CBI member Hays released the Hays Salary Guide, which highlights salary and recruiting trends drawn from more than 3,000 employers across China, Singapore, Malaysia, Hong Kong, and Japan representing six million employees as well as the salary ranges for more than 1,200 roles.
The Guide revealed that the majority of employers in China (44%) plan increases of 6-10% in the next review period and 29% plan increases of 3-6%.
Christine Wright, Managing Director of Hays in Asia, said, “We will see some tension this year between employers taking a cautious approach to salaries to help navigate economic conditions in the region more generally and candidates hungry for advancement.
To make the best of these conditions, candidates should do their research thoroughly before pitching for salary and give more weight to other benefits such as career development opportunities that will pay off when the salary climate is more favourable to candidates.
Employers are telling us they expect skills shortages to be a challenge this year, and while this will only add to salary pressures we expect most employers to still keep salaries in check.
To fill shortages, China’s employers will need to focus more attention on other strategies such as encouraging a more diversified workforce and remaining open to recruiting from overseas.”
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