Jobsdb by SEEK 2024 Salary Report unveils overall pessimism in employment outlook

• Average salary increments in 2024 was 3.2%, down 0.9 percentage points from last year.

• Nearly 60% of full-time employees received a pay raise, with “Analytics", "Legal/ Compliance” and “Engineering” being the most popular, with salary increases of at least close to 5%.

• Over 70% of respondents received bonuses or double pay, with the "Hospitality/ Tourism" job function offering an average bonus of 2.2 months.

• Employees hold a pessimistic outlook on the job market, with a preference for stability over change in the next three months and expecting longer job search durations.

• Mainland China (including the Greater Bay Area and other regions) ranks among the top three preferred non-local work destinations, especially for workers aged 25 or below.

• Average workweek exceeds 46 hours, and over half of the respondents are willing to extend their working hours for a 4-day workweek.

(21 May 2024, Hong Kong) Jobsdb by SEEK, the leading Hong Kong’s employment marketplace, released its latest “Jobseeker Salary Report 2024”. The findings show that overall compensation in the local job market remained stable, with a 3.2% average salary increase, down 0.9 percentage points from last year but surpassing the 2% inflation rate in March. 57% of respondents received a salary raise, a 4-percentage-point drop from the previous year. Due to external economic factors, talent is approaching the employment outlook with caution this year. Over 36% expressed pessimism, and more expect a longer job search duration compared to last year, while the number considering resignation without a job lined up decreased.

Jobsdb commissioned an independent survey of 3,391 individuals in Hong Kong from February to March 2024. The report shows that 73% of full-time employees received bonuses and/or double pay this year, a 3-percentage-point drop from last year. On average, employees received a 1.4-month bonus, consistent with the past two years. Nearly 30% expressed satisfaction with their bonuses, similar to 2023, with satisfied respondents typically receiving bonuses ranging from 1.8 to 2.7 months' salary.

In 2024, “Analytics” (+7.2%) maintains its lead in salary increments, indicating strong demand for talent in this field. “Legal/Compliance” (+5%) and “Engineering” (+4.9%) also received above-average salary increases. “Information Technology” (+4.2%) ranked fifth, dropping out of the top three.

With the pandemic subsiding and border restrictions easing, Hong Kong saw an increase in visitor arrivals due to its hosting of large events and exhibitions. This, coupled with frequent outbound travel by Hong Kong residents, positively impacted the hospitality and tourism industry. The “Hospitality/Tourism” had the highest percentage of respondents (over 80%) receiving salary increments among all job functions, ranking fifth alongside “Information Technology” with a 4.2% increment. In this sector, 74% of employees received bonuses, a notable 23-percentage-point increase from last year. The average bonus rose to 2.2 months, compared to 1.4 months previously.

“Food and Beverage” had a modest average salary increment of 2.2% this year, 1 percentage point below the overall average. Dissatisfaction with overall compensation likely contributed to a high job turnover rate, with 31% of employees changing jobs in the past 12 months. Furthermore, the intention to switch jobs remains strong, as only 10% of employees have no plans to switch in the next three months.

The survey shows a significant increase, with 36% of respondents expressing uncertainty about job prospects, up by 19 percentage points. Despite 48% acknowledging below-average salaries, many choose to stay in their current jobs. Reasons include “Plan to leave current job” (24%), “Difficulty in getting a new job and maintaining security in the new job due to social instability” (23%) and “Limited choices in the face of an economic downturn” (22%). Additionally, only 22% of respondents quit without securing another job in the past year, down by 4 percentage points. The majority (54%) prefer to have a new job lined up before resigning.

Workers have a cautious short-term outlook, with only 24% planning to change jobs in the next three months, down by 13 percentage points. Additionally, 29% choose to remain unchanged in response to uncertainties, up by 9 percentage points. Expectations for new jobs are also less optimistic, with 14% anticipating a salary reduction, up by 10 percentage points. The average job search time has increased from 4.8 months in 2023 to 5.1 months in 2024, and less than 30% believe they can find a new job within two months.

Approximately 40% of respondents expressed interest in working outside Hong Kong, with 34% considering the option and 5% actively searching for opportunities abroad. Notably, Mainland China emerged as a top destination for local workers considering non-local employment for the first time in five years. When considering working abroad, 37% of respondents would choose Mainland China, ranking second after Australia (38%), with Singapore in third place (35%). Among the younger generation (aged 25 and below), Mainland China (45%) is their preferred non-local work destination, followed by Australia (36%).

Despite workers' willingness to explore opportunities abroad, there seems to be a lack of adequate channels in the market to fulfill their demand for non-local job information.

Full-time employees surveyed work an average of 46.6 hours per week, surpassing the recommended 40 hours by the International Labour Organization. The “Food and Beverage” and “Hospitality/ Tourism” job functions have particularly high average weekly working hours, at 54.8 and 50.2 hours respectively.

Hong Kong workers are increasingly seeking a better work-life balance, with 65% of respondents hoping for a “4-day or 4.5-day workweek”. Meanwhile, 56% are willing to extend daily work hours in exchange for a 4-day workweek to spend more time with family and friends. However, 27% oppose such arrangements, stating that they cannot afford longer daily work hours, or that the measures did not help balance life and work. Despite the growing demand for shorter workweeks, only 24% of respondents report that their companies have implemented these measures, highlighting a significant gap between employee expectations and employer policies.

In the survey, 80% of respondents, mainly in middle and senior management roles, reported experiencing moderate to high levels of work stress. The primary sources of stress identified were a "Heavy workload" (42%), followed by "Job requirement changes and goes beyond capability” (35%), “Deteriorated communication among co-workers/ superiors" (30%), and "Heavy financial burdens” (30%).

For more information about Jobseeker Salary Report 2024, please visit here.

About Jobsdb by SEEK

Jobsdb is the leading employment platform in Hong Kong and Thailand, helping people live more fulfilling and productive working lives and helping organisations succeed. It is a subsidiary of SEEK, a diverse group of companies comprised of a strong portfolio of online employment, educational, commercial and volunteer businesses. SEEK is listed on the Australian Securities Exchange and has a strong presence across the APAC region, including six Asian markets – Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Thailand – through the Jobsdb and Jobstreet brands. SEEK attracts over 500 million visits a year in Asia.