Less than half of the employers will provide a pay rise to employees, and only one-third will offer performance bonus to staff.
According to jobsDB’s Compensation and Benefit Survey 2010, only 45.3% of employees will have a salary increase. The average pay rise of all employees surveyed is 1.4% in 2010. “Undoubtedly financial tsunami had a very large impact on companies last year, and most companies would adopt a conservative attitude in management. Even if the economy has slightly picked up recently, they would only offer minimal pay rise and benefits to employees. Only after the economy has fully recovered, the rate of increase will be higher,” Vincent Koo, Executive Director of jobsDB Holdings Limited commented.
In terms of business sectors, medical/pharmaceutical is expected to have the highest average increase of monthly salary (5.2%), followed by toys (3.3%). In terms of job functions, marketing is expected to have the highest pay increase (2.3%), followed by shipping/logistics (2.0%).
The survey finds that 31% of companies will provide performance bonus in 2010 and the amount will increase from 0.8 month of salary in 2009 to 0.9 month in 2010 on average. In 2009, property development provided the highest performance bonus (1.4 months),while in 2010, freight forwarding / delivery / shipping is expected to provide the highest amount (1.8 months).
On the other hand, 45% of companies will provide double pay in 2010 and the average amount is the same for 2009 and 2010 (0.5 month). Among all business sectors, chemical / plastic / paper provides the highest amount, with 1.1 months of salary.
This survey finds that 54% of the respondents will expand their company size in 2010, 37% will keep unchanged and only 9% will cut the number of staff. For the same period last year, only 26% would employ more employees. jobsDB also finds that while 50% of small companies will expand their size in 2010, 73% of large companies plan to expand their size next year.
Koo comments, “One year after the global financial tsunami, employers start to believe the economy has already reached the trough and will rebound soon. We can see that the hiring intention had been gradually improving over the past year, and employers are already planning to expand their companies to face the economic changes.”
jobsDB.com conducted an online compensation and benefit survey in October 2009, and 195 companies from 36 business sectors in Hong Kong participated in the survey.
For more information, take a look at jobsDB’s Compensation and Benefit Survey 2010.
This article is either written or edited by jobsDB HK. If you would like to publish it on other website or publication, please contact us by email: Editor@jobsDB.com. jobsDB reserves the right to take legal action against any person that infringes the copyright.