Only modest salary hikes to be expected in 2016

This is despite a currently active hiring environment.

While hiring activity remains strong in Hong Kong, the majority of professionals in accounting, finance, banking and technology should expect only modest salary rises in 2016.

According to a release from Robert Half, the latest Salary Guide released by recruitment firm Robert Half says 83 per cent of employees can expect their wages to stay the same or to increase between one and five per cent.

Only 16 per cent of jobs will command an increase of between six and nine per cent while less than one in a hundred (0.6 per cent) of roles will enjoy salary increases of 10 per cent or more.

Here's more from Robert Half:

The Robert Half 2016 Salary guide covers four markets in Asia – Hong Kong, Japan, Singapore and Shanghai. The industry sectors that the guide covers are: Finance and Accounting: Including accountants, finance, credit, tax, and treasury experts working in a range of industry sectors. Banking and Financial Services: Covering roles in banks, insurance and financial institutions, including risk, compliance, finance and accounting/control and operations. Technology: Covering roles such as CIOs (Chief Information Officers), IT directors, application managers, IT architects, network engineers, programme managers and security professionals.

Mr Adam Johnston, Robert Half’s Managing Director for Hong Kong and Japan said there were plenty of opportunities for professionals seeking to move to a new company or to seek advancement within their existing company.

“Nine in ten CFOs and CIOs we surveyed plan to make new hires in the first half of 2016, either to add to their headcount or to replace existing employees that have left.”

“Even with this level of hiring activity we are not seeing large jumps in remuneration levels. Compared to three years ago, salary increases will be modest unless the role is a difficult one to fill or a candidate has a specialised skill that the company needs.”

“The smaller salary rises reflect a change in the way employers are viewing the local labour market. In previous years business leaders have typically cited the lack of supply of candidates as the chief factor making it difficult to get professional talent. This year employers are struggling to find candidates with the right skills. So it’s not a lack of supply that is the problem, it’s a lack of skills.”

“This focus by employers on skills mean they are only prepared to pay top dollar for exceptional candidates,” said Mr Johnston.