Demand For Talent By Decision-Makers Stays Resilient In Softer Hiring Market, Finds KPMG Survey

In a recent survey conducted by KPMG, titled "Hong Kong Executive Salary Outlook 2024," a nuanced picture of the employment landscape across Hong Kong and the Chinese Mainland has emerged. The study, which gathered insights from 1,103 business executives and professionals, reveals a mixed sentiment towards hiring, with a notable optimism among C-level executives in Hong Kong regarding the demand for top talent. This optimism exists despite a general softening in hiring sentiment across various sectors.

David Siew, Partner at People Services, KPMG China, highlighted the evolving nature of business roles and the importance of accessing diverse talent pools for driving organizational performance. The survey indicates a shift in headcount expectations, with an overall decline in anticipated increases and a rise in expectations for reduced headcounts. However, more than 80% of executives still foresee stable or growing team sizes, contrasting with broader workforce apprehensions.

The challenge of talent matching was underscored by the survey findings, with only 15% of job seekers securing new positions in 2023 out of the 43% who sought career changes. This difficulty is anticipated to persist into the first half of 2024, despite a higher percentage of professionals looking to transition careers. Eric Cheng, Director at Executive Search and Recruitment (Hong Kong SAR), KPMG China, suggests that organizations could bridge this gap by investing in training for existing staff and exploring new recruitment avenues.

Salary trends also formed a significant part of the survey's focus. A majority of respondents who changed jobs in 2023 reported salary increases, averaging at 17%. Looking ahead, 78% of professionals in Hong Kong anticipate salary hikes in 2024, with most expecting modest increments. Additionally, the allure of the Greater Bay Area (GBA) is strong among respondents, with 73% considering relocation there for better career prospects, higher income potential, and broader work exposure.

The sectors of innovation and technology, financial services, and professional and consulting services are identified as promising areas for job opportunities within the GBA. This insight aligns with broader trends emphasizing the region's growing importance as a hub for professional advancement and economic development.

The findings from KPMG's "Hong Kong Executive Salary Outlook 2024" report shed light on the complex dynamics shaping employment trends in Hong Kong and the Chinese Mainland. As businesses navigate these challenges, the strategic importance of talent acquisition and management becomes increasingly clear.