The average pay raise in Hong Kong this year grows 1.1 percentage points to 5.9%, while 62% of workers get a pay increase, said jobsDB that recently released results of its salary survey.
But at the same time more than half of the surveyed employees plan to get a new job, expecting a successful job change to bring a 13.3% jump in pay.
jobsDB conducted the online survey in February 2014, aiming to compare the changes in salaries and bonuses between 2013 and 2014, and to find out the latest job-changing situation among job seekers in Hong Kong. A total of 3,706 Hong Kong employees participated in the survey.
Across the 23 surveyed business sectors, professional services reports the highest base pay increase of 9.6%, followed by marketing/public relations (8.2%) and building and construction (8%).
The average bonus size across all surveyed sectors was 1.3 months of basic salary, with the top two being hospitality/F&B (2 months) and banking/finance (1.7 months).
"From the data provided by the surveyed employees, the average pay rise rate was 5.9%," comments Justin Yiu, general manager of jobsDB Hong Kong. "The rate is 1.1% higher than last year, indicating that business performance of different sectors remains good."
While high pay raise is evident in sectors facing talent shortage such as building and construction , that isn't the case in the hospitality/F&B sector (3.3%) where demand for workers is strong.
"Employers of [the hospitality/F&B sector] are suffering from high operation costs--salaries, shop rent, and food, finding it hard to offer fatter paychecks," said Yiu. "So they opt to offer variable pay--such as bonuses--to retain staff."
Top three reasons for job changes
Survey results indicate that the top three reasons for career move are "not satisfied with current salary/benefit" (60%), "slim advancement prospect" (39%) and "discontent with company culture" (31%).
"Since mid-February, the number of job vacancies has been growing and employers will stay active in recruiting in the coming months," Yiu said. "Employers should reduce the turnaround time [when recruiting] because job seekers may get more than one offer as a result of the intensified competition for talent."