Morgan McKinley: Half Of Global Employers Look To Offer Raises In 2021

HONG KONG, Jan. 19, 2021 /PRNewswire/ — 2020 was a year of massive change for both employers and employees, and it looks like 2021 will be no different.

In their latest survey and 2021 Salary Guide, Morgan McKinley foresees the global recruitment market to start picking up, with local opportunities mainly arising from the maturing 5G and FinTech fields.

Morgan McKinley, the global professional recruitment firm, has launched its new-look, interactive Salary Guide Calculator for 2021 today.

Part of this project included the ‘2021 World of Work’ survey, which revealed that employees are generally a little more cautious than employers of the potential of the hiring market and pay rises, when in fact it looks like there will be great opportunities for them through upskilling and applying for new roles either internally or externally.

Potential resurgence of global recruitment market

Despite the pandemic, nearly half (49%) of global businesses are confident that their organisation will return to normal levels of hiring in the coming 12 months.

And what may be more heartening: some level of salary increment can be expected too.

Over half (51%) of employers around the globe feel confident that they will be in a position to offer pay rises in 2021.

While only 28% of employees are optimistic about being offered an increased salary, the stats show that there will be opportunity from the employers’ perspective.

It will be important for companies to retain their talent in 2021 in order to have the capability to adapt to the current market and stay competitive.

Another year of home office?

The findings also showed that the vast majority (89%) of businesses envisage remote working to continue to remain largely prominent into the second half of 2021, with professionals sharing the same perception (86%).

“As Hong Kong continues to adjust to the current COVID-19 environment, we see strong indications that large numbers of organisations will continue to support working from home and provide the necessary environmental support to enable employees to do so,” said Rob Sheffield, Managing Director of Greater China, Morgan McKinley. “Employers will need to focus on and refine their employee engagement strategies.”

Eyes on Tech: opportunities in FinTech and 5G

In general, Morgan McKinley sees the outlook of 2021 in Hong Kong with a continued focus on the transformation of business models and working environments as a result of COVID-19.

Specifically, the push towards becoming a smart city is likely to remain as the driver behind the demand for talent across FinTech, 5G and security in Hong Kong.

“The growth in the technology sector will be a core factor driving this across e-commerce, supply chain, life sciences and the financial services industry. Strategy and transformation along with Cloud, data, UX and change management will continue to drive the agenda,” added Sheffield.

Acquire the right skills

In order to grasp the chances under the turbulent market, both companies and professionals are aware of the importance of keeping skill sets up-to-date. According to our survey, 77% of the employees planning to upskill in their area of expertise, and 51% of companies believe that they will need to hire for new skill sets throughout 2021.

“The upskilling of job seekers and their employers digitally supporting this across Finance & Accounting, Sales & Marketing, Risk & Compliance will be the key to ensure continued growth in these sectors.” Sheffield commented, “We have seen wage inflation across in-demand market sectors whilst other areas remain largely flat. Some level of increased job mobility amongst senior professionals reskilling and moving sectors are also anticipated.”

Looking ahead: growing in the Greater Bay Area

Alongside this, in relation to China’s plan which aims at doubling the economy by 2035, Sheffield commented: “we are seeing the development of the Greater Bay Area as a key opportunity for growth and local employment. This will have a direct correlation with the investment in businesses, talent and workforce mobility in 2021.”

Access the interactive Morgan McKinley Hong Kong Salary Guide Calculator for 2021 and the full results of the ‘2021 World of Work’ survey here

About Morgan McKinley Hong Kong

Ranked as one of Deloitte’s Top ‘Best Managed Companies’ and headquartered in Ireland, Morgan McKinley established in Hong Kong in 2003. Our company culture, built on trust, reward, and commitment to success is based in the financial centre in Admiralty, with 30+ recruiters speaking Cantonese, Mandarin and English.

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