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China's mainland leads in salary increases among 5 major Asian economies
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CHINA’S mainland led salary increases among five major Asian economies last year, driven by impressive economic growth and upgraded demands for talented workers, recruiting company Hays said in a report yesterday.
Of those surveyed, 66 percent of employers in China's mainland gave a salary increase above 6 percent last year, compared with an overall 29 percent in Asian economies including China’s mainland, Hong Kong, Singapore, Malaysia and Japan, Hays said after surveying 2,600 employers and placements made by the company.
"Cost control has lowered the ceiling for salary increases in many organizations across Asia,” said Simon Lance, regional director of Hays in China. “While China is the stand-out performer when it comes to salaries in Asia. For the top talent many employers offer higher packages to entice candidates, proving that money still talks. But in general, salaries are starting to become more moderate than they once were.”
China's economy is slowing, but remains impressive by international standards, as it shifts from manufacturing to a service orientation, the report said.
Tier One cities such as Beijing and Shanghai are attracting more service companies, financial institutions and banks, creating demand for skilled candidates with solid experience in financial planning and analysis, commercial analysis, control, audit and compliance.
Looking ahead, the report said 71 percent of respondents across Asia expect business activities to increase and 43 percent expect their workforce to expand.
"Candidates with in-demand skills and realistic salary expectations can be confident that this year will provide them with the opportunity to secure a challenging career move and a salary increase,” Lance said.
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