-
About KPMG
KPMG in China has offices located in 31 cities with over 14, 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. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.
KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ("KPMG International") operate and provide professional services. "KPMG" is used to refer to individual member firms within the KPMG organisation or to one or more member firms collectively.
KPMG firms operate in 142 countries and territories with more than 275, 000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
Decision-makers’ demand for talent resilient despite softer overall hiring market, KPMG survey finds
Accessing more diverse talent polls and talent matching will be key for employers
Accessing more diverse talent polls and talent matching will be key for employers
14 March 2024, Hong Kong (SAR), China (“Hong Kong”) – Hiring sentiment overall in Hong Kong and the Chinese Mainland is softer. However, a KPMG survey shows a more optimistic outlook from C-level executives in Hong Kong, suggesting that there is still a need for top talent who can drive results in their organisations.
For KPMG’s annual report titled Hong Kong Executive Salary Outlook 2024, 1,103 business executives and professionals were surveyed to measure employment trends and career opportunities. Among these, 552 work in Hong Kong or have a home base there and 551 work or have a home base in the Chinese Mainland. The research covered the latest headcount expectations, salary outlook, talent trends and other relevant topics.
David Siew, Partner, People Services, KPMG China, says:
This year’s results signal that there will continue to be demand from C-level executives for talent that can drive performance. Ongoing business transformation and the changing business environment will mean that roles and responsibilities will continue to evolve. In 2024, accessing more diverse talent pools and talent matching will be key for employers.
Expectations for increased headcounts declined across all sectors compared to the prior year, with a corresponding increase in expectations for decreased headcounts. On the contrary, C-level decision-makers are more optimistic about headcount than the general workforce in 2024. Over 80% of executives are expecting no change or an increase in headcounts, with only 14% expecting a decrease. As these executives have better insight into their organisations' plans, their views may provide a better indicator of future trends.
In 2023, 43% of respondents sought career moves, but less than half that percentage (15%) landed new roles, reflecting that talent matching is becoming more challenging and enterprises are failing to match talent with job positions. 39% of respondents are looking to make career moves in the first half of 2024, representing an increase compared to last year despite a challenging market environment. 74% of respondents who made career moves in 2023 saw a salary increment, with an average increment of 17%.
From employers’ perspective, 97% of the C-level and HR respondents experienced challenges in hiring the right talent to meet business demands. Among those, 63% found such challenges unmanageable.
Eric Cheng, Director, Executive Search and Recruitment (Hong Kong SAR), KPMG China, says:
While fewer job seekers landed new roles in 2023, they remain active. We see challenges around enterprises failing to match talent with job positions and employees lacking the specific skills sought. Against this backdrop, organisations can consider investing in training existing staff to retain talent, and accessing additional recruitment channels to find new talent. Relatedly, professionals looking to make career moves may need to upskill to meet the needs of the market.
Hong Kong professionals most commonly saw an increase of 3% to 5% following salary reviews with the same employer in 2023, which aligns with government figures showing an increment of 4.65% for civil servants in the middle and lower salary bands. Respondents in Hong Kong also remain optimistic about their salary outlook, with 78% expecting an increase in salary in 2024, compared to 74% last year. Most respondents are expecting modest increments in their upcoming salary reviews.
In 2024, 73% of respondents would consider relocating within or to the Greater Bay Area (GBA) for work. The top three factors luring them to the region are better career and industry prospects, higher income, and exposure to a greater breadth of work. Innovation and technology, financial services, and professional and consulting services are expected to present the most job opportunities in the GBA.
-Ends-
Media inquiries
Gemma Ho
+852 3927 3171
gemma.ho@kpmg.com
Isabel Kwok / Angela Wong
Citigate Dewe Rogerson
+852 3103 0123 / +852 3103 0113
KPMG@citigatedewerogerson.com
Connect with us
- Find office locations kpmg.findOfficeLocations
- kpmg.emailUs
- Social media @ KPMG kpmg.socialMedia
