Randstad Hong Kong’s 2023 market and salary outlook report includes key labour trends and employer insights on salaries, bonuses, hiring outlooks and talent expectations. Download the full report for more information to guide your talent attraction and workforce planning strategy in 2023.
Resources from drug research projects, product management, clinical trials and elective surgeries have all been diverted to fighting COVID-19 over the past two years, resulting in a rather sluggish growth in the life sciences industry in Hong Kong SAR.
However, all may change in 2023 when companies shift their focus back to developing new drugs and performing surgeries.
There is a steady trend of increase in hiring of research and development (R&D) professionals and medical scientists for molecular biology testing technologies and oncology research, pharmaceutical product managers as well as management and consulting staff in the medical aesthetic industry.
healthcare professionals have higher salary expectations due to pay increases during COVID-19 pandemic
In the fight against COVID, many doctors, nurses and medical laboratory technologists working for chained-clinics, non-government organisations and private labs that assisted COVID-related projects for the governments received significant salary increments to compensate for their long hours and risk of exposure.
Due to these adjustments to salary benchmarks, many healthcare professionals are reluctant to depart their COVID-related roles.
Private organisations are more likely to step up their offers to meet new salary expectations, with some offering up to 15% salary increment to licensed healthcare professionals.
Radiologists, physiotherapists and occupational therapists are expecting up to 50% pay increment, as they can make just as much being self-employed.
sales professionals are waiting until the market restarts before switching employers
To attract sales talent and prepare for the pipeline of product launches, many pharmaceutical companies are offering a 20% to 25% raise on base salary.
With the talent shortage in sales, some employers are hiring medical sales talent from adjoining sectors such as technology and manufacturing and providing on-the-job training so that they can start delivering results.
new clinical trials and drug discoveries await research and development professionals
The demand for R&D scientists will remain high, largely driven by the rapid growth and wide acceptance of rapid antigen tests.
When switching employers, academic R&D professionals can expect to receive 5% to 10% salary increment, while those working for commercial companies could receive up to 20% increment on their annual salary.
life sciences employers need to be creative when looking for new talent
Hiring new talent with critical skills poses a serious challenge for many healthcare and life sciences companies, especially at the middle level management level where there is a severe shortage of experienced talent.
Since the majority of healthcare professionals and scientists do not have an active online profile, social events like conferences and symposiums are the most effective channels to connect and engage with these industry experts.
Referral schemes have also proven to be very successful in attracting new talent, as healthcare professionals may be attracted to the idea of working with their peers or experts whom they admire.
download the randstad hong kong’s 2023 market and salary outlook report
The 2023 Hong Kong’s Market Outlook and Salary Snapshot report looks at talent analysis and new salary benchmarks in the following industries:
- Banking & Financial Services
- Accounting & Finance
- HR & Business Support
- Sales & Marketing
- Life Sciences
- Property, Construction & Engineering
- Sourcing & Supply Chain
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