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.

KPMG Insights

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KPMG China has offices located in 31 cities with over 15,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

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In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. KPMG was also the first among the Big Four in the Chinese Mainland to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.