Randstad Hong Kong 2021

market outlook
& salary snapshot

2021.
hong kong SAR
+852 2232 3408 randstad.com.hk Market Outlook & Salary Snapshot 2021 Hong Kong SAR
specialisations
we’ll cover.
1 8
2021 greater china outlook. sales, marketing and communications.
2 9
banking & financial services. information technology.
3 10
compliance & risk management. life sciences.
4 11
insurance. property.
5 12
legal. sourcing & supply chain.
6 13
accounting & finance. contracting.
7
HR & business support.
agility
is the key to
our success.
Greater China’s stringent regulations in the fight

against COVID-19 have proved successful.
The majority of the workforce has returned to the offices While there are immense pressures to open borders to
and we have seen business and consumer confidence resume the global exchange of products and services, we
start to grow gradually since Q4 of 2020, which is a must not lose sight of the high-growth opportunities that
positive indication of what we can expect in 2021. we have domestically.
As the region’s financial powerhouse, Hong Kong SAR’s China’s five-year plan to double the economy by 2035 will
recovery roadmap will largely depend on both local and have a knock-on effect on Hong Kong’s growth potential.
global economies, which includes the ability of western The city-state’s roadmap to becoming a Smart City, as
countries to weather through COVID-19 during this critical well as the further development and integration of the
winter season. Greater Bay Area announced in the fourth policy address
will create more opportunities for the local workforce.
The success of these long-term strategies hinges on
two key factors – investment growth and human capital
development.
growing business confidence a good the shift towards a highly-skilled
indication of a strong recovery workforce
In recent years, we have seen a flurry of technology The world of work in modern economies is being
investments in Hong Kong SAR, which will continue to be transformed as a result of automation, urbanisation and
the case in the years to come. globalisation. The digital revolution has had a significant
impact on business operations and the labour market,
The great social experiment of shifting offices back home creating a fundamental mindset shift about how the world
has shown us the true benefits of digital transformation. of work will look like.
Businesses that are agile and able to pivot their business
models to the new normal have been observed to emerge Innovation in robotics, machine learning and artificial
stronger. Their early investments in technology, such as intelligence will allow companies and employees to
Software-as-a-Service (SaaS) solutions, data analytics and become more agile and adaptable to market changes.
cloud, have positioned them well for growth and recovery
amid the pandemic, opening up new opportunities to The widespread impact of technology has undoubtedly
spearhead the city’s digital transformation. garnered a great deal of attention, as they propel fears
of job losses – fears that although understandable, are
Owing to the deal flow into Greater China, the National factually unfounded. Autor and Salomons (2019) show
Public Offering Group expects Hong Kong to record 99 that advancing technologies are likely to increase total
new listings (HKD213.8 billion) by the end of the third employment by around 0.5% annually.
quarter in 2020, a 67% increase in proceeds raised from
the same period in 2019 (as of writing). People must adopt a positive attitude towards lifelong
learning and constantly upskill and re-skill themselves to
The growth focus in the technology sector will create new stay relevant and employable, especially those who work
business opportunities, not just for the financial services in traditional roles where processes can be easily digitised
industry, but also e-commerce (retail), life sciences, or automated.
manufacturing and supply chain in the Greater Bay Area.
Younger generations should also prepare themselves for
This growth will also facilitate talent mobility within this digital shift. While they may be more digitally-adept as
the Asia Pacific region. With a greater domestic focus, compared to the generations that come before them, they
we saw more opportunities for the local workforce, must be prepared to put theories into practice. We also
particularly those with regional experience and who urge students to enroll themselves into internships and
are multilingual (Chinese, English and Cantonese). The traineeships before they graduate to acquire new essential
new jobs in the Greater Bay Area also present attractive skills such as communication and time management,
career development opportunities and highly competitive for a better chance at employment once they enter the
salaries. workforce.
However, there are some reservations among the local

talent pool on relocating to mainland China for work,
such as high income tax rates as well as cultural fit.
However, we have seen more Chinese companies setting
up operations in Hong Kong SAR, which appeals to
local talent who have relevant work experience and are
business proficient in Mandarin.
Employers that want to attract top talent in the region

may need to re-evaluate their relocation packages and
consider addressing these indirect factors that may not
be part of their main employee value proposition.
a high demand for specialised professionals The technology sector’s success of having an integrated
workforce should be used as a case study for other
Companies’ increasing focus on digital transformation will sectors. Many technologists have very specialised skills
drive talent demand in 2021. set that are applicable for digital transformation, such
as project migration or software development. Their
Talent who are digitally-adept and technically-skilled, expertise is required at the get-go for a successful and
particularly in transformation project management, smooth transformation, which would save the company
change management, software development, cloud millions of dollars and hours of time. Equipped with
computing, data analytics and UX/UI will be highly proprietary knowledge, some of these contracting
sought after. professionals have been converted to permanent
employees so that they can help maintain the systems that
they have implemented.
Professionals in other fields such as accounting & finance,
research & development, sales & marketing and even
compliance & risk management will also need to upskill We have observed a positive shift in the perception of
themselves digitally. Talent who can analyse data to contracting in 2020. With more candidates and fewer jobs
predict trends and scenarios, or set up digital processes, in the employment market, more job seekers are open to
will be in high demand. contracting roles for better income security in a highly
uncertain market.
Within mainland China, technology and pharmaceutical
industries will continue to drive economic growth, Companies are offering more contracting positions to
particularly within research & development and robotics. facilitate project developments and implementations,
We have also observed more expansion opportunities as well as for headcount cover. Some organisations
for financial institutions (including insurance) that are are also looking at extending work-from-home benefits
entering the market after relaxed government regulations. to employees after COVID-19, which would also help
Other industries that we anticipate to have strong growth minimise real estate costs in the long-run. Consequently,
in 2021 are green energy, property and construction this is shifting employers’ attitude towards workforce
related to infrastructure as well as 5G. management. Organisations may explore the possibilities
of a ‘cloud workforce’ to tap into the niche skills and
competencies of overseas talent for specific projects,
The region is on a rapid growth trajectory towards without having to relocate them to Hong Kong SAR.
becoming a digital economy. As such, traditional firms will However, this requires a very calculated strategy as this
need to re-evaluate their role in the economy and diversify move, if executed poorly, may drive down the demand for
their business and ways of working to remain relevant and the local workforce.
competitive.
As much as we expect the workforce to shift their

diversify your workforce perceptions of the contracting market, businesses
must do the same. Contracting professionals bring with
One of the greatest lessons that we have learned in 2020 them specialised skills and know-hows from their past
is agility. Human resources professionals who have had work experiences that are invaluable to the business.
their budgets cut due to COVID-19 will need to find new Employers that offer a competitive remuneration package
ways to develop human capital and manage the workforce to contracting professionals will have a stronger employer
to meet the growing business needs. brand and are able to attract better talent from the job
seeking market in the long-run.
Contracting, in recent years, has been viewed as a
feasible alternative workforce solution that can help Hiring managers should also commend such contracting
mitigate tightening HR budgets. professionals for having an open mind and the agility to
keep themselves employed during these trying times,
as opposed to judging them for having worked in a
contract role.
natellie sun
managing director, search & selection
greater china
thank you for your trust in us.

2020, to say the least, is one of the most challenging I would like to thank all our clients, candidates and
years I have ever faced. I accepted the opportunity to partners for trusting us during such unprecedented times.
expand our professional talent recruitment services As a global human solutions provider with a local market
in mainland China just before COVID-19 disrupted our focus, it is important for us to start putting people to
lives, and it has been a real challenge for me and us as a work so that we can emerge from this pandemic stronger
business. than ever.
I have full confidence in the business and our people. We Regardless of market conditions, we remain highly
will work together and provide support to one another, committed to our goal – which is to touch the work lives
both to drive business performance and to take care of of 500 million people worldwide by 2030.
our mental health.
banking
& financial
services.
The global pandemic is causing widespread economic As a regional financial services hub, the industry is
distress for businesses and consumers. While government expected to see a healthy, albeit slow recovery as
relief measures have helped ease the financial strain of investments continue to flow between markets within the
businesses, the banking industry is facing rising asset Asia Pacific region. Hiring in the front office will resume
risks and deteriorating credit conditions. first, followed by middle and back office operations to
support business demands and growth. However, the
Hiring activities within the banking & financial services speed of recovery would still largely depend on how other
industry have been muted in 2020, as companies focus countries manage their local COVID-19 situation and the
primarily on business sustainability and creating new global access to a viable vaccine.
products and services to meet current market demands.
Across functions and divisions, our specialist recruiters As a result of the increasing digital footprint during
have observed that hiring activities have sustained in the global pandemic, banks are strengthening their
several business lines such as operations, compliance & cybersecurity capabilities to prevent and identify
risk management, asset management, private equities as unsolicited attacks. In response to this, the Hong Kong
well as digital transformation. Monetary Authority has scheduled the rollout of the
Cybersecurity Fortification Initiative 2.0 framework to
Community restrictions and workplace safety measures strengthen cyber resilience in January of 2021. This will
that are aimed at managing the pandemic in Hong result in the expansion of cybersecurity teams within the
Kong have also affected the performance of employees banking & financial services sector.
in client-facing roles, especially those in wealth
management and corporate banking. The success
of these employees depends highly on customer
relationships, which they find easier to establish during
face-to-face meetings. Corporate bankers also find it
more beneficial to conduct physical meetings with their
customers as they find it easier to understand their
challenges during group discussions.
in-demand skills and talent
We expect to see rising hiring demand in wealth To successfully attract these talent, banks must be able
management (asset allocation) and corporate banking to differentiate themselves from their competitors and
(debt restructuring). With companies from mainland China offer attractive employment opportunities, such as
rolling out more aggressive expansion plans into Hong portfolio expansion and career development within the
Kong SAR, we may see heightened demand for banking organisation.
professionals to manage Chinese-related investments.
Employers should also be transparent in sharing
There are two key skills that most companies look for in clear business plans, expectations and goals with the
candidates. candidates during the job interview process. Having a
more thorough interview will allow employers to identify
highly-skilled candidates who can better integrate into the
1. projection and forecast organisation’s culture and community.
The ill-impacts of COVID-19 have drastically shifted
investment confidence around the world and banking 2021 salary trends and candidate
customers naturally adopted a lower risk-taking appetite.
expectations
Banks and financial institutions are looking to hire Following a challenging year, banking candidates with
professionals in wealth management and corporate highly sought-after skills and experience will still be able
banking to conduct scenario mapping and develop action to negotiate for a higher salary when switching employers
plans based on a variety of possible outcomes. The ability in 2021. However, the salary increment will not be as high
to put in place such robust plans can help organisations as what the market saw between 2016 and 2019, when the
stay agile and responsive, as well as build business economy was performing much better.
confidence to successfully navigate this new and volatile
environment. Banking professionals can expect to receive a 10% to
15% salary increment when switching employers in 2021.
Employers have relatively easy access to such talent Those with a job-hopping background or have been
in the current labour market. However, there are high unemployed for a period of time will however receive a
expectations, with many organisations favouring lower salary increment.
candidates who have had prior experience working
under immense pressure and who are well-informed and With a volatile global market and Hong Kong SAR still
independent in their projection and forecasting abilities. in the midst of a recession, job switching can be a risky
career decision. As such, job seekers will prioritise
2. debt restructuring corporate financial health and income stability over
salary when evaluating job offers. Companies that have
Many corporate banking customers faced unprecedented announced workforce restructuring and cost-cutting
financial challenges in 2020, such as unsustainable cash measures will also be less attractive to candidates.
flows or complicated debts.
There is a talent and skills shortage in this area as rouella landicho

Relationship Managers were not required to have debt
restructuring experience in a booming financial services
associate director, banking
market. Such skills are only required when the economy & financial services, legal
spirals into a recession, where many of the bank’s clients rouella.landicho@randstad.com.hk
will choose to focus more on business continuity and
sustainability in a bid to tide over the pandemic.
Currently, the talent pool is limited to seasoned and

experienced bankers who have dealt with similar business
requests during the Global Financial Crisis and Asian
Financial Crisis.
compliance &
risk management.
As more physical activities are being shifted online,

businesses and customers are inevitably more
vulnerable to online threats and digital crimes.
Across Hong Kong SAR, the number of technology-based asian companies are expanding their team
crimes has doubled to more than 6,400 cases year-on-
year in the first half of 2020, which accounted for US$196
and building their capabilities
million in losses. Even though hiring activities seemed to have resumed
towards the end of 2020, opportunities were not evenly
To counter the anticipated increase in digital threats, the distributed across all the banks in Hong Kong SAR.
Hong Kong Monetary Authority (HKMA) issued a circular,
which lists the measures that financial institutions should Global financial institutions continue to maintain a
implement to safeguard against money laundering and cautious approach towards workforce development
terrorist financing. as they brace themselves for the impacts of COVID-19
in the winter season. Most would also already have an
While these measures may act as a deterrent against established compliance & risk management team to meet
criminals, financial institutions are still doubling down their existing business needs, and may not see the need
on anti-money laundering (AML) and counter-terrorism to hire.
financing (CTF) compliance and controls in an attempt to
create an ironclad barrier against threats. On the other hand, with Asian markets recovering quickly,
many regional banks and fintechs are increasing their
recruitment of skilled and experienced talent to navigate
the increasingly complex digital-led environment.
The speed of market recovery and hiring activity levels will 2. AML and FCC
depend on the lifting of border control measures within
Asian countries, as most customers are based in mainland Banks are continuing their investments in AML and FCC
China and other emerging markets in Southeast Asia. to effectively identify and report suspicious activities
Once travelling is allowed, organisations will require more within a highly complex and sophisticated digital
talent to identify risks from the anticipated higher volumes environment. There is a demand for candidates who are
of transactions. not only knowledgeable in traditional AML advisory and
FCC compliance, but are also digitally-adept to use AML
We expect to see companies continue to build their systems for higher accuracy and better effectiveness.
capabilities in liquidity risk, business compliance, financial
crime compliance and AML in 2021. On the FCC front, there is notable talent demand for
economic sanction advisory experts. Smaller firms with
leaner operations tend to prefer talent who possess both
in-demand risk & compliance talent AML and FCC skills and knowledge to manage headcount
costs.
Companies are no longer in the liberty to freeze hiring
plans if they want to operate efficiently in an increasingly
complex and competitive environment. 3. sanctions
Despite current economic conditions, compliance & risk Given the rapid changes in the banking environment
management remains a candidate-driven market as it and sanctions, employers have higher expectations
is a constant challenge for companies to find talent for of candidates as they look to build a solid team of
these niche roles that require specific skills and in-depth experienced experts who can help map and resolve
industry knowledge. There are also rising expectations for potential breaches and liabilities before they arise.
candidates to be digitally-adept, be open to wear multiple In particular, Chinese financial institutions are hiring
hats and have strong language proficiency. sanction and litigation experts with strong knowledge and
experience dealing with U.S. regulations and Office of
Foreign Assets Control (OFAC) rules.
Firms are digitising their risk & compliance processes
to stay competitive through rapid and comprehensive
responses, drive greater effectiveness, lower costs and candidates’ expectations on salary, bonus
enhance the customer experience. Candidates who and benefits
have experience working with a variety of risk &
compliance systems and good data analytical skills are The pandemic has altered job seekers’ perspective
highly sought-after. towards income and job security. Many candidates are
becoming more interested in the company’s financial
The expansion of Chinese companies in Asia Pacific has health as it usually signals greater job stability. Employees
also driven the demand for trilingual candidates who are and candidates are also placing a higher value on
business-proficient in Mandarin, Cantonese and English organisational culture. Besides working in a team with a
languages. good manager, candidates are interested to know more
about the skills and career development programmes that
employers can offer.
As a result of the small talent pool, some employers may
meet candidates’ salary expectations in a bid to secure
the best available talent. Chinese securities firms have performed very well in
2020 despite the health crisis, and hence candidates are
more likely to hold out for a regional or local bank, as
Within the risk & compliance industry, we expect to see
they are less likely to make any large-scale redundancies.
higher talent demand in liquidity risk, interest rate risk in
Employees working in Chinese firms can also expect a
the banking book (IRRBB), special assets management,
relatively stable bonus payout of four to six months for
distressed asset coverage and sanctions.
work done in 2020.
1. credit risk & special asset management In view of the current market conditions, job seekers
will need to adjust their salary expectations to be more
Companies across all industries, particularly those that are aligned with the consequences of the worst pandemic
more impacted by COVID-19, will need to restructure and faced in our lifetime.
diversify their business to sustain or liquidate to cut their
losses short.
This has driven a demand for talent in credit risk and rouella landicho
special asset management who specialise in debt or loan associate director, banking
restructuring and liquidation. Professionals working in & financial services, legal
debt collection and recovery are also highly sought-after
to manage the escalating number of defaulting debts. rouella.landicho@randstad.com.hk
insurance.
The COVID-19 pandemic and political instability

in Hong Kong SAR have resulted in the slowing
down of the local insurance industry, with an
obvious slump towards the end of 2020.
The Insurance Authority said that one of the largest Most companies in this space have also pivoted their
declines in the second half of 2020 was attributed to business models to develop and offer more digital
the movement restrictions between Hong Kong SAR products and services.
and mainland China, which saw a 76.3% drop in new
office premiums generated from mainland visitors. The Insurers are stepping up on their re-branding and
political unrest has also further deterred some mainland marketing efforts, and are actively hiring digitally-adept
customers from travelling to Hong Kong SAR, bringing professionals, such as seasoned project managers and
less business to the local insurers. digital marketers to drive innovation and digitalisation.
Firms are also hiring talent in customer experience,
To provide support to the industry, the Hong Kong core technology transformation and automation to stay
Insurance Authority has extended its temporary relevant and competitive in the new normal.
measures to facilitate digital modes of insurance sales,
like telemarketing. The Hong Kong Insurance Authority Besides digital, there is also a high talent demand for
is also issuing new licenses for digital-only life insurance actuarial professionals. Although valuation actuaries are
companies, which should drive an increase in customer- highly sought-after, there is a dip in demand for pricing
centric and employee-centric digital solutions. actuaries due to the muted economy.
Companies on the digital transformation journey are 2021 salary trends and candidate
looking for candidates who are more versatile and open-
minded when taking on new tasks, rather than those who
expectations
limit themselves to working on traditional mundane tasks Due to the economic uncertainty, bonuses and salaries
in a perfunctory manner. are expected to remain low until border controls are
relaxed and when the pandemic stabilises. Professionals
Larger insurance firms are seeking professionals who have looking to change employers in 2021 can expect a 3% to
in-depth knowledge in Risk-Based Capital, International 5% increment in their salary.
Financial Reporting System and Hong Kong Financial
Reporting Standards to meet reporting deadlines and To manage operation costs with lower revenues, most
ensure that their businesses are compliant with the new insurers have reduced their hiring appetite or froze
regulations. headcount, with many top-tier firms restructuring their
business operations.
The global health pandemic has significantly impacted the
insurance market in many areas, with the sector grappling Employees and candidates would need to stay vigilant
with decreased sales, uncertain returns and rising claims. in 2021, as many insurers will be revising their workforce
The recovery of the industry would largely depend on how strategy to consolidate some roles within the organisation
well COVID-19 is being managed in Hong Kong SAR as and focus on retaining skilled high performers to keep
well as the progress in vaccine development. costs low. Employees should constantly keep their
pulse on the market and look for opportunities to upskill
themselves, particularly in digital knowledge and skills, to
stay relevant and employable.
jessica tsang
manager, insurance
jessica.tsang@randstad.com.hk
salary snapshot.
front office
consumer banking 1-3 years 3-6 years

personal banker $16,000-$27,000 $27,000-$29,000
premier banking relationship manager $23,000-$44,000 $35,000-$60,000
treasury specialist $33,000-$35,000 $38,000-$48,000
investment consultant $38,000-$65,000 $50,000-$85,000
insurance specialist $25,000-$35,000 $30,000-$55,000
mortgage specialist $15,000-$21,000 $21,000-$25,000
consumer banking 7-10 years 10+ years

personal banker $29,000+ -
premier banking relationship manager $45,000-$70,000 $70,000+
treasury specialist $48,000-$55,000 $60,000+
investment consultant $65,000-$110,000 $110,000+
insurance specialist $45,000-$65,000 $65,000+
mortgage specialist $25,000-$30,000 -
salary snapshot.
front office
corporate banking 1-3 years 3-6 years

department head $70,000-$120,000 $100,000-$180,000
team head $65,000-$75,000 $75,000-$100,000
senior relationship manager / relationship manager $28,000-$45,000 $40,000-$70,000
assistant relationship manager / relationship support officer $15,000-$33,000 $25,000-$42,000
credit analyst $18,000-$35,000 $25,000-$55,000
corporate banking 7-10 years 10+ years

department head $120,000-$200,000 $180,000
team head $85,000-$120,000 $100,000+
senior relationship manager / relationship manager $50,000-$80,000 $70,000+
credit analyst $45,000-$70,000 -
commercial banking 1-3 years 3-6 years

department head $70,000-$120,000 $100,000-$130,000
team head $50,000-$70,000 $60,000-$80,000
commercial banking 7-10 years 10+ years

department head $120,000-$180,000 $150,000
team head $70,000-$90,000 $80,000+
salary snapshot.
front office
financial institutional banking 1-3 years 3-6 years

department head $80,000-$120,000 $100,000-$180,000
team head $70,000-$100,000 $80,000-$120,000
financial institutional banking 7-10 years 10+ years

department head $120,000 -$200,000 $180,000
team head $100,000-$120,000 $100,000+
assistant relationship manager / relationship support officer $55,000+ $55,000+
transaction banking 1-3 years 3-6 years

trade finance sales $20,000-$30,000 $30,000-$50,000
cash management sales $20,000-$30,000 $30,000-$45,000
transaction banking 7-10 years 10+ years

trade finance sales $50,000-$80,000 $80,000+
cash management sales $45,000-$65,000 $70,000+
salary snapshot.
front office
private banking & wealth management 1-3 years 3-6 years

private banking management $150,000-$183,000 $183,000-$233,000
private banking relationship manager $65,000-$80,000 $80,000-$110,000
private banking client services officer $35,000-$45,000 $45,000-$50,000
investment counselor $65,000-$75,000 $70,000-$100,000
investment counselor assistance $40,000-$50,000 $50,000-$65,000
product management $50,000-$60,000 $60,000-$90,000
wealth planning specialist $40,000-$50,000 $55,000-$70,000
private banking & wealth management 7-10 years 10+ years

private banking management $230,000-$300,000 $300,000+
private banking relationship manager $120,000-$180,000 $200,000+
private banking client services officer $45,000-$60,000 $60,000+
investment counselor $100,000-$140,000 $150,000+
investment counselor assistance - -
product management $90,000-$120,000 $120,000+
wealth planning specialist $80,000-$100,000 $120,000+
salary snapshot. middle office
compliance 1-3 years 3-6 years
head of compliance - -
general compliance $25,000-$35,000 $35,000-$55,000
regulatory compliance $30,000-$45,000 $45,000-$60,000
compliance advisory-equity / FICC $30,000-$45,000 $45,000-$60,000
compliance policy and procedure $25,000-$35,000 $35,000-$55,000
anti-money laundering (AML) $25,000-35,000 $35,000-$60,000
head of AML - -
financial crime compliance $20,000-$35,000 $35,000-$65,000
fraud investigation / forensic $20,000-$45,000 $45,000-$65,000
transaction monitoring / trade surveillance $25,000-$35,000 $35,000-$55,000
control room & research $25,000-$35,000 $35,000-$55,000
compliance testing $35,000-$45,000 $45,000-$60,000
anti-bribery compliance / sanction $30,000-$45,000 $45,000-$60,000
compliance 7-10 years 10+ years

head of compliance $90,000-$120,000 $150,000+
general compliance $60,000-$80,000 $100,000+
regulatory compliance $70,000-$100,000 $100,000+
compliance advisory-equity / FICC $70,000-$100,000 $120,000+
compliance policy and procedure $55,000-$90,000 $100,000+
anti-money laundering (AML) $70,000-$100,000 $110,000+
head of AML $90,000-$120,000 $150,000+
financial crime compliance $70,000-$90,000 $90,000+
fraud investigation / forensic $65,000-$90,000 $100,000+
transaction monitoring / trade surveillance $60,000-$90,000 $100,000+
control room & research $60,000-$100,000 $100,000+
compliance testing $65,000-$100,000 $100,000+
anti-bribery compliance / sanction $70,000-$100,000 $110,000+
salary snapshot.
middle office
risk management 1-3 years 3-6 years

head of operational risk - -
operational risk $25,000-$40,000 $40,000-$60,000
head of market risk - -
market risk $30,000-$45,000 $45,000-$60,000
head of credit risk - -
credit risk $25,000-$35,000 $35,000-$50,000
liquidity risk $30,000-$45,000 $45,000-$60,000
enterprise risk $30,000-$45,000 $45,000-$60,000
business continuity management $30,000-$40,000 $40,000-$60,000
head of risk - -
risk management 7-10 years 10+ years

head of operational risk $80,000-$100,000 $110,000+
operational risk $60,000-$90,000 $90,000+
head of market risk $80,000-$110,000 $120,000+
market risk $60,000-$90,000 $90,000+
head of credit risk $80,000-$110,000 $120,000+
credit risk $60,000-$100,000 $110,000+
liquidity risk $70,000-$100,000 $110,000+
enterprise risk $65,000-$90,000 $90,000+
business continuity management $60,000-$80,000 $85,000+
head of risk $100,000-$120,000 $130,000+
salary snapshot.
back office
operations 1-3 years 3-6 years

corporate actions $20,000-$25,000 $25,000-$40,000
KYC / client onboarding (COB) $20,000-$27,000 $28,000-$60,000
operations manager $30,000-$35,000 $35,000-$55,000
fund administration $20,000-$40,000 $40,000-$60,000
middle office-trade support $20,000-$40,000 $40,000-$65,000
settlements $20,000-$30,000 $30,000-$40,000
loan administration $12,000-$15,000 $15,000-$30,000
collateral management / client valuations $20,000-$25,000 $25,000-$40,000
change management / project management $15,000-$30,000 $30,000-$50,000
client service $12,000-$15,000 $15,000-$30,000
operations 7-10 years 10+ years

corporate actions $40,000-$60,000 $60,000+
KYC / client onboarding (COB) $60,000-$70,000 $70,000+
operations manager $55,000-$80,000 $85,000+
fund administration $60,000-$80,000 $80,000+
middle office-trade support $65,000-$85,000 $85,000+
settlements $40,000-$60,000 $60,000+
loan administration $30,000-$50,000 $50,000+
collateral management / client valuations $40,000-$60,000 $60,000+
change management / project management $50,000-$85,000 $85,000+
client service $30,000-$50,000 $50,000+
salary snapshot.
back office
finance accounting & audit 1-3 years 3-6 years

chief financial officer - -
financial controller - -
finance manager - $45,000-$55,000
assistant finance manager $30,000-$35,000 $35,000-$45,000
accountant $15,000-$18,000 $18,000-$35,000
financial planning & analysis $20,000-$30,000 $30,000-$45,000
regulatory reporting $20,000-$35,000 $35,000-$55,000
management accountant / reporting $20,000-$25,000 $25,000-$45,000
fund accountant $15,000-$25,000 $25,000-$50,000
internal audit $25,000-$35,000 $35,000-$55,000
finance accounting & audit 7-10 years 10+ years

chief financial officer $120,000-$150,000 $150,000+
financial controller $75,000-$90,000 $90,000+
finance manager $55,000-$60,000 $60,000+
assistant finance manager $45,000-$55,000 $55,000-$60,000
accountant $35,000-$50,000 $50,000-$55,000
financial planning & analysis $45,000-$70,000 $70,000+
regulatory reporting $55,000-$75,000 $75,000+
management accountant / reporting $45,000-$75,000 $75,000+
fund accountant $50,000-$70,000 $70,000+
internal audit $55,000-$120,000 $120,000+
salary snapshot.
contracting – banking
management low med high
KYC / client onboarding $18,000 $40,000 $65,000
AML $18,000 $35,000 $55,000
compliance $20,000 $50,000 $90,000
settlement $15,000 $30,000 $45,000
corporate actions $15,000 $30,000 $45,000
cash operations $13,000 $30,000 $45,000
client services $18,000 $35,000 $55,000
trade finance $15,000 $30,000 $40,000
trade support $21,000 $35,000 $50,000
AR / AP accountant $15,000 $35,000 $50,000
regulatory reporting $18,000 $40,000 $60,000
tax operation $18,000 $40,000 $60,000
roadshow coordinator $16,000 $30,000 $50,000
financial analyst $18,000 $35,000 $55,000
retail operation $13,000 $20,000 $30,000
risk operation $18,000 $50,000 $90,000
credit / credit documentation $18,000 $45,000 $75,000
project analyst $16,000 $35,000 $60,000
product control $20,000 $40,000 $65,000
operation analyst $15,000 $30,000 $50,000
human resources $15,000 $45,000 $65,000
receptionist / admin $15,000 $25,000 $50,000
office manager $25,000 $35,000 $50,000
salary snapshot.
insurance
bancassurance low med high

head of bancassurance $130,000 $180,000 $220,000
senior manager $60,000 $80,000 $100,000
assistant manager / manager $40,000 $45,000 $60,000
bancassurance officer $20,000 $25,000 $30,000
alternative distribution low med high

head of alternative distribution $100,000 $150,000 $180,000
channel director $65,000 $80,000 $100,000
senior manager $55,000 $80,000 $100,000
assistant manager / manager $30,000 $40,000 $60,000
regional director $100,000 $120,000 $155,000
claims low med high

head of claims $58,000 $65,000 $73,000
manager $40,000 $46,000 $55,000
assistant manager $30,000 $35,000 $40,000
senior officer $23,000 $25,000 $29,000
officer $16,000 $18,000 $20,000
assistant officer $12,000 $13,000 $14,000
policy admin low med high

head of policy admin $50,000 $55,000 $60,000
manager $38,000 $42,000 $48,000
senior officer $20,000 $22,000 $24,000
officer $14,000 $16,000 $18,000
salary snapshot.
insurance
underwriting low med high

head of underwriting $70,000 $90,000 $120,000
manager $40,000 $50,000 $56,000
senior officer $25,000 $30,000 $34,000
officer $15,000 $18,000 $20,000
accounting & finance low med high

head of finance $100,000 $120,000 $140,000
senior finance manager $70,000 $80,000 $90,000
finance manager $50,000 $60,000 $65,000
assistant finance manager $35,000 $40,000 $49,000
senior accountant $20,000 $30,000 $35,000
internal audit low med high

head of internal audit $110,000 $125,000 $150,000
senior audit manager $50,000 $70,000 $100,000
audit manager $35,000 $38,000 $45,000
transformation low med high

head of transformation $120,000 $150,000 $200,000
senior manager $75,000 $90,000 $110,000
manager $45,000 $55,000 $65,000
senior business analyst $30,000 $37,000 $45,000
business analyst $18,000 $26,000 $32,000
legal.
The legal industry has remained relatively

stable throughout 2020.
Businesses and individuals were increasingly engaging 1. h

igh talent demand to service high-growth
professional legal services from private practice due to
new employment laws and the newly enacted national
chinese firms
security law.
In 2021, we expect to see an increase in talent demand
from banks and law firms that have a strong and rapidly-
The private practice space will likely remain stable in 2021,
growing Chinese client base to manage the rising volume
with growth in select specialisms that are largely driven
of deals. Employers are looking for highly-qualified
by market demands. Firms are expected to hire talent for
professionals who have the technical expertise and in-
replacement roles rather than expand their teams, and
depth knowledge of the local regulations in derivatives,
hence will have high expectations on candidates to fill the
fixed income as well as private equity.
shoes of those who have left.
With the increasing focus on domestic growth within

2021 movers and shakers in legal Greater China, the demand for expats has been replaced
by locals or Chinese nationals who are business-proficient
In response to the global healthcare crisis, most private
in English and Mandarin languages.
practices have adopted a risk-averse attitude towards the
business environment in 2020. Employers have tightened
their headcount budgets and halted expansion plans to
focus on business sustainability, and are only hiring talent
to address clients’ needs.
2. high talent demand to match anticipated candidates’ expectations on salary, bonus
growth in IPO listings and benefits
With the uncertain market conditions, private practices
Owing to the deal flow into Greater China, the National
have implemented a salary freeze at the associate
Public Offering Group expects Hong Kong SAR to record
level and below. Temporary salary cuts have also been
99 new listings (HKD213.8 billion) by the end of the third
observed across Asia in 2020. Most of the firms that have
quarter in 2020, a 67% increase in proceeds raised from
implemented cost-cutting measures have reduced their
the same period in 2019 (as of this writing).
employees’ salary by 5% to 10%, and some have slashed
salary by 45% for three to six months.
Tracking the anticipated market trajectory in IPO listings
for 2021, we expect more organisations to expand their
However, salary freezes and cuts are not expected to
legal teams across capital markets, corporate and private
happen in 2021, as firms focus on resuming full business
equity.
operations.
3. high talent demand in data privacy Candidates who intend to make a lateral move within
the in-house legal space in 2021 can expect to receive a
There is a heightened demand for lawyers in data privacy, 10% to 20% salary increment, as they would bring with
cybersecurity as well as technology, media and telecom them relevant experience, knowledge and the network
(TMT), which is largely driven by the nation’s agenda to necessary for an in-house environment.
deepen its capabilities in fintech, emerging tech and
digital finance.
Candidates who are switching between law firms can
expect a 10% to 20% salary increment in 2021 as well.
Consumers have also become more involved and Those moving from law firms to an in-house role may
particular about personal data privacy, which has however, be offered a flat package or required to take
pressured more companies to step up on their data a 10% to 20% salary cut, which is more aligned with the
protection practices. There is a shortage of data privacy general business performance in 2020. Despite this, we
lawyers in Hong Kong SAR and most companies are observe a rising trend of senior associates looking to
looking to hire expats, especially experienced talent from move in-house for better work-life balance.
Europe, which pioneered the international standards for
General Data Protection Regulation.
It is no secret that lawyers clock long hours at work. With
the increasing focus on work-life balance, companies that
offer a good working environment that supports flexible
work options will be better positioned to attract and retain
talent. To stay employable, candidates will also be looking
for employers that are able to develop and communicate
a clear career progression plan, as well as offer robust
training and mentorship programmes to support their
growth.
The 2020 Employer Brand Research has highlighted

that the younger generations are more engaged if they
have the opportunity to work on interesting projects.
Companies can better engage their employees by
allowing their junior associates to work across multiple
functions and across projects. This approach will also
help develop stronger human capital within the firm,
strengthening its competitiveness in the market.
rouella landicho
associate director, banking
& financial services, legal
rouella.landicho@randstad.com.hk
PRC / hong kong law firms
post-qualified experience low high
newly qualified $55,000 $83,000
1 year $58,000 $88,000
2 years $60,000 $100,000
3 years $65,000 $114,000
4 years $70,000 $120,000
5 years $75,000 $135,000
6 years $82,000 $145,000
7 years $90,000 $150,000
8 years $100,000 $160,000
counsel $115,000 $180,000
salaried partner $130,000 $300,000
international / UK law firms (non-US firms)

1 year $74,000 $88,000
2 years $77,000 $100,000
3 years $79,000 $114,000
4 years $85,000 $123,000
5 years $92,000 $136,000
6 years $100,000 $150,000
7 years $110,000 $150,000
8 years $125,000 $160,000
counsel $150,000 $250,000
salaried partner $180,000 $300,000+
offshore law firms (non-US firms)
1 year $115,000 $129,000
2 years $120,000 $150,000
3 years $130,000 $162,000
4 years $144,000 $177,000
5 years $153,000 $205,000
6 years $175,000 $220,000
7 years $190,000 $245,000
counsel $215,000+
salaried partner $275,000+
US law firms
class year annual base (USD) annual bonus (USD)
1st year $190,000 $15,000
2nd year $200,000 $15,000
3rd year $220,000 $25,000
4th year $225,000 $50,000
5th year $280,000 $50,000
6th year $305,000 $65,000
7th year $325,000 $90,000
8th year $340,000 $100,000
9th year+ $350,000 $100,000
counsel $340,000-$600,000
salaried partners $350,000-$750,000
private practice, commerce & financial services
(paralegals and other legal support)
professional support low high
head of professional support $115,000 $200,000
professional support lawyer $90,000 $150,000
legal project manager $60,000 $75,000
legal consultant (3-5 years) $50,000 $60,000
legal consultant (1-2 years) $40,000 $50,000
senior paralegal (6+ years) $35,000 $60,000
paralegal (3-5 years) $28,000 $50,000
paralegal (1-2 years) $18,000 $35,000
legal support low high

head of company secretary (20+ years) $80,000 $150,000
senior company secretarial manager (15-20 years) $70,000 $100,000
company secretarial manager (13-15 years) $50,000 $75,000
assistant company secretarial manager (9-12 years) $38,000 $55,000
senior company secretarial officer (6-8 years) $34,000 $40,000
company secretarial officer (4-5 years) $24,000 $32,000
company secretarial assistant (1-3 years) $16,000 $25,000
in-house legal financial services (per month in HKD)
analyst/associate assistant vice
(newly qualified – president
3 years PQE) (4-7 years PQE)
low high low high

international banks $58,000 $100,000 $90,000 $125,000
regional / local banks $55,000 $90,000 $85,000 $120,000
chinese banks/IBs $40,000 $90,000 $70,000 $110,000
buy-side: asset management, hedge funds, private equity $60,000 $100,000 $90,000 $130,000
fintech $58,000 $90,000 $85,000 $120,000
insurance $50,000 $90,000 $70,000 $100,000
vice president head of legal

(8-12 years PQE) (12+ years PQE)
low high low high

international banks $120,000 $155,000 $150,000 $190,000+
regional / local banks $100,000 $160,000 $150,000 $180,000+
chinese banks/IBs $100,000 $160,000 $150,000 $180,000+
buy-side: asset management, hedge funds, private equity $120,000 $160,000 $160,000 $208,000+
fintech $120,000 $155,000 $150,000 $166,000+
insurance $100,000 $150,000 $130,000 $166,000+
in-house legal commerce & industry (per month in HKD)
analyst/associate assistant vice
(newly qualified – president
3 years PQE) (4-7 years PQE)
low high low high

technology & media $50,000 $70,000 $60,000 $120,000
retail $45,000 $66,000 $58,000 $108,000
property & hospitality $50,000 $70,000 $60,000 $120,000
conglomerate $50,000 $70,000 $60,000 $120,000
manufacturing $50,000 $70,000 $55,000 $110,000
others: professional services, healthcare, energy,

$45,000 $70,000 $58,000 $110,000
telecom, travel, transportation, shipping / logistics
vice president head of legal

(8-12 years PQE) (12+ years PQE)
low high low high

technology & media $80,000 $130,000 $130,000 $210,000+
retail $70,000 $110,000 $100,000 $125,000+
property & hospitality $90,000 $130,000 $130,000 $200,000+
conglomerate $90,000 $130,000 $130,000 $200,000+
manufacturing $100,000 $130,000 $100,000 $150,000+
others: professional services, healthcare, energy,

$65,000 $116,000 $100,000 $130,000+
telecom, travel, transportation, shipping / logistics
accounting
& finance.
Often seen as a support function, the

accounting & finance industry was not spared
the ill-effects of the COVID-19 pandemic.
A large number of accounting & finance professionals employers must present a full package deal
have joined the job market due to office closures, cost-
cutting measures and redundancy.
to talent
Candidates are particularly (and reasonably) cautious
Now that governments and people know what to expect when switching employers in 2021, especially
in worst-case scenarios and are more prepared to handle professionals who are highly sought-after. Many
them, businesses are slowly regaining their confidence. professionals value job and income security during this
Financial transformation projects that have been halted trying period, and would want to avoid being the ‘last in,
are regaining their momentum as well. first out’ employee, should the new employer decide to
restructure after reconciling their losses as a result of the
Traditional industries that were previously hesitant to pandemic.
invest in the digital transformation journey are ready
to do so after having experienced first-hand how The ‘pull’ factors have to be highly attractive and be
technology readiness and adoption can benefit the firm. presented as a full package. When switching employers,
Organisations are keen to accelerate their transformation accounting & finance professionals seek all four key
journey to drive higher productivity and efficiency, factors – better titles, higher salaries, the opportunity to
achieve cost-savings and improve the overall customer work with prolific brands and good career progression.
experience process. Candidates will not leave their existing employment
unless all four criteria are met.
candidates’ expectations on salary and bonus Bonus payout will largely depend on the industries
that the employees work in. Accounting & finance
Salary is a key factor that is highly valued by candidates, professionals working in essential and growing economic
especially passive job seekers. Based on our observations, sectors such as technology, life sciences, fintech and
passive candidates are more likely to decline offers that insurtech will receive a bonus based on their company’s
do not meet their salary expectations. Active candidates performance in 2020. Those working in sectors most
who seek job security, however, do not mind accepting affected by COVID-19 limitations such as retail, hospitality,
offers for the same salary or less than their last drawn. tourism as well as food & beverage would likely see a
bonus freeze until market activities resume to pre-COVID
Companies are approaching the challenge of mismatched levels.
salary expectations differently from previous years as
well. Before COVID-19, employers were willing to enter
salary negotiations to secure the best talent in the market. andre springett
However, with tighter hiring budgets, employers are now
open to hiring the second or third best candidate, as they
manager, accounting & finance, HR
tend to have lower salary expectations. This trend will andre.springett@randstad.com.hk
likely continue throughout 2021.
salary snapshot.
accounting & finance low med high

chief financial officer $100,000 $140,000 $180,000
finance director $80,000 $100,000 $120,000
financial controller $70,000 $80,000 $90,000
regional shared service manager $60,000 $70,000 $80,000
financial planning & analysis manager $70,000 $85,000 $100,000
finance manager $45,000 $50,000 $60,000
assistant finance manager $30,000 $40,000 $50,000
treasury manager $45,000 $55,000 $65,000
tax manager $45,000 $55,000 $75,000
internal audit manager $40,000 $50,000 $65,000
internal auditor $30,000 $35,000 $50,000
credit manger $28,000 $34,000 $45,000
financial analyst / business analyst $25,000 $35,000 $50,000
business controller $40,000 $50,000 $60,000
senior / group accountant $30,000 $40,000 $45,000
accountant $22,000 $30,000 $40,000
payroll $22,000 $28,000 $40,000
credit $18,000 $24,000 $30,000
billing $18,000 $24,000 $30,000
treasury $30,000 $40,000 $50,000
costing / pricing analyst $25,000 $32,000 $40,000
HR &
business
support.
The year 2020 felt like a ‘reset’ for the

human resources (HR) industry.
non-financial services An integrated workforce is a talent management strategy

in which a company hires a combination of permanent
Prior to COVID-19, HR professionals were focused staff, contract workers and self-employed freelancers.
on attracting and hiring good talent. However, the Hiring more professional contractors would help
responsibilities of the HR function have since shifted companies better optimise their HR budgets, especially in
dramatically in 2020. There is now a higher focus on areas where there are urgent talent needs.
what’s happening internally rather than externally. Most
employers had to turn their attention to enable remote
working, drive productivity and enhance employee in-demand HR and business support skills
engagement in the ‘new world of work’. and talent
HR professionals took the lead in shifting the way of work
Now that the house is in order, we expect the hiring
from offices back home in 2020. They also had to keep
appetite to increase in 2021 with employers focusing more
all employees updated on COVID-19 developments and
on talent development and expansion plans. There will
implement safety measures to effectively transit staff from
also be an immediate need for HR professionals to work in
home back to the offices.
the retail, hospitality and aviation industries once border
control measures are relaxed.
Instead of being just a support function, HR professionals
are increasingly expected to partner with the business
However, given the complexities involved in travel bubble
and provide high-level advisory services to key
negotiations due to the rise and decline of COVID-19
stakeholders. This would include advising business
cases in Hong Kong SAR and other countries, employers
leaders on new market intelligence, developing flexible
are more likely to adopt an integrated workforce strategy
work arrangements policies and strengthening the
towards hiring for now until 2022.
employer brand.
As more and more companies focus on long-term in-demand HR and business support skills
business sustainability and talent development, we
expect the demand for experienced professionals in
and talent
organisational development and talent management There is a big digital shift within the banking & financial
to increase in 2021. To effectively provide consultation, services industry, which will spur a higher demand for
these HR specialists are required to work closely with the professionals who are experienced in organisational
business units to understand the skills gaps and take the development, human resource information systems, as
lead on driving business operations agendas. well as learning and development (with a focus on the
development and implementation of digital training
However, there is a lack of candidates with such modules).
stakeholder management and communications skills, as
many HR professionals were hardly given the opportunity There exists, still, a skills gap in digitalisation. Many
to deal directly with business lines in the past. companies are seeking candidates who are equipped
with digital skills to drive HR initiatives across talent
It is a fact that candidates with in-demand skills will always development and workforce management. Companies
be highly sought-after, and likely to receive multiple are also under pressure to secure the right candidates
offers. Companies that want to secure such talent used to for the job quickly to meet HR transformation deadlines.
enter into a price war, which may not be a realistic option To speed up the search process, it is not uncommon for
in 2021 given the economic uncertainty. financial institutions to engage the services of specialist
recruiters who have the network and expertise to engage
Candidates have unsurprisingly changed their with these skilled talent.
expectations of an ideal employer after experiencing
remote working. Previously, salary increments would Despite the high talent demand, many banks & financial
have topped their wishlist. Now, HR talent places more institutions are not offering attractive salary increments
value on career progression opportunities, a supportive to job seekers. This is due to the tightening of HR budgets
organisational culture and a financially healthy employer. on an organisational level, which tends to be more
pronounced in a highly uncertain economy. To effectively
Even though we will likely see a continued salary and secure in-demand talent, employers must present a good
bonus freeze within the HR industry in 2021, highly corporate reputation and strong financial health as well as
sought-after HR professionals may receive a 5% to 12% offer a comprehensive healthcare coverage – employee
salary increment when changing employers. value proposition factors that candidates are increasingly
looking for in an ideal employer.
financial services
Banks & financial services institutions are adopting a andre springett
conservative approach towards the hiring of HR and manager, accounting & finance, HR
business support staff in 2021, as the industry is expected
to contract in 2021. Global financial institutions, in
andre.springett@randstad.com.hk
particular, will further review their talent budgets as they
anticipate new waves of COVID-19 cases during winter.
On the other hand, Asian companies are more optimistic

about the market recovery, attributed to the successful
containment of COVID-19 and the government’s swift
decision to mandate mask-wearing nation-wide, as well as
the local population’s high compliance to safe distancing
measures. We expect Chinese and locally-based clients to
expand their headcount in 2021. Businesses’ confidence
to hire new headcount will also be boosted by more travel
bubble negotiations between Asia Pacific nations. The
resumption of business travels and cross-country projects
would drive further talent demand within Hong Kong SAR.
salary snapshot.
human resources & business support
financial services low med high

HR director $70,000 $85,000 $140,000
HR manager (10+ years) $45,000 $55,000 $65,000
HR manager (5+ years) $35,000 $42,000 $54,000
assistant HR manager $28,000 $32,000 $40,000
senior HR executive $25,000 $30,000 $35,000
HR executive $15,000 $20,000 $25,000
L&D director $70,000 $80,000 $120,000
L&D manager (10+ years) $45,000 $50,000 $60,000
L&D manager (5+ years) $30,000 $38,000 $45,000
L&D officer $15,000 $20,000 $25,000
mobility specialist $20,000 $30,000 $45,000
organisational development manager $38,000 $45,000 $70,000
payroll manager (6 -10 years) $35,000 $40,000 $65,000
payroll officer (>5 years) $15,000 $25,000 $32,000
regional talent acquisition director $75,000 $90,000 $120,000
regional talent acquisition manager $40,000 $50,000 $70,000
talent aquisition manager $30,000 $40,000 $55,000
talent aquisition specialist $25,000 $35,000 $40,000
talent aquisition coordinator $20,000 $25,000 $35,000
commerce low med high
HR director $80,000 $95,000 $120,000+
rewards director $75,000 $90,000 $130,000
HR manager (HR operation focus) $45,000 $55,000 $65,000
HR manager (specialised) $45,000 $60,000 $70,000
assistant HR manager (HR operation focus) $28,000 $32,000 $40,000
assistant HR manager (specialised) $32,000 $38,000 $43,000
senior HR executive $25,000 $30,000 $35,000
HR executive $15,000 $20,000 $25,000
L&D director $65,000 $80,000 $100,000
L&D manager (talent development) $45,000 $55,000 $68,000
L&D manager (training delivery) $30,000 $38,000 $45,000
L&D officer $15,000 $20,000 $25,000
rewards and mobility specalist $28,000 $35,000 $45,000
organisational development director $70,000 $85,000 $110,000
organisational development specialist $35,000 $40,000 $45,000
payroll manager (regional) $35,000 $48,000 $65,000
payroll manager (local) $30,000 $40,000 $55,000
payroll officer $15,000 $22,000 $28,000
regional talent acquisition director $75,000 $90,000 $110,000
regional talent acquisition manager $45,000 $50,000 $70,000
talent aquisition manager $30,000 $45,000 $55,000
talent aquisition specialist $25,000 $35,000 $40,000
talent aquisition coordinator $15,000 $20,000 $30,000
business support low med high
secretary $15,000 $20,000 $25,000
executive assistant $20,000 $30,000 $40,000
personal assistant $20,000 $30,000 $40,000
office manager $25,000 $35,000 $45,000
team administrator $15,000 $20,000 $30,000
receptionist $15,000 $20,000 $25,000
sales, marketing and
communications.
The marketing industry has acted quickly to pivot

their strategies and engagement plans to match
the biggest offline-to-online shift in 2020.
For instance, marketing professionals championed the However, there have been some significant shifts
digital transformation in the e-commerce space to keep observed in these traditional sectors, with more starting
up with changing consumer behaviours. to redeploy resources to build and strengthen their digital
capabilities. Companies in these industries are more
Traditional sales & marketing roles have evolved or been likely to invest in someone with strategy and execution
replaced with digitally-adept roles in big data analytics experience to accelerate their digital transformation
and customer experience management. It is noted process.
that the speed of digitalisation differs from industry to
industry, which would determine the job requirements. Many international brands are also taking this opportunity
to build their digital marketing and e-commerce
Technology and telecommunications firms are leading capabilities in Hong Kong SAR to cater to the Asian
this talent demand change. These companies tend to markets, especially those within Greater China.
hire candidates with more advanced data and software
experience. Sectors that traditionally require more However, it is not merely about upgrading to an online
physical customer interactions, such as property, platform. As companies digitise the end-to-end user
hospitality, pharmaceuticals and fast-moving consumer experience, sales & marketing specialists will be
goods, have been slower to transform. increasingly responsible for growing and retaining the
organisation’s customers.
setting up regional marketing teams to digital marketing specialists are sought-after
consolidate resources Employers are facing challenges in finding candidates
Many companies are setting up their regional offices in for specialised digital marketing roles, particularly in
mainland China to build their presence in Greater China, enterprise industries such as technology.
leading to an increasing demand for talent who has the
flexibility and capacity to adapt to a different ecosystem. The employer’s expectations of a digital marketing
specialist are different from those of a traditional sales
China’s social media landscape and e-payments and marketing professional. These in-demand talent are
processes as well as consumer behaviours are vastly equipped with new skills such as data management and
different from Hong Kong SAR’s. These stark differences analysis, lead and demand generation as well as return on
make China’s social media and digital landscape investment strategy development. They are also agile and
significantly complex to navigate, and marketing adaptable in the way they work, and are comfortable with
professionals entering this market would need to build managing change in an evolving marketplace.
their capabilities from scratch.
However, there is a shortage of local talent who possess
Chinese companies are constantly coming up with new such technological, digital and strategic skills. Instead,
and innovative strategies for consumer engagement as there is a surplus of marketing professionals from the
well, such as live streaming and using virtual reality (VR) hospitality, tourism and retail industries. These candidates
and augmented reality (AR) to build closer relationships tend to be experienced in areas such as branding,
with consumers. Brand marketing campaigns also tend storytelling and event management.
to have a stronger social media presence, often tapping
on influencer marketing as a key strategy as it has proven Instead of looking at their past experiences and skills,
more effective in reaching and engaging their target employers should take advantage of the current job
audiences. market to hire candidates who have a willingness to
learn, able to adapt in the new normal, and possess
Comparing the scale and current growth potential in transferable skills. By giving them a chance to develop,
the market, many companies have chosen to relocate or these employees are likely to be more grateful for
consolidate their marketing resources to cover the Greater the opportunity, and have a longer tenure in your
China or Asia region. This heightens the demand for talent organisation. Moreover, many job seekers are willing to
who are proficient in the Chinese language and familiar accept a parallel position and salary range to gain more
with the plethora of digital and social media platforms to exposure and acquire new skills.
successfully navigate the vast local consumer market. At
the very least, employers would require someone who is candidates’ expectations on salary and bonus
trilingual or bilingual (English and Mandarin) to properly
manage the end-to-end experience and tailor solutions for Many companies will still be focused on reducing
the diverse customer profiles. operating costs to sustain the business in 2021, and that
will include investments in human capital. After a year
of facing the harsh realities brought about by the global
pandemic, the local talent pool has also adjusted their
salary and bonus expectations to be more in line with the
new normal.
Candidates who are switching employers in 2021 can

expect to receive up to 10% salary increment, depending
on the transferability of their skills and if they are entering
a new industry. If the pandemic does not worsen further,
most of the salary and bonus freezes will likely be lifted in
2021, with the exception of the retail and travel industries.
elize tai
associate director, sales & marketing
elize.tai@randstad.com.hk
salary snapshot.
sales, marketing & communications
services low med high

sales director $60,000 + comms $80,000 + comms $110,000 + comms
sales manager $28,000 + comms $40,000 + comms $55,000 + comms
sales executive $14,000 + comms $22,000 + comms $35,000 + comms
regional sales lead $70,000 + comms $90,000 + comms $140,000 + comms
key account manager $30,000 + comms $55,000 + comms $75,000 + comms
product sales specialist $35,000 + comms $50,000 + comms $75,000 + comms
pre-sales manager $35,000 + comms $50,000 + comms $75,000 + comms
product manager $40,000 $55,000 $65,000
digital marketing director $85,000 $105,000 $140,000
digital marketing manager $45,000 $60,000 $75,000
marketing director $70,000 $90,000 $130,000
marketing manager $35,000 $45,000 $60,000
marketing executive $18,000 $25,000 $28,000
investor relations manager $40,000 $55,000 $70,000
public relations director $65,000 $80,000 $120,000
public relations manager $40,000 $50,000 $60,000
customer service manager $22,000 $25,000 $30,000
customer service executive $14,000 $16,000 $18,000
non-services low med high
general manager $100,000 $120,000 $140,000
brand manager $50,000 $65,000 $80,000
retail director $70,000 $85,000 $100,000
retail manager $35,000 $48,000 $65,000
store manager (with commission) $30,000 $45,000 $60,000
store sales associate (with commission) $13,000 $24,000 $35,000
marketing communication director $70,000 $85,000 $100,000
marketing manager $40,000 $45,000 $55,000
PR manager $40,000 $45,000 $50,000
digital / online marketing manager $40,000 $50,000 $60,000
e-commerce director $80,000 $100,000 $150,000
e-commece manager $45,000 $55,000 $70,000
CRM director $70,000 $85,000 $100,000
CRM manager $35,000 $45,000 $60,000
training manager $40,000 $52,000 $65,000
merchandising director / DMM $60,000 $75,000 $90,000
merchandising manager / planning manager $40,000 $50,000 $56,000
buyer / planner $25,000 $32,000 $38,000
visual merchanidising manager $30,000 $40,000 $48,000
visual merchanidiser $18,000 $22,000 $30,000
web producer $20,000 $26,000 $34,000
customer service manager $22,000 $25,000 $30,000
customer service executive $14,000 $16,000 $18,000
information
technology.
The global pandemic is the greatest game-changer

for the Hong Kong technology scene.
Customer demands for e-commerce, payments and Through the introduction of robo-advisories, open API
Software-as-a-Service (SaaS) solutions have skyrocketed and real-time stock quotes, more and more financial
this year in response to businesses shifting their institutions are developing and expanding digital-only
operations online. options for their customers.
This is especially so for firms that have followed the Fintechs are also giving banks a run for their money.
traditional ways of working and are hesitant to explore To meet customer expectations and increasing market
new and disruptive technologies, such as brick-and- competition, banks are starting to offer novel digital
mortar retail shops or companies whose business products and solutions that have great potential for
operations are largely dependent on its physical offices changing the nature of commerce and end-user
and face-to-face customer interactions. However, 2020 expectations.
has made it clear that digital will significantly change and
improve the way we work and live, and will be increasingly To further facilitate the development of the fintech
critical for business sustainability. ecosystem in the midst of a pandemic, the Hong Kong
SAR government has rolled out a series of supporting
fintech talent sought after in the midst of financial grants and initiatives. This includes the SME
Financing Guarantee Scheme which allows SMEs to tap
pandemic into loans of up to HK$2 million that are fully guaranteed
by the government.
As Asia’s financial hub, the city boasts a huge network
of talent, customers and funding opportunities. Digital
banking has been making headway in Asia, with major The increasing focus on digital banking and fintech will
financial institutions introducing digital banking and continue to drive tech talent demand in Hong Kong SAR
virtual banking licensing processes even before the across key functions such as cybersecurity and data
pandemic. privacy, software development and UX/UI development.
reshaping the business landscape with There are also a number of job seekers from other
professional backgrounds and experiences that are drawn
e-commerce capabilities to the excitement and novelty that the tech industry
E-payment provider Octopus Cards, which accounts for offers. As companies become more and more dependent
80% of the city’s stored-value facility market, reported on digital technology, a career in tech would be deemed
that transaction volume and value in January and February to be more stable than others.
has increased by 20% and 30% respectively. Similarly,
the monthly average transaction amount of the O! ePay Mid-career switchers who are equipped with transferable
Mastercard went up by 60% as well. skills and experience, demonstrate a positive learning
attitude and have managed their career expectations are
With consumers spending more online, many retailers more likely to land a job in the tech sector. Companies
are pivoting their strategy to build better digital and can also offer contracting roles to these job seekers as a
e-commerce platforms. Smaller merchants have been way to build their internal talent pipeline while ensuring
onboarded on high-traffic e-commerce sites such as business continuity in a more cost-efficient manner,
Taobao and Tmall to sell directly to the end-consumers. especially if they have limited headcount budgets.
As e-commerce firms onboard more merchants and grow
their customer share, these platforms will create more Candidates are well aware of their worth in a talent-
competition in the retail market. short industry, and will negotiate for a 10% to 20% salary
increment when switching employers. Technologists with
Established retailers are stepping up investments to high-demand or extremely niche skill sets can negotiate
improve their UI/UX platforms that will incorporate digital for an even higher salary increase.
memberships, payments and supply chain management
to fulfil the end-to-end customer experience. This providing exposure to new and exciting
would not only create new jobs for more specialised
tech experts but also boost demand for talent in other technology
functions, such as sales and marketing, human resources
It is essential for employees across all functions and
and accounting and finance.
industries to be digitally-skilled to keep pace with market
conditions and ensure their employability. This is essential
candidates’ expectations on salary, bonus for technologists.
and benefits
Besides securing good talent, companies must invest
The current pandemic has unwittingly become a catalyst in training programmes and on-the-job exposure. This
in driving businesses to adopt new innovation and means on-the-job training to allow for knowledge transfer
strengthen their technology core, such as cybersecurity between locals and expats, as well as the opportunity to
and cloud architecture. There is also a higher interest work on multiple projects. Technologists also particularly
in emerging technologies such as VR, AR and artificial value the opportunity to connect with their peers across
intelligence (AI). the global network, so that they can stay up-to-date with
new developments in the tech space.
It should also be noted that the tech talent shortage
is a challenge faced by companies all over the world. When companies work towards building a highly-skilled
Although there are more active job seekers in the market, workforce, it would lead to more competition, better
companies are looking for experienced technologists with collaboration and higher productivity. This will further
specialised skills to take them to the next phase of digital secure and elevate Hong Kong’s position as an attractive
transformation. regional hub.
Most high potential talent are also reluctant to switch

employers during a period of uncertainty. This trend is benjamin elms
highlighted in Randstad’s COVID-19 Workforce Sentiment
Survey, where 30% of respondents indicated they are
director
willing to wait till after the pandemic to decide on their benjamin.elms@randstad.com.hk
career options.
Strong local talent with in-demand skills will find it

relatively easy to secure a job that meets their salary and
job expectations. These professional technologists will
also be motivated to find a new job if they feel that their
current employer is not doing enough to move the needle
in technology developments.
salary snapshot.
information technology

CIO / CTO / COO / CDO $125,000 $150,000 $200,000
IT Director / Head of IT $75,000 $90,000 $120,000
IT audit / security manager $50,000 $65,000 $90,000
program manager $70,000 $85,000 $120,000
PMO $70,000 $85,000 $100,000
project manager $45,000 $65,000 $85,000
business analyst manager $45,000 $55,000 $70,000
software development manager $50,000 $60,000 $80,000
enterprise architect $50,000 $70,000 $120,000
application support manager $45,000 $50,000 $70,000
QA / testing manager $55,000 $65,000 $75,000
ERP / CRM / SAP manager $50,000 $60,000 $80,000
service delivery manager $40,000 $55,000 $85,000
infrastructure manager $50,000 $65,000 $80,000
helpdesk / desktop manager $40,000 $48,000 $70,000
programmer low med high

java developer $22,000 $38,000 $65,000
.net developer $22,000 $38,000 $55,000
mobile developer $22,000 $38,000 $65,000
front end developer $22,000 $38,000 $60,000
python developer $25,000 $40,000 $60,000
blockchain developer $30,000 $45,000 $65,000
software architect / solution architect $55,000 $70,000 $100,000
business intelligence / data scientists low med high
business intelligence BA / consultant (data visualisation /
$35,000 $55,000 $60,000
reporting)
data architect $55,000 $80,000 $120,000
database administrator / DBA $35,000 $45,000 $55,000
data scientist (machine learning / predictive modelling) $35,000 $65,000 $85,000
AI engineer $35,000 $55,000 $75,000
data engineer / ETL developer $35,000 $55,000 $75,000
QA testing low med high

QA / software testing $25,000 $38,000 $50,000
automation testing $32,000 $45,000 $55,000
network low med high

network engineer $35,000 $45,000 $55,000
voice / comms engineer $50,000 $60,000 $70,000
network architect $55,000 $65,000 $90,000
network support engineer $28,000 $35,000 $45,000
NOC engineer $20,000 $27,500 $40,000
systems low med high
storage engineer $35,000 $40,000 $50,000
security engineer $30,000 $45,000 $55,000
Wintel engineeer $30,000 $45,000 $55,000
helpdesk support $20,000 $27,500 $35,000
desktop engineer $28,000 $32,500 $40,000
systems engineer (Linux/Unix) $25,000 $35,000 $45,000
messaging specialist $35,000 $40,000 $50,000
ERP / CRM low med high

ERP functional consultant $35,000 $45,000 $65,000
ERP technical consultant $35,000 $45,000 $65,000
Oracle functional consultant $35,000 $45,000 $65,000
Oracle technical consultant $35,000 $45,000 $65,000
SAP functional consultant $35,000 $50,000 $75,000
SAP solution architect $45,000 $60,000 $75,000
SAP technical consultant $35,000 $45,000 $65,000
CRM consultant (Salesforce) $35,000 $45,000 $65,000
salary snapshot.
information technology – finance

CIO / CTO / COO $100,000 $175,000 $300,000
IT director / head of IT $75,000 $100,000 $150,000
IT audit / security $55,000 $90,000 $140,000
program manager $80,000 $110,000 $140,000
PMO $70,000 $90,000 $120,000
project manager $75,000 $100,000 $140,000
development manager $70,000 $80,000 $100,000
test manager $70,000 $80,000 $100,000
service delivery manager (SLA) $50,000 $75,000 $90,000

java developer $25,000 $55,000 $100,000
.net developer $25,000 $55,000 $80,000
C++ developer $35,000 $75,000 $100,000
application support $35,000 $60,000 $85,000
mobile apps developer $25,000 $50,000 $75,000
software-solutions / technical architect $65,000 $90,000 $150,000
testing low med high
software tester / QA $30,000 $45,000 $60,000

NOC engineer $20,000 $35,000 $45,000

oracle DBA $40,000 $60,000 $70,000
Unix admin $35,000 $45,000 $60,000
systems engineer $25,000 $30,000 $35,000
cybersecurity low med high
cybersecurity architect $60,000 $75,000 $100,000
cybersecurity consultant $40,000 $65,000 $90,000
penetration tester / ethical hacker $40,000 $60,000 $70,000
cybersecurity analyst $35,000 $45,000 $60,000
life
sciences.
As the frontline fighters against the ‘invisible’ disease,

the life sciences industry has proven to be resilient
in the face of global socio-economic challenges and
the disruption caused by COVID-19.
Following the promising developments in vaccines, talent demands to meet the expansion into
the industry is expected to fully resume its operations.
Hiring in the life sciences industry is projected to remain
asia pacific
relatively stable in 2021. In October 2020, China passed a biosecurity law that
would establish systems for biosecurity risk prevention
With an increasing number of companies participating and control, including risk monitoring and early warning,
in vaccine development and diagnostics, we saw a risk investigation and assessment, and information
corresponding talent demand for clinical staff. This sharing.
includes the hiring of talent in research and development
(R&D), preclinical, clinical research and clinical trial. Talent demand and development in 2021 will be driven
by the further focus into building local capabilities and
Even though the medical industry has made rapid the expansion of global healthcare firms in Asia Pacific to
progress in digitalisation, such as shifting to online cater to the Asian population.
webinars and conferences to exchange knowledge and
information, most professionals still value face-to-face Companies in Greater China are likely to bring in overseas
interactions. talent with an extensive international network to establish
business operations and build a strong foundation of
COVID-19 has also slowed down talent mobility, which internationally-accredited framework and practices
impacted the knowledge and resource transfer that locally.
facilitates the advancements in global healthcare. The
resumption of cross-border travel will certainly improve
hiring confidence in the industry.
This has significant implications for healthcare as they Firms should also avoid making candidates go through
would have to take the appropriate compliance and risk tedious and lengthy hiring processes, as the experience
actions to implement a robust governance framework. can lead to a negative perception of the employer brand
Taking advantage of these trends, Hong Kong SAR’s and culture. The life sciences industry in Hong Kong SAR
R&D and innovation developments have been advancing is rather small, so when candidates start sharing their
quickly on the global life sciences landscape, particularly less-than-ideal experiences, it could spread really quickly
in vaccine development and biotech innovations. Firms by word-of-mouth and have a significant impact on the
will need talent to adjust to a new administration as they employer brand.
factor in these new laws to ensure the speedy delivery of
innovative products to the public. Companies that have a seamless application process
and offer a job interview experience that is thoughtful,
Employers are looking for highly adaptable candidates respectful and thorough, will appeal more to job seekers.
who not only have the technical skills but also strong
communication and presentation skills. Many healthcare
firms are also seeking candidates who are creative and meeting changing candidate expectations
highly motivated to drive new initiatives.
When switching employers, candidates are often
more attracted to the company’s stability and product
manage the candidate experience process to development pipeline over salary increment. Candidates
will also be concerned about any potential merger &
attract better talent acquisition (M&A) activities within the pharmaceutical
Companies are expecting a ‘unicorn candidate’ in today’s space and are less likely to join firms that are in the midst
labour market where there is a surplus of job seekers. of an M&A negotiation, as these plans would usually
impact job stability.
However, the reality is that there are only a handful of
individuals who fit the bill. Employers should recognise In 2021, candidate expectations will be focused on job
talent with high growth potential rather than qualify security and a company’s financial stability. Candidates
them based on paper qualifications. To ascertain if the are more attracted to firms that provide clear career
candidate is of a good fit, employers should find out from development paths, especially those that promote
the job seeker how they can add value to the business in internal progression, both function and geography wise.
the long run and ask about their personality and working Organisations that offer work flexibility such as work-from-
traits to determine if they can fit into the organisational home and higher autonomy to their employees would also
culture. find it easier to attract and secure the best talent.
tommy wong
manager, sales & marketing
(retail, life sciences)
tommy.wong@randstad.com.hk
salary snapshot.
life sciences
healthcare professionals low med high

doctor $65,000 $150,000 $270,000
advanced practice nurse (+5 years) $60,000 $65,000 $70,000
advanced practice nurse (1-5 years) $50,000 $55,000 $60,000
nurse (+5 years) $40,000 $47,000 $55,000
nurse (1-5 years) $32,000 $38,000 $45,000
health worker $16,000 $20,000 $23,000
radiographer I $45,000 $65,000 $75,000
radiographer II $30,000 $38,000 $48,000
medical/technical/commercial low med high
general manager $80,000 $100,000 $130,000
business unit lead / business unit director $65,000 $85,000 $115,000
head of sales / sales director $70,000 $90,000 $120,000
sales manager (+10 years) $50,000 + comms $55,000 + comms $65,000 + comms
sales manager (+5 years) $35,000 + comms $40,000 + comms $50,000 + comms
sales executive $18,000 + comms $25,000 + comms $33,000 + comms
medical representative $15,000 + comms $20,000 + comms $25,000 + comms
head of marketing / marketing director $70,000 $90,000 $120,000
marketing manager (+10 years) $50,000 $58,000 $68,000
marketing manager (+5 years) $40,000 $45,000 $50,000
marketing executive $20,000 $25,000 $32,000
product manager $30,000 $38,000 $45,000
product specialist $18,000 $22,000 $28,000
market access manager $35,000 $48,000 $55,000
medical affairs director $60,000 $70,000 $80,000
medical affairs manager $40,000 $45,000 $50,000
medical affairs executive $20,000 $28,000 $36,000
medical science liaison $20,000 $28,000 $33,000
regulatory affairs director $60,000 $65,000 $73,000
regulatory affairs manager $30,000 $38,000 $45,000
regulatory affairs executive $20,000 $23,000 $26,000
R&D director $65,000 $85,000 $111,000
R&D manager $40,000 $50,000 $60,000
lab manager $30,000 $38,000 $45,000
senior lab technician $22,000 $25,000 $28,000
lab technician $15,000 $18,000 $22,000
application manager / application lead $36,000 $45,000 $58,000
application engineer specialist $20,000 $28,000 $36,000
lead service engineer $40,000 $53,000 $60,000
service engineer specialist $18,000 $25,000 $32,000
property.
The industry is reportedly quite stable

compared to other industries.
Even though the activities in the property market are top in-demand jobs in hong kong’s
slightly muted as a result of the local unrest and global
healthcare crisis, the industry is reportedly quite stable
property industry
compared to other industries. Recruitment activities in the leasing and property
investments space have reduced due to a surplus of job
Compared to 2019, the inbound and outbound seekers and fewer job openings in the market.
investments in 2020 have declined. However, we have
observed steady growth in property and facilities However, there are some other areas within the property
management to sustain existing commercial and market where talent is still in demand.
residential spaces.
Local property companies have stepped up on
More and more companies, overseas investors as well as implementing new measures to prevent further local
the government, have adopted a conservative approach transmissions of COVID-19. For example, more property
due to the fluctuating market prices. As a result, the developers are investing in new technologies such as
number of land bidding exercises saw a reduction in automatic temperature control and building management
2020, especially for second-hand transactions. Some real system software.
estate companies were also seen to hold off investments.
Companies are looking for facilities and operations
However, as countries become more prepared to management professionals who are experienced
deal with the COVID-19 pandemic, the industry can in designing and implementing standard operating
expect positive growth in 2021. The Hong Kong Growth procedures and best practice protocols to help them
Portfolio launched in September 2020 is a US$2.9 billion tackle COVID-19.
investment fund that is precisely aimed at broadening the
investment horizon in the construction space.
Firms are also looking for specialists who are able to As the city works relentlessly towards a strong economic
create a one-stop solution via building management recovery following the local unrest and COVID-19
software as well as an integrated and user-friendly pandemic, employees are advised to maintain a
e-system for both residential and commercial buildings conservative expectation on salary and bonus in 2021.
for contact tracing purposes. Employees who have chosen to stay with their employers
for better job security can expect a 0% to 3% salary
Talent who are up-to-date with the latest trends and increase. Those who switch employers can expect to
technologies that can help drive cost and operational receive approximately 5% to 10% salary increment.
efficiencies in this sector are highly sought-after.
Bonus payouts in 2021, which is a reflection of the
economy and performance outputs in 2020, would also
challenges companies face when hiring be more conservative than previous years. Discretionary
in-demand talent bonuses have become a less significant factor for
employees to consider given the decrease in sales and
There is a clear mismatch of talent and jobs in terms of leasing revenue in 2020. Employees may expect to
both quantity and quality within the existing talent pool. receive 0.5 to 1.5-month bonus in 2021.
There exists a surplus of talent in construction and project

management in the current market. These professionals
meeting the increasing expectations on
possess skills and industry knowledge that are relatively additional benefits
transferable from job to job, which makes it easier for
companies to hire. High operational costs and a lower revenue have made it
unlikely for companies to enter into a price war to secure
talent these days. Instead, an effective approach for the
On the other hand, facility management and leasing face organisation is to play the long-game.
greater challenges during hiring due to a smaller qualified
talent pool. Companies also tend to have a higher
expectation of these candidates’ skills and capabilities. Employers can attract and engage their staff through
Job seekers in facility management need to demonstrate more innovative and creative HR policies that would
good thinking and communication skills in response to appeal to the local workforce, such as offering work-from-
the healthcare crisis. Not only must candidates have a home allowances or full remote working benefits.
pulse on new property technologies and trends, they are
also required to manage the end-to-end process, which According to the 2020 Employer Brand Research, workers
includes customer service and tenant management. across all generations yearn for better work-life balance.
Employees increasingly desire more autonomy and
Within the leasing space, existing employees are less likely flexibility and companies will need to start thinking about
to switch employers, particularly in an uncertain market, how productivity and culture will look like in the future,
as they value having a steady income and job security. which would require a mindset change of how outcomes
People also tend not to switch employers to avoid falling are being measured.
victim to the ‘last-in-first-out’ criterion that companies
traditionally use during restructuring exercises. Employees also prefer to work in a company that has
an honest and transparent organisational culture. This
Employers looking to attract such talent might have to means having timely access to information and being
offer a higher salary and benefits package, or a sign-on able to participate in discussions on an organisation-level.
bonus, to compensate. Managing your employer brand during a crisis can be
difficult, but adopting an authentic, consistent approach
will help you better manage employees’ and stakeholders’
candidates’ expectations on salary, bonus expectations.
and benefits
A company’s employer brand is usually more critically
With an increasing emphasis on job security among evaluated during such trying times, as it can clearly reveal
the local workforce, it is becoming more difficult for how the organisation treats their employees when faced
employers to attract talent if the candidates are not with unprecedented cost and economic pressures. This
already looking for new opportunities in the job market. is the exact opportune moment when organisations must
Job seekers tend to have a preference for companies step up to respect, protect and advance their corporate
that have a strong financial track record and legacy in reputation to strengthen their employer brand.
Hong Kong SAR. These indicators help create a mental
safety net for employees who seek job and income
stability, which have become more critical drivers in these
extraordinary times. fion yeung
senior manager, construction,
property & engineering
fion.yeung@randstad.com.hk
salary snapshot.
construction, property and engineering
property management low med high

property director $80,000 $100,000 $130,000
senior property manager $55,000 $65,000 $80,000
property manager $42,000 $50,000 $60,000
assistant property manager $28,000 $30,000 $42,000
property officer $18,000 $23,000 $28,000
leasing and asset management low med high

asset management director $86,000 $110,000 $130,000
asset management manager $52,000 $64,000 $86,000
asset management officer $30,000 $40,000 $52,000
leasing director $85,000 $100,000 $130,000
senior leasing manager $60,000 $70,000 $85,000
leasing manager $50,000 $55,000 $60,000
assistant leasing manager $38,000 $40,000 $50,000
leasing officer $22,000 $28,000 $38,000
facility management low med high

facilities director $82,000 $100,000 $130,000
facilities manager $35,000 $60,000 $80,000
assistant facilities manager $35,000 $45,000 $50,000
facility officer $18,000 $28,000 $35,000
head of technical service $85,000 $95,000 $120,000
techinical service manager $55,000 $65,000 $75,000
technical service officer $25,000 $32,000 $38,000
property investment & valuations low med high
property development director (GP surveyor) $85,000 $120,000 $155,000
property development manager (GP surveyor) $55,000 $70,000 $85,000
property investment director $80,000 $110,000 $150,000
property investment manager $45,000 $60,000 $80,000
property investment analyst $28,000 $35,000 $45,000
valuation manager $35,000 $45,000 $65,000
quantity surveying low med high

head of commercial $90,000 $100,000 $120,000
commercial manager $65,000 $70,000 $80,000
head of contracts $89,000 $100,000 $120,000
quantity surveying manager $55,000 $62,000 $75,000
senior quantity surveyor $42,000 $48,000 $58,000
quantity surveyor $30,000 $35,000 $42,000
assistant quantity surveyor $19,000 $23,000 $25,000
architecture & design low med high

head of project $110,000 $140,000 $150,000
senior project manager $88,000 $95,000 $130,000
project manager $70,000 $85,000 $90,000
assistant project manager $50,000 $62,000 $70,000
design manager $58,000 $72,000 $80,000
senior architect $55,000 $68,000 $80,000
architect $50,000 $58,000 $62,000
architectural assistant $24,000 $28,000 $35,000
head of interior design $75,000 $80,000 $95,000
interior design manager $45,000 $59,000 $75,000
senior interior designer $35,000 $40,000 $45,000
interior designer $25,000 $30,000 $35,000
assistant interior designer $19,000 $23,000 $25,000
building information modelling $25,000 $38,000 $68,000
building surveying low med high
building surveying manager $55,000 $68,000 $80,000
building surveyor $32,000 $39,000 $48,000
assistant building surveyor $21,000 $25,500 $30,000
project management low med high

project director $150,000 $170,000 $250,000
project manager $60,000 $68,000 $120,000
project officer $29,500 $36,000 $47,000
building services and MEP low med high

building services head $50,000 $65,000 $90,000
building services engineer $32,000 $38,000 $50,000
building services inspector $38,000 $47,000 $55,000
civil & structural engineering low med high

civil & structural head $80,000 $95,000 $110,000
civil & structural manager $50,000 $70,000 $80,000
civil & structural engineer $25,000 $40,000 $50,000
construction management low med high

construction manager $55,000 $65,000 $80,000
clerk of works $42,000 $50,000 $60,000
HSE and sustainability low med high

health & safety & environmental (HSE) manager $48,000 $58,000 $70,000
head of environmental sustainability $75,000 $88,000 $110,000
environmental sustainability manager $50,000 $65,000 $72,000
private equity / asset management low med high
managing director $150,000 $180,000 $220,000
investment associate director / director $80,000 $110,000 $150,000
investment vice president $60,000 $80,000 $100,000
investment associate $35,000 $65,000 $80,000
investment analyst $25,000 $45,000 $60,000
asset management director $70,000 $105,000 $125,000
asset management manager $40,000 $55,000 $70,000
fund management $30,000 $65,000 $80,000
investor relationship $40,000 $60,000 $80,000
fund raising $80,000 $140,000 $200,000
head of research $65,000 $80,000 $110,000
manager / senior manager, research $40,000 $50,000 $65,000
research analyst $20,000 $25,000 $35,000
corporate real estate services low med high

head of real estate $120,000 $160,000 $220,000
VP / deputy general manager $80,000 $100,000 $120,000
AVP / senior manager $60,000 $70,000 $80,000
manager / assistant manager $33,000 $50,000 $60,000
officer / senior officer $16,000 $25,000 $33,000
consultancy roles
civil / structures low med high

director $100,000 $135,000 $160,000
technial director $85,000 $105,000 $120,000
associate $72,000 $83,000 $90,000
senior engineer / engineer $30,000 $50,000 $60,000
geotechnical low med high

director $100,000 $115,000 $128,000
associate $72,000 $83,000 $90,000
mechanical, electrical & plumbing low med high

director $87,000 $105,000 $130,000
associate $62,000 $68,000 $72,000
quantity surveying / cost management low med high

managing director $135,000 $155,000 $185,000
director $100,000 $120,000 $130,000
associate $65,000 $68,000 $75,000
senior quantity surveyor $40,000 $48,000 $58,000
quantity surveyor $28,000 $32,000 $38,000
project management low med high
head of project management $135,000 $170,000 $220,000
project manager $55,000 $60,000 $75,000
assistant project manager $38,000 $42,000 $48,000
business development manager $40,000 $47,000 $55,000
architecture low med high

head of design $100,000 $110,000 $120,000
senior associate $70,000 $85,000 $100,000
associate $65,000 $80,000 $90,000
senior architect $55,000 $68,000 $80,000
architect $45,000 $52,000 $58,000
architectural assistant $24,000 $28,000 $35,000
resident architect $75,000 $80,000 $110,000
architectural designer $33,000 $42,000 $55,000
building information modelling $25,000 $38,000 $68,000
interior design low med high

associate $45,000 $59,000 $75,000
senior interior designer $35,000 $40,000 $45,000
interior designer $26,000 $30,000 $35,000
assistant interior designer $19,000 $23,000 $25,000
contactor low med high
project manager $50,000 $62,000 $75,000
project engineer $32,000 $42,000 $48,000
service / maintenance engineer $26,000 $36,000 $45,000
sales engineer (without commision) $15,000 $20,000 $25,000
site engineer $25,000 $35,000 $38,000
planning engineer $35,000 $40,000 $50,000
quality engineer $28,000 $32,000 $35,000
electrical technician $18,000 $25,500 $30,000
mechanical technician $17,000 $23,000 $29,000
foreman / supervisor $22,000 $27,000 $32,000
railway engineering low med high

signalling engineer $25,000 $30,000 $35,000
system assurance engineer $25,000 $45,000 $60,000
system assurance manager $60,000 $75,000 $90,000
EMC engineer $25,000 $30,000 $35,000
senior / software engineer $28,000 $35,000 $40,000
planning engineer $32,000 $37,000 $45,000
design engineer $25,000 $32,000 $40,000
environmental engineering low med high

wastewater project manager $52,000 $63,000 $70,000
wastewater engineer $30,000 $33,000 $45,000
process manager $38,000 $42,000 $55,000
process engineer $22,000 $29,000 $35,000
power plant manager $42,000 $49,000 $60,000
power plant engineer $26,000 $31,000 $36,000
sourcing &
supply chain.
Hong Kong SAR is poised to play an integral role in

the recovery of the global supply chain network.
Known for its position as a major trading city and home to rise in the e-commerce landscape
one of the 10 busiest ports in the world, Hong Kong SAR,
as a regional logistics hub, is poised to play an integral We saw companies kick-start their digital transformation
role in the recovery of the global supply chain network. process in 2020, expanding their digital footprint to
extend their reach and achieve the highest efficiency
The COVID-19 pandemic has resulted in mounting levels. This is largely driven by the increasing number of
challenges faced by manufacturers and logistics firms, consumers who are engaged in online services.
such as depleting and idling stock, a dip in productivity
due to workforce measures and the inability to meet As the number of local consumers purchasing from online
contractual obligations. These businesses that depend channels continues to increase, supply chain firms will
on the global supply chain network are experiencing have to step up efforts to meet these new demands. Not
difficulties recovering and resuming pre-COVID demand only does the buying experience have to be fast and
and volumes. seamless, but customers are also expecting a direct
factory-to-home process which would promise them the
While most companies take a wait-and-see approach to best and lowest price.
the economic environment, we’ve observed spikes in
certain verticals within manufacturing and supply chain. Regional offices based in Hong Kong SAR are investing in
strengthening their in-house digital capabilities through
data. The use of data allows more organisations to better
anticipate consumer demands and troughs, enabling
them to better align their production and logistics to meet
demands. Businesses can also use these trend analytics
to automate orders and pin them against their real-time
stock, preventing overstocking and resulting in higher
fulfilment levels.
targeted growth and talent demand candidates’ expectations on salary, bonus
and benefits
The manufacturing and supply chain sector is a
particularly large driver of the local economy. Even as Job requirements are highly technical in the sourcing and
firms reduce business activities due to the lack of global supply chain industry. For example, managerial positions
demand, most employers focused on sustaining the in a company would require a certain level of technical
business rather than hiring to expand, which includes capabilities and industry knowledge, such as knowing
retaining their workforce. the product specifications and having a good network of
vendors and customers for a particular product.
We have observed variations of talent demand within
the manufacturing space. Companies are hiring both Due to the technical nature of the job, it is not easy for
permanent employees and contracting professionals to professionals to switch between sectors without taking a
replace roles or to meet an unexpected increase in the significant pay cut or accepting a less attractive job title.
number of orders to fulfil. Organisations also still prefer candidates with relevant
product knowledge and experience, as opposed to job
seekers with a background in another vertical.
Actual product management is one such area that is
still hiring. Candidates in this space tend to look for
employers that can provide regional exposure and a While there are supply chain and warehousing facilities
higher level of job security. There is also strong demand in Hong Kong SAR, most of the major manufacturers
for talent in indirect procurement. Employers are seeking are still based in mainland China. Therefore, besides
experienced candidates who possess good knowledge specialisations and technical skills, companies are also
in IT procurement as well as experience in overseeing increasingly seeking candidates who are highly proficient
budget control initiatives. in business Mandarin to communicate with their Chinese
counterparts.
Companies that are financially stable and can offer good
healthcare benefits and interesting job content will be The current economic climate has led to a higher number
particularly attractive to job seekers. of active job seekers compared to job vacancies, which
has urged many candidates to revise their expectations
when looking for a job in 2021. Most candidates would
Engineers in product development, product design
also rather work with a company that is financially stable,
and quality are still unable to travel to follow up on their
even if the salary offered is the same as their last drawn
projects. This limitation has led to lower demand for talent
salary.
in these functions, and those who are looking for jobs are
likely to tamper their salary expectations.
On the other hand, candidates working in the
e-commerce space can expect a salary increment of 10%
to 15% when they switch employers due to the growth
potential of the market and surge in talent demand.
Indirect procurement candidates can expect an average
of 15% increase in salary when they join a new employer.
benjamin elms
director
benjamin.elms@randstad.com.hk
salary snapshot.
supply chain and procurement.
sourcing low med high

VP of sourcing $90,000 $125,000 $150,000
sourcing director $80,000 $90,000 $110,000
senior merchandising manager $60,000 $65,000 $70,000
merchandising manager $40,000 $45,000 $55,000
senior merchandiser $24,000 $29,000 $32,000
merchandiser $16,000 $20,000 $24,000
assistant merchandiser $12,000 $14,000 $16,000
regional procurement manager $60,000 $70,000 $80,000
procurement manager $40,000 $50,000 $60,000
procurement specialist $25,000 $30,000 $35,000
supply chain low med high

supply chain director $70,000 $80,000 $100,000
supply chain manager $45,000 $55,000 $70,000
demand planner $26,000 $28,000 $32,000
supply planner $26,000 $30,000 $32,000
logistic coordinator $15,000 $18,000 $22,000
warehouse manager $28,000 $32,000 $37,000
operations manager $28,000 $30,000 $32,000
shipping supervisor $25,000 $28,000 $30,000
sea / ocean freight manager $30,000 $35,000 $40,000
operations manager $28,000 $35,000 $45,000
salary snapshot.
engineering low med high

product development manager $35,000 $40,000 $45,000
product development engineer $25,000 $30,000 $35,000
technical / project director $50,000 $70,000 $100,000
quality director $70,000 $80,000 $90,000
quality manager $35,000 $40,000 $35,000
quality engineer $25,000 $30,000 $35,000
service engineer $30,000 $35,000 $40,000
contracting.
The shifting mindset towards hiring contracting

professionals that we have observed over the
years is both promising and positive.
More and more companies are moving towards a hybrid highly-specialised and qualified contracting
workforce model, where they have a mix of permanent
and contracting staff collaborating together as a
professionals are in high demand
team. The increasing interest in building an integrated Owing to the ongoing and rapid digital transformation
workforce is largely influenced by the success seen in across key industries, the hiring appetite for highly
the technology sector, as it allows businesses to be more skilled professional contractors will rise in 2021. Most
agile and competitive. of the talent demand can be observed in fintech and
insurtech, which operate more like a tech firm rather than
Despite the economic impact from geopolitical tensions a traditional financial institution.
and COVID-19, Hong Kong’s strategic location and unique
significance in the region will likely help maintain its status Most of the in-demand contracting roles are middle
as Asia’s leading financial hub. The steady facilitation to senior levels, and fall within cybersecurity, project
of inbound capital investments in our financial and management, DevOps, IT engineering and data analytics.
technology sectors will not only drive talent demand but These professionals are also expected to have relevant
also the creation of more specialised jobs. experience in stakeholder management and digital
transformation. Many financial firms are speeding up their
hiring of contracting talent to lead projects with urgent
deadlines, which are usually found in middle-office,
operations and technology departments.
Besides checking the boxes on technical competence, appeal to professional contractors with full
employers are also looking for two specific soft skills-
confidence and strong communication skills. Even when
employee benefits
they are hired for a shorter period of time, professional As proven by many contract workers, contracting gigs can
contractors are increasingly expected to partner closely be stitched together to form a long-term career. Because
with business units to enhance collaboration and of the strong focus on project delivery, contractors are
efficiency. able to deepen their skills competency and grow their
network in each role, which are highly invaluable to the
In fact, these specialised contractors are so highly sought new employer. Through knowledge transfer and frequent
after, they are amongst the highest paid candidates at the collaborations, these professional contractors also
moment. Depending on their skills and the employers’ contribute towards the skills development of the existing
talent needs, professional contractors can expect to workforce, thus improving the capability and quality of
receive up to 15% salary increment when they join a new the organisation’s human capital.
organisation.
Employers that want to build an integrated workforce
There is a general misconception that contractors are should offer a fair remuneration package that reflects the
not concerned with job security due to the nature of contractor’s skills and contributions to the organisation.
their careers. However, with the increasing emphasis This would include providing full employee benefits such
on income stability, many candidates are actively as annual leave, medical insurance and gratuity bonus to
seeking contracts with longer durations, better access contractors.
to employee benefits as well as contract-to-perm
opportunities.
prerna bajaj
manager, contracting
prerna.bajaj@randstad.com.hk
salary snapshot.
information technology – contracting

CIO / CTO / COO / CDO $137,500 $165,000 $220,000
IT audit / security manager $55,000 $71,500 $99,000
program manager $77,000 $93,500 $132,000
PMO $77,000 $93,500 $110,000
project manager $55,000 $71,500 $82,500
software development manager $55,000 $66,000 $77,000
enterprise architect $55,000 $77,000 $110,000
testing / QA manager $60,500 $71,500 $82,500
ERP / CRM / SAP manager $55,000 $66,000 $77,000
service delivery manager $44,000 $60,500 $77,000
helpdesk / desktop manager $41,800 $49,500 $77,000

java developer $30,800 $41,800 $60,500
.net developer $27,500 $38,500 $60,500
python developer $33,000 $44,000 $60,500
blockchain developer $38,500 $49,500 $60,500
software architect / solution architect $55,000 $60,500 $82,500
business intelligence / data scientists low med high
business intelligence BA / consultant (data visualisation /
$38,500 $60,500 $66,000
reporting)
data architect $60,500 $77,000 $110,000
database administrator / DBA $38,500 $49,500 $60,500
data scientist (machine learning / predictive modelling) $44,000 $82,500 $121,000
data engineer / ETL developer $30,800 $41,800 $52,800
QA testing low med high

QA / software testing $27,500 $41,800 $49,500
automation testing $35,200 $49,500 $60,500

voice/comms engineer $55,000 $66,000 $77,000
NOC engineer $22,000 $30,250 $38,500
systems engineer (Linux/Unix) $27,500 $38,500 $49,500
ERP / CRM low med high

ERP functional consultant $38,500 $49,500 $71,500
ERP technical consultant $38,500 $49,500 $71,500
oracle functional consultant $38,500 $49,500 $71,500
oracle technical consultant $38,500 $49,500 $71,500
SAP functional consultant $38,500 $55,000 $82,500
SAP solution architect $49,500 $66,000 $82,500
SAP technical consultant $38,500 $49,500 $71,500
CRM consultant (Salesforce) $38,500 $49,500 $71,500
salary snapshot.
finance – contracting

CIO / CTO / COO $110,000 $192,500 $330,000
IT audit / security $60,500 $82,500 $121,000
program manager $88,000 $121,000 $154,000
PMO $77,000 $99,000 $132,000
project manager $88,000 $121,000 $154,000
development manager $77,000 $88,000 $110,000
test manager $77,000 $88,000 $110,000
service delivery manager (SLA) $55,000 $82,500 $99,000

java developer $33,000 $49,500 $63,800
.net developer $33,000 $49,500 $63,800
C++ developer $44,000 $71,500 $110,000
application support $49,500 $66,000 $93,500
software-solutions / technical architect $60,500 $71,500 $110,000
testing low med high
software tester / QA $33,000 $49,500 $66,000

NOC engineer $22,000 $30,250 $38,500

oracle DBA $44,000 $66,000 $77,000
unix admin $38,500 $49,500 $66,000
wintel engineeer $38,500 $49,500 $60,500
systems engineer $27,500 $33,000 $38,500
transformation low med high

head of transformation $120,000 $150,000 $200,000
senior manager $75,000 $90,000 $110,000
manager $45,000 $55,000 $65,000
senior business analyst $30,000 $37,000 $45,000
business analyst $20,000 $26,000 $35,000
about us.
Randstad is one of the world’s largest recruitment and HR services providers.
With operations located across Hong Kong SAR, China, Singapore, Malaysia,
India, Japan, Australia and New Zealand. Randstad Malaysia specialises
in both permanent and contract recruitment and help organisations
across industries find the best talent in accounting & finance, banking &
financial services, construction, property & engineering, human resources
and business support, information technology, sales, marketing &
communications, as well as supply chain & procurement.
Human connection is at the heart of our business. Our personal approach,

supported by state-of-the-art technology, is what sets us apart in the world
of work. We express this with our brand promise: Human Forward.

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market outlook

& salary snapshot

Greater China’s stringent regulations in the fight

However, there are some reservations among the local

Employers that want to attract top talent in the region

As much as we expect the workforce to shift their

thank you for your trust in us.

There is a talent and skills shortage in this area as rouella landicho

Currently, the talent pool is limited to seasoned and

As more physical activities are being shifted online,

The COVID-19 pandemic and political instability

consumer banking 1-3 years 3-6 years

premier banking relationship manager $23,000-$44,000 $35,000-$60,000

treasury specialist $33,000-$35,000 $38,000-$48,000

investment consultant $38,000-$65,000 $50,000-$85,000

insurance specialist $25,000-$35,000 $30,000-$55,000

mortgage specialist $15,000-$21,000 $21,000-$25,000

consumer banking 7-10 years 10+ years

premier banking relationship manager $45,000-$70,000 $70,000+

treasury specialist $48,000-$55,000 $60,000+

investment consultant $65,000-$110,000 $110,000+

insurance specialist $45,000-$65,000 $65,000+

mortgage specialist $25,000-$30,000 -

corporate banking 1-3 years 3-6 years

team head $65,000-$75,000 $75,000-$100,000

senior relationship manager / relationship manager $28,000-$45,000 $40,000-$70,000

assistant relationship manager / relationship support officer $15,000-$33,000 $25,000-$42,000

credit analyst $18,000-$35,000 $25,000-$55,000

corporate banking 7-10 years 10+ years

team head $85,000-$120,000 $100,000+

senior relationship manager / relationship manager $50,000-$80,000 $70,000+

assistant relationship manager / relationship support officer $35,000-$50,000 $40,000-$50,000

credit analyst $45,000-$70,000 -

commercial banking 1-3 years 3-6 years

team head $50,000-$70,000 $60,000-$80,000

senior relationship manager / relationship manager $28,000-$40,000 $35,000-$60,000

assistant relationship manager / relationship support officer $13,000-$30,000 $22,000-$40,000

commercial banking 7-10 years 10+ years

team head $70,000-$90,000 $80,000+

senior relationship manager / relationship manager $50,000-$75,000 $60,000+

assistant relationship manager / relationship support officer $35,000-$50,000 $40,000-$50,000

financial institutional banking 1-3 years 3-6 years

team head $70,000-$100,000 $80,000-$120,000

senior relationship manager / relationship manager $28,000-$40,000 $40,000-$55,000

assistant relationship manager / relationship support officer $20,000-$45,000 $40,000-$55,000

financial institutional banking 7-10 years 10+ years

team head $100,000-$120,000 $100,000+

senior relationship manager / relationship manager $55,000-$80,000 $70,000+

assistant relationship manager / relationship support officer $55,000+ $55,000+

transaction banking 1-3 years 3-6 years

cash management sales $20,000-$30,000 $30,000-$45,000

transaction banking 7-10 years 10+ years

cash management sales $45,000-$65,000 $70,000+

private banking & wealth management 1-3 years 3-6 years

private banking relationship manager $65,000-$80,000 $80,000-$110,000

private banking client services officer $35,000-$45,000 $45,000-$50,000

investment counselor $65,000-$75,000 $70,000-$100,000

investment counselor assistance $40,000-$50,000 $50,000-$65,000