While the estimated salary hike in 2018 is 3.9% for both Hong Kong and Singapore, the two markets will see lower hiring intentions compared with other markets in Asia Pacific, according to Mercer’s Global Compensation Planning Report and Total Remuneration Survey.
The hike in the two markets is higher than those in Australia (3%) and Zealand (3%), but is lower than those estimated for India (9.8%) and Vietnam (9.1% ), Indonesia (8.1%), The Philippines (6.3%), Malaysia (5.5%), and Thailand (5%).
In addition, real wage growth has also been steadily rising in the region, often reaching double digits in emerging markets. And, while forecasts vary quite widely across specific industries, the strongest push is likely to come from the chemical and life sciences industries, said Mercer.
Hiring outlook positive in the region
Hiring in India, Vietnam and the Philippines is happening at a greater pace compared with other countries in the region, whereas hiring intentions are lower in Singapore, Malaysia and Hong Kong, Mercer observed.
The overall hiring outlook is positive, however, with five out of 10 companies looking to maintain headcount, including replacements for turnover.
In Asia, 48% of companies report having difficulty filling-in vacant positions, as compared with 38% of the companies globally struggling to find the right talent to fuel their business expansion.
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