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.
With a stable, world-class regulatory regime and growing investment in fintech innovation, there are immense growth opportunities for Hong Kong SAR in the world of technology developments.
employers need to stay mobile to seize hiring opportunities
Companies across industries are facing fierce competition for the best talent, with organisations trying to attract tech talent by offering exciting opportunities to spearhead exciting new projects that drive digital change.
In a bid to join the global demand for tech talent, Hong Kong SAR recently announced the “Top Talent Pass Scheme” that gives priority to experienced and highly skilled tech talent to bridge the local talent gap.
As international travels open up, more employers will have the liberty and budget to drive transformation initiatives and scale up their businesses.
Employers can also extend their talent search to secure global talent who are equipped with niche and specialised skills and expertise, even without relocating them to Hong Kong SAR.
tech talent prefer stability
For tech professionals, the longevity of their job is more important than novelty.
There is a greater interest in more stable IT verticals and industries as they provide tech talent the opportunity to work with skilled and experienced teams to deepen their capabilities.
There is also great demand for crucial and evergreen roles and industries, such as cybersecurity, DevOps, banktech and fintech.
in-demand tech talent
In an effort to close their talent and skill gaps, some companies are hiring junior IT workers to deliver on projects and groom them for more senior roles and job duties through on-the-job training programmes.
Employers will also hire IT professionals to double-hat roles, and are expected to commensurate them fairly for the wider scope of responsibilities.
With intense talent competition for highly-skilled talent, the 3 areas where we see the greatest demand for tech professionals are:
1. mobile applications developers
to build and improve digital platforms and solutions and create personalised connections with users
2. data science professionals
to help companies translate data into actionable insights
3. cyber risk & compliance professionals
to help digital banks navigate local regulations as they prepare to launch virtual banking services
tech professionals prefer better employee benefits over big bonuses
Tech employees who shift jobs can expect salary increments of 20% to 30% when switching employers. While those who remain to stay with their current employers can expect to receive a 2 to 3 months bonus.
However, a competitive salary is not all they’re searching for. Due to pandemic-related demands such as longer working hours and heavier workloads, tech professionals are increasingly prioritising a healthy work-life balance.
According to the Randstad’s Talent Expectations survey, a good work-life balance means being able to carve out enough personal time for themselves.
Employers must understand what tech workers prioritise and promote the right employee benefits to entice them, such as flexible work schedules, wellness leave, allowances to upgrade home offices and the ability to work remotely.
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
- Insurance
- Technology
- Accounting & Finance
- HR & Business Support
- Sales & Marketing
- Life Sciences
- Property, Construction & Engineering
- Sourcing & Supply Chain
- Legal
- Contracting
connect with our specialised recruiters
Our specialised recruiters partner closely with employers and talent for the perfect match with our true-fit methodology - a qualitative measurement designed to evaluate a talent’s suitability across three dimensions - job fit, boss fit and company fit. Connect with our recruitment consultants for the latest market insights and your talent recruitment needs.
If you’re a job seeker, explore your career adventure by applying for IT jobs or submitting your CV to us.