KPMG’s eighth annual Hong Kong Executive Salary Outlook analyses a survey of 1,103 business executives and professionals across six sectors to take a measure of the employment market and trends in Hong Kong (SAR) and the Chinese Mainland. This report focuses on employment trends in Hong Kong and the Greater Bay Area (GBA).

In 2023, Hong Kong staged a recovery following the relaxation of COVID-19 restrictions, and enterprises continued to face talent matching issues. While this year’s survey identified softer overall hiring sentiment for 2024, C-level respondents show more optimism, with over 8 in 10 expecting to maintain or expand their workforces during the year, reflecting that there is still a significant need in the market for high-quality professionals who can deliver results.

This year’s findings indicate that remuneration is still front and centre for candidates, but they also show that salary expectations have become more modest. Flexible work arrangements, housing benefits and long-term incentive plans are desirable to candidates and should be considered by employers as part of a differentiated compensation and benefits package. With a significant number of respondents looking to change jobs, talent retention and attraction will need to be a focus area for employers in 2024.

In addition to the salary outlook for a number of key sectors in Hong Kong, the report also looks into how talents view the career opportunities offered by the Greater Bay Area. Key motivations for respondents 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, while allowing Hong Kong employers to tap into a wider talent pool.

KPMG Insights

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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.