Hiring, Compensation & Benefits Report 2023

Talent shortage remains the key challenge for HR in Hong Kong with over 113,000 talent leaving the city from mid-2021 to mid-2022*. Nearly 70% of the surveyed employers reported difficulty in recruiting compared to 5 years ago. As always, the JobsDB Hong Kong C&B Report is the definitive guide is here to show you the way:

Hiring plans and market expectations in 2023
Salaries and predicted adjustments
Structure of bonus and other benefits

* Data released from the Census and Statistics Department in Aug 2022

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5 KEY TRENDS

Every HR must know in 2023

01

Hiring plans and market expectations

The surveyed employers are more reserved about the employment market in 2023 with 44% of them perceiving the employment market in Q1 2023 remaining the same as 2022.

Hiring plans show the majority of employers (64%) are more inclined to maintain the current headcount compared to last year.

02

Payscale adjustment forecast

Overall salary adjustment prediction in 2023 is +1.6%.

03

Bonus

63% of the surveyed employers provided performance bonuses in the past 12 months, recording a rise from 59% from last year.

Level of staff hired	This year	Prediction for the upcoming year
Top / Senior Management	avg. 2.2 months	2.4 months (↑ +0.2 months)
Middle Management	avg. 1.7 months	1.9 months (↑ +0.2 months)
Supervisory Role/Manager	avg. 1.5 months	1.8 months (↑ +0.3 months)
Officer/Non-managerial staff	avg. 1.3 months	1.7 months (↑ +0.4 months)
Administrative/Clerical Staff	avg. 1.2 months	1.8 months (↑ +0.6 months)
Frontline Staff	avg. 1.3 months	1.9 months (↑ +0.6 months)

04

Recruitment Difficulty

68% of the surveyed companies report recruitment difficulties as compared to five years ago. “Raised expectations for salary and benefits” (60%), ”recruiting capable talent”(60%) and “recruiting experienced talent”(53%) are the key challenges for recruitment difficulties.

05

Measures Used in Generating Interest from Qualified Candidates

More employers (+11%) are using attractive salary and compensation as one of their top 3 measures to recruit qualified talent as compared to last year.

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Disclaimer

The information provided in this report is for reference only. Whilst JobsDB endeavours to ensure the accuracy of the information in this report, no express or implied warranty is given by JobsDB as to the accuracy of the information. JobsDB shall not be liable for any damages (including, without limitation, damages for loss of business or loss of profits) arising in contract, tort or otherwise from the use of or inability to use this report, or any material contained in it, or from any action or decision taken as a result of using this report or any such material.