Even though accounting and finance professionals are able to continue to work productively from home, it is one of the functions that will most likely be affected by the two-year long pandemic moving into 2022.
Many companies that continued to suffer losses in 2021 have chosen to reduce their workforce strength in critical support functions such as accounting and finance. The 2021 Randstad Employer Brand Research revealed that although 11% of 2,630 Hongkongers worked more hours, 23% worked fewer hours during the pandemic.
This highlights a pressing HR challenge as those who remain employed with their company are likely overworked by the additional workload and tighter reporting deadlines. Furthermore, most companies do not appear to be replacing the headcount, posing two major HR issues that companies must be prepared to confront if they do not expand their accounting and finance team soon.
in-demand accounting and finance specialists needed to drive change
In line with organisations’ growth ambitions and business recovery plans, the most in-demand jobs in accounting and finance in Hong Kong SAR are increasingly seen in IT audit, finance transformation, as well as financial planning and analysis.
Amidst the strong demand for these professionals, companies are facing talent shortage for qualified candidates with the adequate skill sets to fill roles in these specialisations.
In view of the talent shortage, employers looking to hire top accounting and finance professionals in 2022 are encouraged to re-evaluate their talent strategy. With a competitive labour market, employers should find ways to meet candidates’ expectations on salary and employee benefits.
2022 salary, bonus and employee benefits
Accounting specialists in IT audit, finance transformation, as well as financial planning and analysis who switch employers in 2022 will likely receive a salary increase ranging from 30% to 45% in 2022.
Out of these specialisations, finance professionals with a global remit in finance transformation are most likely to negotiate for an even higher remuneration package.
Accounting, taxation, and treasury candidates will most likely receive a 5% to 10% salary increase when switching employers, with executive and C-suite positions commanding higher pay.
The key reason for the 2022 salary increments is the sustained scarcity of skilled talent in Hong Kong SAR as more and more relocated to other metropolitan cities like Shanghai, Singapore and London for work.
download the digital copy of the Hong Kong SAR 2022 market outlook and salary snapshot
key highlights in the accounting and finance industry outlook in 2022
- evolution of job responsibilities and required skills for accounting and finance in 2022.
- anticipated job mobility of professionals across industries and different levels of seniority.
- salary snapshots for 17 accounting and finance jobs.
read more on 2022 talent and salary trends in hong kong in other industries:
- banking and financial services
- insurance
- legal
- technology
- human resources and business support
- sales and marketing
- life sciences
- property
- sourcing and supply chain
- contracting
If finding exceptional talent for your business is a key challenge or if you want to take your workforce ready for the future of work, please get in touch with us. You can also check our key areas of expertise in accounting and finance recruitment.