74% of respondents expect salary increases in 2023

A recent survey by KPMG China, which included 1,327 business executives and professionals, has revealed that Hong Kong’s hiring activity is expected to gain momentum in 2023, reflecting the growing optimism of businesses following the impact of the COVID-19 pandemic. The survey found that 37% of Hong Kong respondents expect their staff numbers to increase in 2023, with headcount increases focusing on frontline staff such as sales, fee earners, and client relations roles. However, this increase in headcount comes amid a tight labour market, which could impact salary offers from employers. The survey found that 74% of respondents expect salary increases in 2023, with 44% expecting higher bonuses. Additionally, 33% of respondents are considering job changes in the next six months, citing reasons such as salary and compensation package, career progression, and work flexibility. KPMG has urged employers to focus on sourcing talent, remaining competitive in remuneration, and having good recruitment support, as well as considering hiring employees outside traditional sectors and geographies.

Murray Sarelius, Partner, People Services, KPMG China commented: “The observed increase in headcount and salary expectations reflect the anticipated recovery as Hong Kong emerges from the removal of pandemic-related restrictions and the benefit of government support measures, while employers are looking for growth opportunities.”