Hong Kong's accounting and finance industry is set for major changes in 2024, driven by the on-going wave of digital transformation. As the landscape evolves, traditional roles are giving way to new digital opportunities, prompting a focus on skill development. Career specialisations further deepens and automation is reshaping tasks, marking a significant turning point in the industry's trajectory.
This article offers insights from Randstad Hong Kong SAR’s 2024 Market Outlook and Salary Trends report, including key labour trends and HR insights on salaries, bonuses, hiring trends and talent expectations in the accounting and finance sector.
Unlock expert insights for your 2024 talent strategy - Download the full Randstad’s report on salary trends, hiring practices, and future skills needed to thrive in Hong Kong's accounting and finance boom.
companies vying for junior and middle managers amid a brain drain
Similarly, there's a noticeable shift in career preferences among the younger generations. While accounting used to be a popular choice for tertiary students due to its stability. However, today's youth are increasingly drawn to emerging industries like technology, supply chain, and healthcare, resulting in a shrinking talent pool.
There's a talent shortage for professionals aged between 25 and 35 with the necessary expertise and experience. Some key trends contributing to this decision among the younger generation include slow salary adjustments to reflect inflation, higher cost of living as well as an imbalance in talent supply and demand.
When it comes to changing jobs, candidates who are in junior to middle management roles such as financial analysts and senior accountants, stand out as highly sought-after. Companies are looking for talent capable of hands-on work, do the groundwork and manage a small team. However, this career phase often coincides with the age (28 and 38 years old) when many professionals consider relocating to seek better opportunities, resulting in a brain drain of talent.
Conversely, companies are tightening their grip on the salaries of senior accounting and finance professionals. Many organisations are reducing their hiring appetite for professionals earning HKD80,000 and above each month, aligning with the current economic landscape and skills needs.
With digitisation, professionals who haven't upskilled may find themselves taking lateral steps or accept pay cuts due to the industry's restructuring.
talent prioritising stability and flexibility in job decisions
A significant number of accounting and finance professionals are now prioritising stability and flexibility when looking for employers. Some of the key factors for these job decisions are competitive pay, career advancement opportunities, and the chance to take on diverse job roles and responsibilities to enhance their job experience.
When hiring for growth and replacement, both technical and soft skills are critical within the accounting and finance industry. Technical skills such as expertise in tax regulations in the People's Republic of China and business-proficient English and Mandarin language skills remain essential. Soft skills like communication, adaptability, and problem-solving are equally important.
Overall salary increments in the accounting and finance field for professionals changing employers are typically between 15% to 20%. Middle-level employees earning around HKD30,000 every month, and are equipped with in-demand for their skills, expertise, and unique perspectives, the salary increment upon switching employers can range from 20% to 22%.
As talent expectations continue to evolve, organisations must adopt an agile approach to recruitment and employee retention. This entails offering competitive salaries, career development, and flexibility to meet the changing needs of professionals in the field.
download hong kong SAR’s 2024 market and salary outlook report
The 2024 Randstad Hong Kong SAR’s Market and Salary Outlook report looks at talent analyses, key trends and new salary benchmarks in the following industries:
- Banking & Financial Services
- Contracting (banking & financial services and technology)
- Construction, Property & Engineering
- Human Resources & Business Support
- Insurance
- Legal
- Life Sciences
- Luxury & Retail
- Sales & Marketing
- Supply Chain & Procurement
- Technology
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If you’re a job seeker looking for better job prospects and career growth opportunities, start your career journey with us by applying to our latest accounting and finance jobs or submitting your CV to us.