Which sectors received highest pay increments in 2022?

Financial services had the highest increments.

The average salary raise in Hong Kong after switching jobs remained elevated last year, with the average increase amount to 23%, KPMG said.

According to the report, the number of respondents receiving increments of 30% or more went down by 2% compared to 2021. All other salary increases below 30% were up across the board.

Respondents that accepted a reduction in pay dropped to 11% in 2022.

The highest salary increments in 2022 were given to C-level respondents and assistant managers or below – the average pay rise after a job move being 30% for both these levels as compared to the overall average of 23%. 

Per sectors, respondents working in financial services received the highest increments of 31% on average. 

KPMG also found that employers in financial services had a strong preference for candidates equipped with specialist skills and those that have already worked with similar types of employers.

Headcount increases

The highest headcount increases are for sales, fee earners, and client relations, an expected situation amidst a challenging economic climate.

Operations and IT followed in respectively second and third place, also similar to last year.

In financial services, KPMG also found high demand for operational staff among Chinese Mainland banks in Hong Kong. 

“These banks are continuing to expand their presence in Hong Kong, with key business areas including wealth management and private banking,” read the statement.