organisations will expand wtheir C&B and L&D teams as a result of the growing focus on skills development and the transition toward hybrid work.

To attract and retain talent, C&B professionals will need to go beyond base salary, commissions and bonuses and look at the overall remuneration package instead. Candidates are looking for new, more flexible employee benefits that not only cater to their lifestyle, but also their desire for better work-life balance. With the increased focus on mental health, C&B professionals may also need to review their corporate medical insurance plans and offer a wider coverage that includes therapist and psychologist services.

The shift from office work to remote work also requires companies to enrich their human capital. Not only do they have to upskill their workforce to use digital solutions effectively to improve productivity, but they will also need to train their employees to be more adaptable to remote work.

In 2022, C&B and L&D specialists can expect to receive a salary increment ranging from 15% to 20% when they switch employers due to the additional job expectations.

Salary Benchmarks - 2022

 

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ALSO READ: Four employee benefits trends every HR leader should be planning for


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