KPMG’s eighth annual Executive Salary Outlook analyses a survey of 1,103 business executives and professionals across six sectors to take a measure of the employment market in the Chinese Mainland and Hong Kong (SAR). This report focuses on employment trends in the Chinese Mainland and Greater Bay Area (GBA).
This year’s survey identified softer overall hiring sentiment compared to prior years, reflecting a more challenging economic outlook. Amid a softer market and more crowded talent pool, candidates’ expectations have adjusted, with candidates increasingly needing to upskill in order to stand out from the competition.
Employers also experienced challenges hiring the right talent; and with a significant number of respondents looking to change jobs, talent retention and attraction will continue to be on employers’ agenda for 2024. Flexible work arrangements and long-term incentive plans are desirable to candidates and should be considered by employers as part of a differentiated compensation and benefits package in order to attract top talent. In the face of hiring challenges, organisations should explore talent markets outside of their local region to gain access to a larger pool of candidates.
In addition to the salary and bonus outlook across a number of key sectors, the report also looks into how talents view the career opportunities offered by the Greater Bay Area. Key motivations for talents considering relocating in the GBA include better career and industry prospects, higher income, and broader work exposure. The ongoing development of the GBA is expected to continue to create career opportunities going forward.
