Nearly half (45%) of executives in Hong Kong's innovation and technology sector plan to increase headcount during the year, according to research from KPMG.
The professional service company's third annual Hong Kong Employment Trends Survey and Salary Outlook found that the technology sector was significantly ahead of the overall average in terms of hiring expectations.
Across all industries, 35% of C-level and human resources respondents to the survey plan to increase headcount, with a further 37% planning to maintain existing headcount.
Among employees, salary and compensation (68%) was considered to be by far the top incentive when looking for a new job, followed by career progression and promotion (53%) and work flexibility and work-life balance (35%).
Nearly 71% of respondents expect an increase in salary of 20% or more when moving two a new job.
The top non-monetary reasons that would attract a job seeker to a company were job satisfaction (60%), career progression and promotion (59%) and work flexibility and work-life balance (56%).
“Remuneration factors have remained as a top motivator, however it is interesting to see that work flexibility and work-life balance are almost as important as career progression and promotion for most employees,” KPMG Executive Search and Recruitment Services director Michelle Hui said.
“This is something employers can emphasize more and an area where they can be more creative.”
KPMG's survey also found that more than half (53%) Hong Kong respondents would consider working in other cities within the Greater Bay Area, with the top three choices being Shenzhen, Macau and Guangzhou.
Respondents believed that the Greater Bay Area development plan is most likely to create jobs in the innovation and technology sector (46%), followed by, financial services (36%), professional services (31%) and trade and logistics (29%).
“The GBA is well-positioned to become a major economy and mega-metropolis which will create significant opportunities for businesses across all sectors in particular in finance, trade and professional services, for which Hong Kong is renowned,” KPMG Executive Search and Recruitment Services head Felix Lee said.
“The free flow of talent should improve existing synergies and create greater opportunities.”