China is the most generous employer surveyed for the annual Hays Asia Salary Guide with 44 per cent of employers planning salary increases of six to 10 per cent this year and 16 per cent intending to provide increases above 10 per cent.
The 2016 Hays Asia Salary Guide, released today, highlights salary and recruiting trends drawn from more than 3,000 employers across China, Hong Kong, Japan, Malaysia and Singapore representing six million employees. The Guide also provides salary levels for more than 1,200 roles.
Most employers in the other countries plan increases from three to six per cent except Japan where most employers (63 per cent) plan to keep increases to no more than three per cent.
Compared to Japan, only seven per cent of employers in China plan increases of up to three per cent while 29 per cent intend to award salary increases of three to six per cent. A further four per cent are not planning to provide any salary increases this year.
Looking at the actual increases awarded during last year’s reviews, Hays found 50 per cent of employers in China awarded salary increases of six to 10 per cent but only 13 per cent increases of more than 10 per cent. A further 23 per cent awarded increases of three to six per cent, six per cent awarded increases of up to three per cent and eight per cent of employers did not provide any salary increases.
Looking across all five countries in the coming year, 63 per cent of employers intend awarding staff bonuses but only 10 per cent told Hays their organisation guarantees bonuses.
When asked to nominate the one or more factors influencing bonuses, 95 per cent of employers cited company performance, 92 per cent nominated individual performance and 37 per cent said team performance.
In terms of the value of bonuses, 33 per cent of employers intend awarding up to 10 per cent of staff salary as a bonus, 44 per cent plan to award 11 to 50 per cent of salary as a bonus and 13 per cent from 51 to 99 per cent of salary as a bonus. A further 10 per cent plan to award 100 per cent of staff salary as a bonus.
Across all countries, 84 per cent of employers provide staff benefits in addition to salary and bonuses. Health/medical is the most commonly offered benefit (78 per cent of employers) followed by life assurance (offered by 42 per cent of employers), a car/car allowance and a pension (both offered by 33 per cent of the employers).
“We expect most employers to tread carefully on salary this year to help navigate business and economic conditions so bonuses and benefits are additional ways they can reward staff without inflating salary budgets,” says Christine Wright, Managing Director of Hays in Asia.
“In saying that, nearly all employers are expecting to feel an impact from skill shortages this year, which could put upward pressure on salaries in some areas. About a third of employers told us they don’t have the right talent needed to meet current business objectives.”
Get your copy of the 2016 Hays Asia Salary Guide by visiting contacting your local Hays office or downloading The Hays Salary Guide 2016 iPhone app from iTunes.
Hays is the leading global specialist recruiting group. It is the expert at recruiting qualified, professional and skilled people worldwide.
Hays Specialist Recruitment (Shanghai) Co., Limited ("Hays China") operates across the public and private sector, dealing in permanent positions. Hays China’s eighteen specialisms span Accountancy & Finance, Banking, Architecture, Construction, Education, Engineering, Executive, Finance Technology, Human Resources, Hays Resource Management, Information Technology, Insurance, Life Sciences, Manufacturing & Operations, Oil & Gas, Property and Sales & Marketing.
Hays China operates four local offices in Shanghai, Beijing, Suzhou and Guangzhou. It is the local representative office for Hays plc, which is a global company.