Business
Hong Kong’s Salary Dilemma: Average Pay Hike of 4% Amid Economic Struggles, with Notable Exceptions for Data Science and Business Intelligence Roles – WTW Study
The number of Hong Kong companies with limited wage funds has doubled due to inflation and economic difficulties, according to a study. The study also suggests that the typical employee may anticipate a 4 per cent salary increase in the coming year. Meanwhile, professionals in data science and business intelligence may experience a wage boost of up to 8.3 per cent, as per WTW's research.
Workers in Hong Kong hoping for significant salary raises may face letdowns, as businesses grapple with the effects of inflation, budget reductions, and reduced profits, says a report by the UK consultancy firm WTW (Willis Towers Watson).
WTW forecasts a general salary increase of 4 per cent in Hong Kong for 2025, consistent with the previous two years, and the second smallest growth rate in the Asia-Pacific, following Japan's projected 3 per cent raise. However, city-based experts in data science and business intelligence may witness an exceptional pay rise of up to 8.3 per cent due to the growing need for such skills across various sectors, according to the research.
Businesses in Hong Kong are also on the hunt for skilled professionals in the human resources sector, especially for crucial positions related to ESG (environment, social and governance), as well as employee welfare and efficiency.
"Companies are becoming more cautious with their wage funds as they aim for prolonged steadiness within their workforce," stated WTW. "The institutions that reduced their wage funds pointed to inflation, worries about controlling expenses, and inferior economic outcomes as the predominant reasons."
Three forty-eight
'An ideal match': A Chinese man is seeking a spouse who earns a monthly income of US$1,700, owns a car and a house.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.