Key survey findings: Michael Page 2015 Greater China Salary & Employment Outlook
- 53% of surveyed employers in mainland China plan to increase headcount in 2015, compared to 51% in Hong Kong and 63% in Taiwan.
- 47% of survey respondents report current hiring levels are stronger compared to a year ago.
- 85% of surveyed employers will be providing bonuses as part of their employee’s remuneration, with 60% of mainland surveyed employers expecting to offer salary increases of between six to 10%.
- 36% of surveyed employers believe their employee turnover is due the desire for an increased salary.
- 47% of employers surveyed are offering career progression as part of their attraction and retention strategy, with 39% offering recognition and rewards.
Wednesday, 4 February 2015: Greater China’s employment market is expected to be bullish in 2015 as new survey results reveal over half of employers throughout the region plan to hire new staff over the next 12 months. Michael Page’s new Salary and Employment Forecast Outlook for Greater China identifies optimistic attitudes on hiring among employers in the markets of mainland China, Hong Kong and Taiwan.
“The outlook for 2015 shows there is steady growth in the labour market across the region,” says Anthony Thompson, Regional Managing Director, Michael Page Greater China. “With rising salaries and a talent shortage, employees will be the winners on the labour market in the coming year.”
Survey results reveal Hong Kong’s employment market is buoyant, with junior professionals in the banking and finance sector being highly sought after for the first time since the financial crisis. Additionally, there is a need for sales and marketing professionals across multiple sectors.
In Taiwan, an export-manufacturing focused market, technology companies are increasing headcount. Designers of electronic goods and experts in research and development are in demand, as well as professionals in the retail and luxury goods areas.
For mainland China, the shift from a manufacturing-led economy to a service- and consumption-led economy has positively shaped the labour market and the skills required. Innovative professionals who are strong communicators and who can think strategically will be in high demand over the next 12 months.
Employee turnover is still driven by monetary reasons as over a third (36%) of surveyed employers report the main reason their employees leave the company is to increase their salary. Survey results show employers are responding to higher salary demand by increasingly offering alternative rewards such as career development (47%), recognition and rewards (39%) and a strong company culture (36%).
“As the region continues to be a global player, local companies are increasingly competing for professionals on the same terms as multinational companies,” says Thompson. “Companies in Greater China are making heavy investments in finding and retaining talent and this trend will continue for the foreseeable future. Employers with a clear purpose and strategy, who invest in their people and who have a good reputation with a strong employer brand will be the winners in the future Greater China labour market.”
The Michael Page 2015 Greater China Salary and Employment Outlook incorporates the findings of an online survey of more than 2,000 employer respondents across mainland China, Hong Kong and Taiwan. The report also features interviews with Michael Page subject matter experts, discussions with corporate human resources directors as well as interviews with Shaun Rein, founder of China Market Research Group and the author of The End of Copycat China as well as Dr. Clint Laurent, founder and Managing Director of Global Demographics. Combined, their perspectives give a holistic view of the labour market in Greater China for 2015.
To access the full version of the report, visit the Michael Page News and Research Centre.