Award-winning recruitment and HR outsourcing firm Links International has released its 2022 Asia Pacific Salary Guide.
Links’ 2022 Asia Pacific Salary Guide explores how work trends are changing in Asia as the region enters the “hybrid” era of work. Gain a better understanding of the performance of the job market, projected salary increments, and hottest job roles.
Top key 5 findings from the 2022 Asia Pacific Salary Guide include:
1. Strong Projected Corporate Salary Increments in 2022 for HK, Singapore & Mainland China
The strong economic recovery throughout the APAC region has meant salary increments and bonuses are projected to recover in all functions. In most functions, projected salary increments are expected to range from 3-8% if employees stay at their current jobs. For talent changing jobs, salary increments are predicted to be from 10-35%.
Salary increments in the best performing functions like IT and Life Science & Healthcare are expected to be especially high due to businesses offering higher wages to attract the best workers from the small talent pool.
|
Location |
Projected Salary Increment |
Salary Increment with Job Change |
|
Hong Kong |
3 – 8% |
11 – 23% |
|
Mainland China |
4 – 6% |
8 – 29 % |
|
Singapore |
3.5 – 9% |
11 – 24% |
*Although it looked promising at the start of the year, Hong Kong now faces challenges from a 5th wave of COVID. Businesses were initially anticipating strong growth and re-opening of borders, the development of the situation and response from companies could potentially impact salary increments in HK.
2. Winning & Losing Job Roles
The pandemic has given rise to new opportunities as businesses work towards transforming and digitalising their operations to tackle the challenges of COVID-19. Digital-related roles in all functions are in particularly high demand:
Winning Job Roles:
- Finance Transformation Role
- Business Strategy Manager
- Cloud Architect/Specialists
- Cyber Security Analyst/Consultant
- Customer Lifecycle/Growth Marketing Specialists
- HRIS Specialist
- HR Mobility Specialist
- Regulatory Affairs Specialist
Losing Job Roles:
- Operations Accounting Roles
- Events Marketing
- Executive Assistant
3. Talent Becoming Increasingly Difficult to Retain
The pandemic has allowed workers to reassess their careers and personal priorities, leading to 41% of the global workforce considering leaving their current employer within the next year. Dubbed the “Great Resignation”, employers are finding it increasingly difficult to attract and retain the best talent. To counter this phenomenon, businesses are taking different approaches to flexible work but generally agree that a “hybrid” work model is the way forward if they want to attract talent in the future.
4. Mainland Chinese Companies Dealing with “Involution”
Involution is a growing trend seen in many Mainland Chinese companies across all industries. Increasing internal competition between workers is getting fiercer as they compete for limited resources. This has led to the stagnation of companies that are suppressing the promotion of outstanding talent and limiting creativity because of internal competition. Although industries are experiencing different levels of involution, it is a common issue all companies have to address for long-term growth.
5. Singapore’s Economy Roars Back as Road to Recovery on Track
Singapore’s “living with COVID” approach places the city-state on track to reopen international trade and travel. High vaccination rates, government support schemes like the SGUnited Jobs and Skills Package (SGUJS) and Jobs Growth Incentive (JGI) has helped GDP rebound throughout 2021, growing as much as 15.2% in Q2 of 2021.
Edited by: Matthew Thomas
