Hong Kong banks offer up to 30% salary raise amidst talent crunch

Talents for in-demand roles can clinch salary increments as high as 30%.

Hong Kong’s banking and financial industry will experience a further tightening job market in 2023 as the number of job opportunities exceeds the supply of talent, warned Randstad Hong Kong.

As a result, getting and keeping the right talents to fill their most in-demand roles may push banks to shell out up to 30% in salary increments, the report found.

“The industry will experience a further tightening job market in 2023, as banks and financial institutions are stuck in a double whammy. Not only is the number of job opportunities exceeding the supply of talent, but candidates are also more hesitant to change jobs because of the poorer climate,” Randstad wrote in the report “Market Outlook & Salary Snapshot 2023.”

Western banks have turned cautious amidst rising costs and inflation hikes, and have cut their growth appetites in Asia. However, Asian financial institutions more than make up for the demand for talent, as they are keen to capitalise on new financial markets and the growing affluence in the region. 

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Banks and wealth management firms have notedly ramped up their digital transformations amidst increasing customer expectations and global competition. This has led to the creation of more high-value jobs within the front office with fewer job takers, Randstad Hong Kong said.

To fill the talent gap within the front office space, banks are hiring from adjacent industries and training them to fulfill roles in mass-affluent relationship management,” Randstad Hong Kong said. 

“The alternative workforce solution comes from talent seeking career changes from industries that were heavily hit by the pandemic, such as sales and customer service officers from the aviation and hospitality sectors,” it added.