HONG KONG SALARY GUIDE 2015
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HONG KONG
SALARY
GUIDE
2015
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morganmckinley.com.hk
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MANAGING DIRECTOR’S
LETTER
The hiring market in Hong Kong has remained Most contract and temporary professionals (73%),
buoyant in 2014. The most active specialist disciplines who responded to the Morgan McKinley Salary Survey
across the market include compliance and regulatory 2015, report that they have received an uplift in their
roles, as well as Delta-One developers and project salary or rate of pay. However, as with permanent
managers/business analysts within the financial employees, the majority of these increases are fairly
services sector, and service delivery, data centre moderate. According to Morgan McKinley, this shows
operations and data network specialists in the the companies’ ability to control salary increases in
commercial sector. the temporary and contract market. Many companies
are able to replace professionals quickly and with ease
The following report provides an overview of the if there is attrition in the temporary space.
salary trends and expectations from the Hong Kong
market for 2015. It also presents the results collected I hope you enjoy reading the detailed report. If you
from Morgan McKinley Salary Survey 2015 (page 40). have any thoughts on current salary trends in
professional occupations in Hong Kong, we would be
The majority of Hong Kong permanent and contract/ very interested to hear from you.
temporary employees, who responded to the 2015
Morgan McKinley Salary Survey, reported having
received an increase in salary in the last twelve
months. However, these salaries have varied
dependent upon the sector, which is an indicator of
certain segments in the market performing better
than others.
Average salary increases this year have been moderate
for permanent employees, with most professionals
(60%) saying they received an increment of between
1-8 percent. This is indicative of companies still being
under tight cost pressures particularly in the banking
sector, for example. European banks have not
performed as well as their American counterparts, and
this has been reflected in bonus payments. Areas
which have seen noteworthy uplifts in annual pay
include audit, risk and compliance.
The contract/temporary market has continued to
grow across several sectors and Hong Kong
professionals are starting to see the benefit in taking
on these contract roles. For individuals who may have
been out of the job market or for professionals looking
to change career, these types of positions give
individuals the opportunity to re-enter the workforce
and obtain new skills, which may lead to permanent
opportunities down the line. It is also a good entry
point for overseas professionals looking to work in the
Hong Kong market and gain experience. Demand for
contract and temporary staff is expected to maintain
its rise in popularity in 2015, as multinational
organisations continue to face headcount constraints.
RICHIE
HOLLIDAY
CHIEF OPERATIONS OFFICER - APAC
Tel: +852 3907 3909 | rholliday@morganmckinley.com
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CONTENTS
BANKING & FINANCIAL SERVICES 5 RISK & COMPLIANCE 37
Asset Management 6
Operations 7 SALARY SURVEY RESULTS 40
Hedge Fund & Private Equity 9
Investment Banking & Capital Markets 10
Private Banking 11
FINANCE & ACCOUNTING 12
Commerce & Industry 13
Financial Services 15
HUMAN RESOURCES 17
Commerce & Industry 18
Financial Services 20
IT 22
Commerce & Industry 23
Financial Services 25
INSURANCE 27
OFFICE SUPPORT 29
Commerce & Industry 30
Financial Services 31
SALES & MARKETING 32
General Overview / PR / Communications 33
Technology / Consumer Products / Wine 34
Retail 35
4
BANKING &
FINANCIAL SERVICES
TOP 3 MOST IN-DEMAND POSITIONS:
1 Regulatory Operations
2 Relationship Management within Private
Banking
3 Analyst and Associate with technical & linguistic
skills within Investment Banking
5
BANKING &
FINANCIAL SERVICES
ASSET MANAGEMENT
PERMANENT
Compared with the previous year, 2014 was a good
year for the asset management industry. There was an
MOVEMENT REMAINED HIGHEST FOR
increase in hiring across front, middle and back office
functions. Movement remained highest for sales and SALES AND MARKETING POSITIONS. DUE
marketing position. Due to ongoing changes in TO ONGOING CHANGES IN REGULATORY
regulatory activities, there has been growing demand ACTIVITIES , THERE HAS BEEN GROWING
for support roles such as product development, DEMAND FOR SUPPORTING ROLES SUCH
compliance and operations.
AS PRODUCT DEVELOPMENT,
Replacement hires continue to dominate. However, as COMPLIANCE AND OPERATIONS.
2015 begins, optimism remains high with a number of
expansions and new headcount available. This will
help create opportunities for new talent from other
financial sectors to join the buy-side.
Regarding salaries, employers continue to be However, employers remain highly competitive in
constringent in new hires and modest with year-on- terms of retention due to the limited pool of talent
year salary increments for existing employees. within the industry.
ASSET MANAGEMENT | PERMANENT (HKD per month)
ASSOCIATE / VP / SR. SVP /
ROLE ANALYST MD
AVP MANAGER DIRECTOR
FUND MANAGER $45k - $55k $55k - $70k $70k - $95k $120k - $200k $250k+
RESEARCH ANALYST $30k - $45k $45k - $60k $63k - $83k $92k - $150k $180k+
RETAIL / INSTITUTIONAL $15k - $25k $25k - $45k $45k - $65k $65k - $90k $150k+
MARKETING
RFP WRITER / INVESTMENT $20k - $30k $30k - $45k $50k - $70k $70k - $100k $100k+
WRITER
PERFORMANCE ANALYST $12k - $20k $20k - $35k $35k - $45k $45k - $70k -
RETAIL / INTERMEDIARY SALES $20k - $35k $35k - $50k $50k - $85k $80k - $120k $150k+
INSTITUTIONAL SALES $25k - $35k $35k - $60k $60k - $92k $92k - $170k $200k+
CLIENT RELATIONSHIP / $17k - $25k $25k - $45k $45k - $70k $70k - $100k $100k+
ACCOUNT MANAGEMENT
EXECUTION TRADER / DEALER $20k - $30k $30k - $50k $50k - $70k $70k - $120k $150k+
PRODUCT DEVELOPMENT / $20k - $30k $30k - $50k $50k - $70k $70k - $120k $100k+
MANAGEMENT
PRODUCT SPECIALIST $30k - $45k $45k - $65k $65k - $92k $95k - $150 $200k+
6
BANKING &
FINANCIAL SERVICES
OPERATIONS 2014 saw continued offshoring within the banking
PERMANENT operations sector. Headcounts within the back office
and certain areas of middle office were repositioned in
In 2015, we are expecting many companies to be companies to low cost centres. However, 2014 still
making slightly more positive announcements, with saw a significant number of replacement hires being
regards to bonuses, as compared with the previous made. Professionals moving to other areas of financial
couple of years. Within operations, this may signify services such as the buy-side or leaving financial
increases from negligible figures to 1-2 months’ salary. services, altogether, left companies in need of highly
However, it is still expected to be more positive. We trained individuals.
do not foresee big changes in base salaries. They are
likely to remain around current levels, with minimal Restructuring within operations saw middle
increases, possibly in line with inflation. Therefore, we management roles being replaced with more junior
expect total compensation in operations to be slightly hires. In some cases, there are examples of
above 2014. management and/or strategic responsibilities being
delegated upwards and daily responsibilities being
Any significant increases within this area would likely delegated downwards. Therefore, we expect 2015 to
be within the regulatory operations space. This niche remain positive yet steady. Significant offshoring is
area of operations is growing, and demand outweighs not expected this year, as the majority of roles still
supply, which makes salary increases probable. The based in Hong Kong are considered strategically
market will still be looking to pay around 15 percent important to remain. This is based on communication
increments on average to entice professionals to join. lines, and the benefit of having direct contact (and the
ability to build strong relationships) with the front
office or with clients.
Professionals with a good understanding of trading
risk, as well as the processing side, are in growing
ANY SIGNIFICANT INCREASES WITHIN demand. Companies are looking for energetic and
THIS AREA WOULD LIKELY BE WITHIN adaptable people that have a strong knowledge of the
THE REGULATORY OPERATIONS SPACE. trade life cycle, who are looking to gain more
THIS NICHE AREA OF OPERATIONS IS exposure within the operations space.
GROWING AND DEMAND
OUTWEIGHS SUPPLY.
OPERATIONS We expect this trend to continue in 2015, with a
CONTRACT greater percentage of the workforce being
contract hires rather than permanent.
Contracting has continued to be a steady source of
hiring throughout the market last year. In 2015, the
majority of businesses in Hong Kong are looking to
build on their flexible workforce, with hires being
made across the operations space. Contracts are a
good solution for maternity cover, short term
projects and covering daily business operation.
Experienced professionals that are able to deliver
higher quality work and require less training are in
demand, more so than the more junior hires seen on
the permanent side.
7
BANKING &
FINANCIAL SERVICES
OPERATIONS | PERMANENT & CONTRACT (HKD per month)
ASSOCIATE / VP / SR. SVP /
ROLE ANALYST MD
AVP MANAGER DIRECTOR
TRADE SUPPORT $22K - $35K $35k - $70k $80k - $100k $100k - $115k $125k - $150k
CLIENT SERVICES $22k - $35k $35k - $60k $70k - $90k $100k - $115k $120k - $140k
SETTLEMENTS $18k - $28k $30k - $45k $55k - $80k $70k - $80k $90k - $120k
DOCUMENTATION $18k - $28k $30k - $45k $55k - $65k $70k - $80k $90k - $120k
BUSINESS ANALYST / $30k - $40k $45k - $65k $70k - $100k $110k - $125k $125k - $150k
PROJECTS
EQUITY FINANCE (PRIME ASSOCIATE/ VP / SR. SVP /
ANALYST MD
BROKERAGE) AVP MANAGER DIRECTOR
PRIME BROKERAGE / $22k - $35k $35k - $60k $70k - $90k $100k - $115k $120k - $140k
CLIENT SERVICES
PRIME BROKERAGE / $18k - $28k $30k - $45k $55k - $65k $70k - $80k $90k - $120k
SETTLEMENTS
ASSOCIATE/ VP / SR. SVP /
OTHER ANALYST MD
AVP MANAGER DIRECTOR
LOANS ADMINISTRATION $15k - $22k $22k - $35k $40k - $60k $60k - $75k $75k - $90k
STATIC DATA ANALYST $15k - $22k $22k - $35k $40k - $60k $60k - $80k $80k - $100k
CONTROL / $22k - $35k $35k - $60k $70k - $90k $100k - $115k $125k - $150k
RECONCILIATIONS
ASSET SERVICING $18k - $28k $30k - $45k $55k - $65k $70k - $80k $90k - $120k
CASH MANAGEMENT $20k - $30k $30k - $50k $55k - $70k $70k - $90k $90k - $120k
8
BANKING &
FINANCIAL SERVICES
HEDGE FUND & PRIVATE EQUITY
PERMANENT
An increasing number of private equity funds to be
domiciled in Hong Kong can be observed according to THERE IS APPROXIMATELY A GROWTH OF
Hong Kong's 2013-2014 budget. Furthermore, the
current offshore exemption regulation from the
23 PERCENT ON THE TOTAL AUM OF THE
government plans to amend and extend this number. HONG KONG-BASED FUNDS WHEN
There is approximately a growth of 23 percent on the COMPARED WITH THE PRECEDING YEAR.
total AUM of the Hong Kong-based funds when
compared with the previous year. At the same time,
with the growing focus of venture capital investment
in Greater China, the region has become the largest
private equity centre in Asia while Hong Kong has With the continuous growth of digital marketing,
developed strong expertise of investing in Asia in hedge fund managers are more efficient in delivering
2014. information and promoting the firm’s brand in the
marketplace.
Despite recent negativity across the hedge fund
industry, including an increased level of fund closures, In general, the industry is positive in regards to
the total industry assets will reach a new all-time high growth and hiring in this space and the market
and is expected to rise by 7 percent in 2015. indicates that new job opportunities will continue in
an upward trend.
HEDGE FUND & PRIVATE EQUITY | PERMANENT (HKD per month)
ASSOCIATE/ VP / SR. SVP /
ROLE ANALYST MD
AVP MANAGER DIRECTOR
FUND / PORTFOLIO $45k - $60k $55k - $70k $70k - $100k $120k - $200k $250k+
MANAGER
INVESTMENT ANALYST $30k - $48k $48k - $70k $70k - $120k $110k - $150k $150k+
ECONOMIST / $30k - $45k $45k - $65k $70k - $120k $110k - $170k $200k+
INVESTMENT STRATEGIST
PORTFOLIO $35k - $45k $40k - $55k $60k - $65k $70k - $85k $90k - $115k
CONSTRUCTION
TRADER $20k - $45k $40k - $65k $70k - $100k $90k - $165k $180k+
INVESTOR RELATIONS $25k - $35k $35k - $50k $65k - $100k $92k - $170k $200k+
PRIVATE EQUITY $35k - $50k $50k - $80k $65k - $100k $90k - $130k $110k - $210k
9
BANKING &
FINANCIAL SERVICES
INVESTMENT BANKING & Basic salaries amongst front office professionals have
CAPITAL MARKETS remained largely unchanged since the global financial
PERMANENT crisis, with overall compensation figures marginally
down last year.
Last year saw stability across investment banking
headcount following two years of decline. We expect On the markets side, we anticipate China A-share
this trend to continue into 2015, as primary market sales professionals, analysts and strategists will be in
activity continues its momentum globally. In terms of demand, due to the Shanghai-Hong Kong Stock
positions, product and coverage teams have demand Connect. There will also be continued demand for H-
for analysts and associates with the requisite share internet/mobile hardware and property analysts
technical and linguistic skills. Furthermore, financial and credit market analysts as the dim sum bond
sponsor activity looks set to increase with demand for market continues to mature.
professionals with leveraged finance and private
equity advisory experience. Conversely, the luxury goods, gaming and natural
resources sectors face significant headwinds in the
first half of the year in Hong Kong and Mainland
China. As a result, we expect less banking positions
PRODUCT AND COVERAGE TEAMS HAVE focusing on these sectors in the short term.
DEMAND FOR ANALYSTS AND ASSOCIATES
WITH THE REQUISITE TECHNICAL AND Year on year, salaries are likely to increase modestly
LINGUISTIC SKILLS. for both primary and secondary market professionals.
INVESTMENT BANKING & CAPITAL MARKETS | PERMANENT (HKD per month)
ROLE CORPORATE FINANCE ROLE SALES AND TRADING
ANALYST 1 $40k - $60k Sales – Institutional – Analyst $40k - $60k
ANALYST 2 $50k - $70k Sales – Institutional – Associate $50k - $70k
ANALYST 3 $60k - $80k Sales – Institutional – VP $130k - $160k
ASSOCIATE 1 $70k - $100k Sales – Corporate – Analyst $40k - $60k
ASSOCIATE 2 $80k - $110k Sales – Corporate – Associate $50k - $70k
ASSOCIATE 3 $100k - $120k Sales – Corporate – VP $130k - $160k
VP $130k - $160k Trader – Analyst $40k - $60k
DIRECTOR $160k - $225k Trader – Associate $80k - $120k
MANAGING DIRECTOR $225k+ Trader – VP $130k - $160k
EQUITY RESEARCH
RESEARCH ASSOCIATE $60k - $80k
SENIOR RESEARCH ASSOCIATE $100k - $120k
WRITING ANALYST $130k - $180k
SECTOR HEAD $180k+
10BANKING &
FINANCIAL SERVICES
PRIVATE BANKING
PERMANENT
Hiring activity for the private banking industry was
very active across various functions in 2014. Positions
that were most in demand include relationship POSITIONS THAT WERE MOST IN DEMAND
manager, relationship manager support and INCLUDE RELATIONSHIP MANAGER,
investment consultant at all levels. This demonstrates RELATIONSHIP MANAGER SUPPORT AND
that the majority of private banks remain keen to INVESTMENT CONSULTANT AT ALL LEVELS.
expand their sales force in order to become the bank
of choice for the growing number of high net worth
(HNW) and ultra high net worth (UNHW) individuals
across the region.
However, banks frustrated over limited talent pools, specialist. The job outlook of 2015 is positive, as banks
have become increasingly open to hiring candidates seek to maintain the same level of hiring activity as
from investment banking, asset management and 2014, so as to be in line with future growth plans.
corporate banking divisions.
In terms of salary, we expect an average pay rise to be
Other in-demand professionals include markets between 5-7 percent, reflecting the business needs to
business manager, dealer, and client documentations retain talent.
PRIVATE BANKING | PERMANENT (HKD per month)
ASSOCIATE VP / SR. SVP /
ROLE ANALYST MD
/ AVP MANAGER DIRECTOR
PRIVATE BANKER $40k - $55k $60k - $100k $110k - $125k $130k - $150k $160k+
FUND / PORTFOLIO MANAGER $40k - $50k $50k - $70k $80k - $120k $130k - $150k $150k+
INVESTMENT ADVISOR / $35k - $50k $60k - $80k $100k - $120k $125k - $150k $150k+
CONSULTANT
PRODUCT SPECIALIST $35k - $50k $50k - $70k $80k - $125k $125k - $150k $150k+
TRADER / DEALER $30k - $50k $50k - $80k $80k - $100k $100k - $130k $130k+
BUSINESS MANAGEMENT $35k - $45k $50k - $80k $80k - $120k $130k - $150k $150k+
ASSISTANT RELATIONSHIP $30k - $50k - - - -
MANAGER
PRODUCT DEVELOPER / $35k - $45k $50k - $70k $80k - $100k $100k - $120k $130k+
MANAGEMENT
11FINANCE &
ACCOUNTING
TOP 3 MOST IN-DEMAND POSITIONS:
1 Financial Planning and Analysis (FP&A)
2 Internal Control and Compliance
3 Professionals with expertise in the Third Basel
Accord, the Dodd-Frank Act, EMIR, HKMA and
SFC regulations
12FINANCE &
ACCOUNTING
COMMERCE & INDUSTRY
PERMANENT
Hiring activities for finance and accounting
professionals was stable in 2014, and we expect a
positive growth in 2015. Replacement hiring will
REPLACEMENT HIRING WILL CONTINUE
continue as the dominant trend. In order to control AS THE DOMINANT TREND. IN ORDER TO
costs, companies will be more cautious in approving CONTROL COSTS, COMPANIES WILL BE
new headcount. MORE CAUTIOUS IN APPROVING NEW
HEADCOUNT.
Financial planning and analysis (FP&A) professionals
are still in great demand. Internal control and
compliance professionals are also needed by
multinational organisations to ensure compliance
with group policies and local regulations.
In 2015, average salary increases will be between 3-5
percent, which is a reasonable rate across the Hong
Kong market. The push factor for employees will
always be better remuneration, career progression,
regional exposure and travelling requirements.
COMMERCE & INDUSTRY
CONTRACT
Demand for contract staff will continue as
multinational organisations continue to experience
headcount constraints. Often, temporary headcount
can change to permanent once the headcount is
approved. Additionally, due to the urgency of the
role, contract positions are more flexible in terms of
budget, making salaries slightly higher than those
for permanent roles.
There is significant demand for temporary and
contract staff in the system implementation area.
Maternity leave cover and extra workload due to
shortage of headcount remain common reasons for
the hiring of contract staff. This is a good way for
unemployed professionals to re-enter the market. It
is also a good entry point for overseas professionals
looking to work in Hong Kong and gain experience.
13FINANCE &
ACCOUNTING
FINANCE & ACCOUNTING | PERMANENT (HKD per month)
ROLE ACCOUNTANT SENIOR MANAGER SENIOR MANAGER
INTERNAL AUDIT $25k - $35k $36k - $50k $50k - $80k $80k - $100k
TREASURY $25k - $35k $36k - $45k $46k - $70k $70k - $100k
TAX $20k - $30k $30k - $45k $46k - $80k $80k - $120k
COST ACCOUNTING $20k - $30k $31k - $45k $45k+ -
MANAGEMENT ACCOUNTING $20k - $30k $31k - $45k $45k+ -
FINANCIAL ACCOUNTING $20k - $30k $31k - $40k $40k+ -
FINANCIAL ANALYST $20k - $30k $31k - $45k $45k+ -
SENIOR FINANCE ROLE SME MULTINATIONAL
FP&A $38k - $55k $45k - $65k
FINANCE MANAGER $35k - $55k $45k - $70k
FINANCIAL CONTROL $40k - $55k $45k - $70k
GROUP / REGIONAL FINANCIAL
$45k - $80k $50k - $90k
CONTROLLER
FINANCE DIRECTOR $60k - $100k $80k - $140k
FINANCE & ACCOUNTING | CONTRACT (HKD per month)
SENIOR
ROLE ACCOUNTANT SENIOR MANAGER MANAGER
INTERNAL AUDIT $25k - $40k $36k - $50k $50k - $80k $80k - $150k
TREASURY $20k - $40k $36k - $50k $50k - $80k $80k - $120k
TAX $25k - $40k $36k - $50k $50k - $85k $80k - $120k
COST ACCOUNTING $20k - $35k $31k - $45k $40k+ -
MANAGEMENT ACCOUNTING $20k - $35k $31k - $45k $40k+ -
FINANCIAL ACCOUNTING $20k - $35k $31k - $45k $40k+ -
FINANCIAL ANALYST $20k - $35k $31k - $45k $40k+ -
SENIOR FINANCE ROLE SME MULTINATIONAL
FP&A $38k - $55k $45k - $65k
FINANCE MANAGER $35k - $55k $45k - $70k
FINANCIAL CONTROL $40k - $55k $45k - $70k
GROUP / REGIONAL FINANCIAL
$45k - $80k $50k - $90k
CONTROLLER
FINANCE DIRECTOR $60k - $100k $80k - $140k
14FINANCE &
ACCOUNTING
FINANCIAL SERVICES
PERMANENT
This area has grown steadily over the past few years,
and the trend will continue in 2015. However, salaries PROFESSIONALS WITH AN EXPERTISE IN
will remain relatively stable due to cost constraints THE THIRD BASEL ACCORD, THE DODD-
from banks.
FRANK ACT, EMIR, HKMA AND SFC
While replacement hires will continue to account for REGULATIONS WILL BE HIGHLY
the bulk of activity, an area that is growing is SOUGHT AFTER.
regulatory reporting and regulatory change. As banks
are increasingly regulated on their capital adequacy,
stress testing and market liquidity risk, professionals
with an expertise in the Third Basel Accord, the Dodd-
Frank Act, EMIR, HKMA and SFC regulations will be
highly sought after.
As there is an increasing demand for these
professionals, salaries can be expected to rise more
significantly than that of professionals in other areas
of finance.
FINANCIAL SERVICES
CONTRACT
As headcount constraints remain at many banks,
finance and accounting will have a continued
demand for contract hiring. Contractors are a good
solution for the roll out of a new project, maternity
cover and extra workload at year-end closing.
Professionals with a certified accountancy
qualification or expertise and knowledge of financial
reporting standards will be highly sought after. It is
also a good way for unemployed candidates to re-
enter the workforce.
15FINANCE &
ACCOUNTING
FINANCE & ACCOUNTING | PERMANENT (HKD per month)
ASSOCIATE / VP / SR. SVP / SR.
ROLE ANALYST AVP MANAGER DIRECTOR DIRECTOR
PRODUCT CONTROL $24k - $38k $35k - $75k $50k - $100k $100k - $125k $125k+
FINANCIAL CONTROL $22k - $35k $30k - $62k $55k - $80k $80k - $120k $120k+
VALUATIONS $30k - $40k $36k - $78k $62k - $110k $110k - $130k $130k+
MANAGEMENT
$23k - $39k $35k - $65k $70k - $95k $95k - $125k $125k+
REPORTING
FINANCIAL
$15k - $36k $30k - $58k $50k - $80k $80k - $122k $122k+
REPORTING
INTERNAL AUDIT $20k - $33k $30k - $64k $60k - $85k $85k - $130k $130k+
FINANCE & ACCOUNTING | CONTRACT (HKD per month)
ASSOCIATE / VP/ SR. SVP/
ROLE ANALYST AVP MANAGER DIRECTOR SR. DIRECTOR
PRODUCT CONTROL $28k - $42k $35k - $75k $50k - $100k $100k - $125k $125k+
FINANCIAL CONTROL $25k - $38k $30k - $62k $55k - $80k $80k - $120k $120k+
VALUATIONS $35k - $44k $38k - $75k $62k - $110k $110k - $130k $130k+
MANAGEMENT
$24k - $40k $36k - $66k $70k - $95k $95k - $125k $125k+
REPORTING
FINANCIAL
$20k - $37k $31k - $59k $50k - $80k $80k - $122k $122k+
REPORTING
INTERNAL AUDIT $25k - $35k $30k - $65k $60k - $85k $85k - $130k $130k+
16HUMAN
RESOURCES
TOP 3 MOST IN-DEMAND POSITIONS:
1 Talent Engagement & Communications
2 Employer Branding
3 Talent Acquisition
17HUMAN
RESOURCES
COMMERCE & INDUSTRY
PERMANENT
Last year was stable for hiring across HR and this trend
will continue in 2015. Learning and development
professionals will continue to be in demand across all THERE WILL BE DEMAND FOR
industries. ORGANISATIONAL DEVELOPMENT
Many businesses will continue to implement people
PROFESSIONALS WITHIN BUSINESSES
development initiatives to save cost and retain talent. THAT ARE MORE MATURE.
There will be demand for organisational development
professionals within businesses that are more mature
to help evolve and develop the business internally. As
many firms continue to shift towards a business
partnering model, there will be newly created
headcounts for professionals in this area.
Hiring is set to increase within the retail and luxury
sectors, particularly for companies that have Hong
Kong as their regional hub. This will help increase
market share across Mainland China. Employees are
expecting a 3-5 percent salary increase internally and
10-15 percent increase externally.
COMMERCE & INDUSTRY
CONTRACT
Demand for contractors will continue at a steady pace
in 2015, and will increase amongst Hong Kong regional
headquartered companies that are looking to launch
new initiatives.
This demand will include fields within human resources
information systems (HRIS) and change management.
Many new American and European businesses are also
looking to enter the Asia Pacific market and this will
create demand for contract recruiters.
These businesses are likely to go on a hiring drive to
rapidly expand their business operations and catch up
with their competitors. As contract headcounts are
usually regarded as an expense, there is more flexibility
in budgets for hiring contractors.
18HUMAN
RESOURCES
HUMAN RESOURCES | PERMANENT (HKD per month)
ROLE
HR VP / HEAD $120k+
HR DIRECTOR $76k - $120k
SENIOR HR MANAGER $60k - $76k
HR MANAGER $43k - $60k
ASSISTANT HR MANAGER $35k - $43k
HR SENIOR OFFICER $28 - $35k
HR OFFICER / ASSISTANT $16k - $28k
TALENT ACQUISITION HEAD $76k+
TALENT ACQUISITION MANAGER $43k - $76k
TALENT ACQUSITION SPECIALIST $23k - $43k
ORGANISATIONAL DEVELOPMENT HEAD $76k - $120k
TALENT DEVELOPMENT / LEARNING & DEVELOPMENT DIRECTOR $63k - $120k
LEARNING & DEVELOPMENT TRAINING MANAGER $43k - $63k
LEARING & DEVELOPMENT ASSISTANT TRAINING MANAGER $32k - $43k
LEARNING & DEVELOPMENT SENIOR OFFICER $28k - $40k
LEARNING & DEVELOPMENT OFFICER $16k - $28k
COMPENSATION AND BENEFITS DIRECTOR $70k - $90k
COMPENSATION AND BENEFITS MANAGER $40k - $70k
COMPENSATION AND BENEFITS ASSISTANT MANAGER $28k - $40k
COMPENSATION AND BENEFITS SPECIALIST $21k - $28k
HUMAN RESOURCES | CONTRACT (HKD per month)
ROLE
HR DIRECTOR / HEAD $125k+
HR MANAGER / HR BUSINESS PARTNER $66k - $125k
ASSOCIATE / ASSISTANT HR MANAGER $32k - $54k
HR OFFICER / ASSISTANT $18k - $25k
RECRUITMENT COORDINATOR $20k - $28k
RECRUITMENT SPECIALIST $35k - $70k
LEARNING & DEVELOPMENT SPECIALIST $55k - $70k
LEARNING & DEVELOPMENT OFFICER / COORDINATOR $20k - $28k
C&B/PAYROLL MANAGER $40k - 75k
C&B/PAYROLL SPECIALIST $20k - $38k
SHARED SERVICE / HR OPERATIONS MANAGER $45k - $80k
19HUMAN
RESOURCES
FINANCIAL SERVICES
PERMANENT
In 2014, hiring was reasonably conservative across the
banking sector and was formed mainly of replacement LEARNING AND DEVELOPMENT AS WELL
headcounts in bulge bracket firms. Other areas of new AS TALENT MANAGEMENT
headcount to support strategic expansion were in the
private banks, asset management firms and businesses PROFESSIONALS HAVE BEEN IN HIGH
undergoing transformation at larger banks. DEMAND AND THIS IS EXPECTED TO
CONTINUE.
Learning and development, as well as talent
management professionals have been in high demand
and this is expected to continue to help implement
people development initiatives that save costs and
retain talent.
Salary increments within HR have been approximately
5 percent but anywhere between 10-20 percent with
external moves for strategic positions. Morgan
McKinley expects hiring across all HR disciplines with a
positive outlook within the financial services sector.
FINANCIAL SERVICES
CONTRACT
Demand for HR contract positions has been seasonal,
specifically in talent acquisition, and compensation and
benefits positions. This is to support fluctuating
workloads at specific times of the year. With continued
budget and headcount constraint, the HR contract
market continues to develop. We anticipate an increase
in contract positions turning permanent in 2015, as
professionals prove their value combined with stronger
signs of business growth.
In general, salaries across different HR contract
positions have increased by 5 percent or will offer extra
benefits.
20HUMAN
RESOURCES
HUMAN RESOURCES | PERMANENT (HKD per month)
ROLE
HR DIRECTOR / HEAD $130k+
HR MANAGER / HR BUSINESS PARTNER $66k - $130k
ASSOCIATE / ASSISTANT HR MANAGER $32k - $54k
HR OFFICER / ASSISTANT $18k - $25k
TALENT ACQUISITION HEAD / DIRECTOR $115k+
TALENT ACQUISITION MANAGER $45k - $110k
TALENT ACQUISITION SPECIALIST $30k - $45k
TALENT ACQUISITION COORDINATOR $20k - $28k
LEARNING & DEVELOPMENT HEAD $125k+
TALENT DEVELOPMENT / ORGANISATIONAL
$108k+
DEVELOPMENT DIRECTOR
LEARNING & DEVELOPMENT SPECIALIST $55k - $70k
LEARNING & DEVELOPMENT OFFICER / COORDINATOR $20k - $28k
COMPENSATION AND BENEFITS HEAD $120k+
COMPENSATION AND BENEFITS MANAGER $40k - $80k
PAYROLL MANAGER $40k - $75k
PAYROLL SPECIALIST $25k - $34k
GLOBAL MOBILITY MANAGER $75k - $105k
GLOBAL MOBILITY SPECIALIST $40k - $62k
SHARED SERVICE / HR OPERATIONS MANAGER $45k - $80k
HUMAN RESOURCES | CONTRACT (HKD per month)
ROLE
HR DIRECTOR / HEAD $125k+
HR MANAGER / HR BUSINESS PARTNER $66k - $125k
ASSOCIATE / ASSISTANT HR MANAGER $32k - $54k
HR OFFICER / ASSISTANT $18k - $25k
RECRUITMENT COORDINATOR $20k - $28k
RECRUITMENT SPECIALIST $35k - $70k
LEARNING & DEVELOPMENT SPECIALIST $55k - $70k
LEARNING & DEVELOPMENT OFFICER / COORDINATOR $20k - $28k
C&B/PAYROLL MANAGER $40k - 75k
C&B/PAYROLL SPECIALIST $20k - $38k
SHARED SERVICE / HR OPERATIONS MANAGER $45k - $80k
21IT
TOP 3 MOST IN-DEMAND POSITIONS:
1 E-commerce and Mobile Application
Development
2 Project and Change
3 Information Security and IT Risk Management
22IT
COMMERCE & INDUSTRY
PERMANENT
2015 will prove challenging for certain areas. This can
be attributed to Hong Kong’s current political
environment and a decline across the retail sector in
SIGNIFICANT DEMAND FOR PROJECT
2014. Whilst we expect continued growth in demand AND CHANGE MANAGERS, FAMILIAR
for e-commerce and mobile application development WITH DIGITAL MARKETING, E-PAYMENT
professionals, many traditional commerce enterprises CHANNELS OR O2O DISTRIBUTION.
will experience challenges in transforming and
migrating to the next generation e-business models.
This will lead to significant demand for project and
change managers who are familiar with digital
marketing, e-payment channels or O2O distribution.
The trend for recruiting skillful mobile developers is
expected to continue. However, relative to this job
category, employers seem to have a tendency to hire
professionals with strong ambition and less relevant
experience. We attribute this trend to the scarcity of
experienced individuals in the mobile development
space.
COMMERCE & INDUSTRY
CONTRACT
Due to increasing investment in technology
advancement, the IT contract market will remain
strong in 2015. As with the financial sector,
corporations look to improve their technology
infrastructure by hiring external consultancy and
professional service providers. In order to ease the
pressure of drastic growth in headcounts, contracting
remains an ideal solution for many organisations.
We expect an upward trend in salary for certain
positions, including digital/UX (user experience), and
designer/mobile/web developers. Traditional
infrastructure specialists and project managers can
expect a slight adjustment in salary of between 5-8
percent.
23IT
IT | PERMANENT (HKD per month)
SENIOR
ROLE ANALYST SENIOR MANAGER
MANAGER
PRE-SALES CONSULTANT $25k - $30k $30k - $35k $40k - $50k $55k - $65k
ANALYST PROGRAMMER $20k - $25k $30k - $35k $40k - $50k $55k - $65k
MOIBLE APPLICATION PROGRAMMER $30k - $35k $40k - $45k $55k - $60k $65k - $75k
UNIX / WINDOWS SYSTEM
$25k - $30k $30k - $35k $45k - $55k $60k - $70k
ADMINISTRATOR
NETWORK / VOICE INFRASTRUCTURE $20k - $25k $35k - $45k $50k - $60k $60k - $70k
DATA WAREHOUSING $20k - $30k $35k - $40k $45k - $55k $60k - $65k
PROJECT MANAGER $25k - $30k $35k - $45k $55k - $65k $65k - $75k
BUSINESS ANALYST $20k - $30k $35k - $45k $45k - $55k $60k - $70k
SERVICE DELIVERY $25k - $30k $35k - $45k $45k - $55k $60k - $70k
DESKTOP / APPLICATION SUPPORT $20k - $25k $30k - $35k $40k - $50k $55k - $65k
IT MANAGER $25k - $35k $40k - $45k $50k - $55k $65k - $75k
TESTING / QA $20k - $30k $30k - $35k $40k - $50k $55k - $65k
DATA CENTER MANAGER $20k - $30k $30k - $35k $40k - $50k $55k - $65k
IT | CONTRACT (HKD per month)
SENIOR
ROLE ANALYST SENIOR MANAGER
MANAGER
PRE-SALES CONSULTANT $25k - $30k $30k - $35k $40k - $50k $55k - $65k
ANALYST PROGRAMMER $20k - $25k $35k - $45k $45k - $55k $55k - $65k
MOIBLE APPLICATION PROGRAMMER $25k - $35k $40k - $45k $55k - $65k $65k - $75k
UNIX/WINDOWS SYSTEM
$20k - $25k $35k - $45k $45k - $55k $55k - $65k
ADMINISTRATOR
NETWORK/VOICE INFRASTRUCTURE $20k - $25k $35k - $45k $45k - $55k $55k - $65k
DATA WAREHOUSING $20k - $30k $35k - $40k $45k - $55k $60k - $65k
PROJECT MANAGER $25k - $30k $35k - $45k $45k - $55k $65k - $75k
BUSINESS ANALYST $20k - $30k $30k - $35k $45k - $55k $60k - $65k
SERVICE DELIVERY $20k - $30k $30k - $35k $40k - $50k $60k - $65k
DESKTOP/APPLICATION SUPPORT $20k - $25k $30k - $35k $40k - $50k $55k - $65k
IT MANAGER $25k - $35k $40k - $45k $50k - $55k $65k - $75k
TESTING/QA $20k - $30k $30k - $35k $40k - $50k $55k - $65k
DATA CENTER MANAGER $20k - $30k $30k - $35k $40k - $50k $55k - $65k
24IT
FINANCIAL SERVICES
PERMANENT
The outlook for 2015 remains challenging considering
the macroeconomic environment. However, we
INVESTMENT BANKS AND FINANCIAL
expect hiring to remain strong in certain areas. The
compliance and regulatory environment will see a INSTITUTIONS ARE EXPECTED TO PAY
significant demand for professionals across MORE ATTENTION AND RESOURCES TO
information security and IT risk management in 2015. BIG DATA ANALYST AND DIGITAL
Application developers and senior management STRATEGY PROFESSIONALS.
professionals with experience in the implementation
of Agile software will also be in high demand.
Investment banks and financial institutions are
expected to pay more attention and resources to big
data analyst and digital strategy professionals. It is
almost certain that data analysts will play a critical
role across front to back office in the future. The
outsourcing approach across development teams and
infrastructure fields remains part of the cost-saving
strategy, which indicates more career opportunities
emerging at global solution providers.
FINANCIAL SERVICES
CONTRACT
The contract market remains strong in the first half of
2015. Limitations in IT headcounts will push banks to
hire external consultants in project engagement as
well as migrating internal applications to solution
vendors, which also poses growing demand in
secondment contractors.
In the current global economic environment, we
forecast the overall salary increase for financial
services IT professionals to remain between 5-6
percent. Demand is expected to increase for specific
positions such as high frequency trading
development, fixed income production management
and UNIX engineers. As a result, professionals in these
areas can expect potential salary adjustment.
25IT
IT | PERMANENT (HKD per month)
DIRECTOR OR
ROLE ANALYST ASSOCIATE / AVP VP
ABOVE
DEVELOPER - FRONT OFFICE $35k - $45k $55k - $65k $75k - $100k $110k +
DEVELOPER - MO/BO $25k - $35k $40k - $55k $65k - $85k $100k+
BUSINESS ANALYST - FRONT OFFICE $35k - $40k $55k - $65k $75k - $100k $110k+
BUSINESS ANALYST - MO/BO $25k - $35k $40k - $55k $65k - $75k $100k+
PROJECT MANAGER - FRONT OFFICE $35k - $45k $55k - $70k $75k - $100k $110k+
PROJECT MANAGER - MO/BO $30k - $40k $45k - $55k $65k - $80k $100k+
DESKTOP / TRADING
$25k - $35k $40k - $50k $55k - $75k $85k+
FLOOR SUPPORT
PRODUCTION SUPPORT –
$35k - $45k $55k - $65k $75k - $100k $110k+
APPLICATION SUPPORT
UNIX / WINDOWS SYSTEM ENGINEER $30k - $40k $50k - $60k $65k - $85k $100k+
NETWORK / VOICE ENGINEER $30k - $40k $50k - $60k $65k - $85k $100k+
DATABASE ADMINISTRATOR $30K - $40K $50k - $60k $65k - $85k $100k+
INFORMATION SECURITY $30k - $40k $50k - $60k $75k - $90k $100k+
MARKET DATA ANALYST $35k - $45k $55k - $65k $75k - $90k $100k+
IT | CONTRACT (HKD per month)
ASSOCIATE / DIRECTOR OR
ROLE ANALYST VP
AVP ABOVE
DEVELOPER - FRONT OFFICE $35k - $45k $55k - $75k $85k - $100k $110k +
DEVELOPER - MO/BO $25k - $35k $50k - $60k $65k - $85k $100k+
BUSINESS ANALYST - FRONT OFFICE $35k - $45k $55k - $75k $85k - $100k $110k+
BUSINESS ANALYST - MO/BO $25k - $35k $50k - $60k $65k - $80k $100k+
PROJECT MANAGER - FRONT OFFICE $35k - $45k $65k - $75k $75k - $100k $110k+
PROJECT MANAGER - MO/BO $30k - $40k $50k - $60k $65k - $80k $100k+
DESKTOP / TRADING
$25k - $35k $40k - $50k $55k - $75k $85k+
FLOOR SUPPORT
PRODUCTION SUPPORT –
$35k - $45k $60k - $70k $75k - $95k $100k+
APPLICATION SUPPORT
UNIX / WINDOWS
$30k - $40k $40k - $60k $75k - $95k $100k+
SYSTEM ENGINEER
NETWORK / VOICE ENGINEER $25k - $35k $40k - $60k $75k - $95k $100k+
DATABASE ADMINISTRATOR $25K - $35K $40k - $60k $65k - $85k $85k+
INFORMATION SECURITY $35k - $45k $60k - $70k $75k - $95k $100k+
MARKET DATA ANALYST $35k - $45k $60k - $70k $75k - $95k $90k+
26INSURANCE
TOP 3 MOST IN-DEMAND POSITIONS:
1 Regional Marketing Communication and
Distribution Management
2 Product Development and Underwriting
3 High Net Worth (HNW) market
27INSURANCE
INSURANCE
PERMANENT
The insurance industry expects the global economy to IN-DEMAND PROFESSIONALS INCLUDE
show conservative growth in 2015. The Asia Pacific’s
THOSE WITH REGIONAL MARKETING
(APAC) industrialised nations should continue to see
solid growth this year and next. COMMUNICATION AND DISTRIBUTION
MANAGEMENT BACKGROUNDS.
With 2015 headcount finalised, the majority of
insurers in the APAC region have indicated there will
be a hiring push but a conservative one.
New regulations introduced by the Securities and professionals include those with regional marketing
Futures Commission (SFC), which aim to improve the communication and distribution management
transparency of investment linked assurance schemes backgrounds. With new headcount and the promising
(ILAS), have made it harder to sell and constrain direction of the industry as a whole, 2015 should
business development for life insurers. Therefore, the prove to be another strong year.
high net worth (HNW) market has become a key
focus and there is strong demand for all types of Salaries have not fluctuated significantly but clients
professionals in this area, especially in product have demonstrated a willingness to be more flexible
development and underwriting. in order to attract top calibre professionals from
overseas. For internal reviews, professionals have
In a mature market like Hong Kong, insurers are reported salary increases in the 3-7 percent range.
optimising their customer reach through a revamp of However, on average, professionals changing
their distribution and communication channels. This is employers are still getting increases of between 10-18
in order to reach new customers as household percent.
incomes grow in developing markets. In-demand
INSURANCE | PERMANENT (HKD per month)
ASST. SR.
ROLE MANAGER MANAGER MANAGER DEPT. HEAD EXECUTIVE
ACTUARIAL $36k - $55k $46k - $75k $65k - $90k $110k+ $130k+
ORM $36k - $46k $50k - $70k $75k - $90k $120K+ $110k+
COMPLIANCE $32k - $44k $48k - $65k $55k - $85k $100K+ $110k+
DISTRIBUTION $25k - $40k $40k - $58k $52k - $82k $80k+ $95k+
AUDIT $38k - $48k $46k - $74k $58k - $85k $95k+ $100k+
MARKETING $25k - $40k $35k - $60k $55k - $75k $75+ $95k+
FINANCE $34k - $45k $47k - $65k $55k - $83k $90k+ $110k+
28OFFICE
SUPPORT
TOP 3 MOST IN-DEMAND POSITIONS:
1 Office Administration
2 Secretarial
3 Team Assistant
29OFFICE
SUPPORT
COMMERCE & INDUSTRY
PERMANENT
Whilst luxury brands have slowed down hiring
activities, we remain optimistic and predict strong THE COMMERCE AND INDUSTRY SECTOR
hiring during the first three quarters in 2015. As HAS SEEN AN INCREASED REQUIREMENT
opposed to financial services firms, the commerce and
industry sector has seen an increased requirement for FOR PROFESSIONALS WITH OFFICE
professionals with office administration as well as ADMINISTRATION AS WELL AS
secretarial skills. There was also a slight increase in SECRETARIAL SKILLS.
salaries across different levels in 2014.
COMMERCE & INDUSTRY We foresee more roles within retail and property
CONTRACT companies. Temporary team assistants for small
teams and general secretarial roles are predicted to be
It is predicted that 2015 will see an upturn in
the main demand in the contract market, particularly
temporary and contract roles, with more variety
for short term coverage positions.
across all areas of the secretarial and business
support market. Salaries for contract roles for 2015
are unlikely to increase significantly, based on
projected market conditions.
OFFICE SUPPORT | PERMANENT (HKD per month)
ROLE
OFFICE MANAGER $25k - $50k
EXECUTIVE ASSISTANT (TO SENIOR MANAGEMENT) $35k - $45k
PERSONAL ASSISTANT $25k - $45k
TEAM SECRETARY $18k - $35k
SENIOR ADMINISTRATOR $18k - $30k
ADMINISTRATOR $15k - $30k
JUNIOR ADMINISTRATOR $10k - $25k
RECEPTIONIST $10k - $27k
OFFICE SUPPORT | CONTRACT (HKD per month)
ROLE
OFFICE MANAGER $25k - $50k
EXECUTIVE ASSISTANT (TO SENIOR MANAGEMENT) $22k - $40k
PERSONAL ASSISTANT $20k - $40k
TEAM SECRETARY $18k - $35k
SENIOR ADMINISTRATOR $18k - $30k
ADMINISTRATOR $15k - $30k
JUNIOR ADMINISTRATOR $10k - $25k
RECEPTIONIST $10k - $27k
30OFFICE
SUPPORT
FINANCIAL SERVICES
PERMANENT
Salaries were consistent across office support
throughout 2014 and will continue into 2015. There THERE WAS STRONG DEMAND FOR TEAM
was strong demand for team assistants whose team
ASSISTANTS WHOSE TEAM SIZES
sizes expanded due to cost constraints. There was also
an increase in demand for facilities management and EXPANDED DUE TO COST CONSTRAINTS.
general administration roles. However, there was less
demand for one-to-one personal assistant/executive
assistant support roles.
FINANCIAL SERVICES Salary for contract roles will likely remain the
CONTRACT same for 2015.
There was a significant increase in contract positions
within the market across all levels, with the most
noticeable rise seen in the second half of 2014.
Therefore, secretarial and business support
professionals need to be more flexible when looking
for a new role with a majority of positions
eventually converting to permanent headcount.
OFFICE SUPPORT | PERMANENT (HKD per month)
ROLE
ADMINISTRATION MANAGER $35k - $65k
EXECUTIVE ASSISTANT (TO SENIOR MANAGEMENT) $40k - $70k
PERSONAL ASSISTANT $35k - $55k
TRADING FLOOR SECRETARY $22k - $42k
TEAM SECRETARY $20k - $38k
ADMINISTRATOR $18k - $35k
JUNIOR ADMINISTRATOR $12k - $25k
RECEPTIONIST $11k - $23k
OFFICE SUPPORT | CONTRACT (HKD per month)
ROLE
OFFICE MANAGER $25k - $50k
EXECUTIVE ASSISTANT (TO SENIOR MANAGEMENT) $22k - $40k
PERSONAL ASSISTANT $20k - $40k
TEAM SECRETARY $18k - $35k
SENIOR ADMINISTRATOR $18k - $30k
ADMINISTRATOR $15k - $30k
JUNIOR ADMINISTRATOR $10k - $25k
RECEPTIONIST $10k - $27k
31SALES &
MARKETING
TOP 3 MOST IN-DEMAND POSITIONS:
1 Digital Marketing & Social Media
2 Technology Sales
3 Account Managers - Agency
32SALES &
MARKETING
SALES & MARKETING
PERMANENT
In 2015, Hong Kong professionals can expect to see an KEY MARKETING TRENDS FOR 2015 WILL
average increase in salary of 5 percent, a slight LIKELY RESULT IN COMPANIES ACROSS A
increase on last year’s 4.5 percent. However, when
RANGE OF INDUSTRIES STRENGTHENING
inflation is factored in, it is likely that Hong Kong can
expect to see some of the lowest pay rises across Asia TEAMS FOCUSED ON LOYALTY
(ECA International). MARKETING, DIGITAL CUSTOMER
RELATIONSHIP MANAGEMENT (CRM)
Key marketing trends for 2015 will likely result in AND CUSTOMER EXPERIENCE.
companies across a range of industries strengthening
teams focused on loyalty marketing, digital customer
relationship management (CRM) and customer
experience.
Marketing is rapidly becoming one of the most
Regional chief marketing officers (CMOs) are likely to technology dependent functions in business, and
spend more on technology than their chief throughout 2014 there was increasing demand for
information officer (CIO) counterparts, and they are technology savvy marketers.
becoming increasingly aware of the limitations that
application management, security and compliance The Asia Pacific market now fully understands the
will place on their marketing agility. importance of digital marketing. However, countries,
such as Australia and Singapore, are way ahead of
CIOs are likely to shift the focus to customer-facing Hong Kong and Mainland China, which are still
business technology, which will require IT and struggling with a vast skill shortage gap. The digital
marketing to meet in the middle with more coherent space will continue to be a large growth area in 2015.
and integrated customer experience initiatives.
PUBLIC RELATIONS / COMMUNICATIONS
Public relations will have a strong emphasis on Events continue to see steady growth as more
content creation in 2015. As social media continues businesses encourage the need to drive more
to evolve, businesses must increase their efforts in corporate events to enhance their brand and
multi-channel content marketing and develop business reputation.
consistent and credible content on an ongoing basis.
Digital marketing and visual content will become
essential for any publicity campaign to gain
popularity and effectiveness.
Communications marketing will continue to thrive as
transparency and compliance becomes more vital for
any business both internally and externally. Over half
of businesses plan to increase internal
communication budgets by an average of 17 percent
in 2015. As technology continues to advance, half of
the devices on corporate networks will be mobile for
improved efficiency and productivity.
33SALES &
MARKETING
TECHNOLOGY & MOBILE CONSUMER PRODUCTS
2014 was a tough year for retailers in Hong Kong. Compared with other markets in Asia, the number of
Reports show that the first half of 2014 saw high end strategic brand marketing teams in Hong Kong
purchases such as watches and jewelry, drop by 40 decreased in 2014. This trend is expected to continue
percent. There were also decreases of 10-20 percent in into 2015. The trend results in an oversupply of
other retail areas, such as electronics. strategic brand managers searching for long term
strategic planning, new product development, and
Hong Kong retailers also suffered during the brand equity related marketing roles. Fast moving
“Umbrella Revolution”, which saw Golden Week Sales consumer goods (FMCG) companies in Hong Kong
fall by up to 50 percent for major retailers. Smaller also see the line between trade marketing and brand
retailers have reported up to an 80 percent loss on marketing disciplines becoming increasingly blurred,
the previous year. as brand managers find themselves executing pricing
and promotion policies rather than brand
Fortunately, November and December of 2014 saw development work.
retail sales regaining momentum. However, the
market remains cautious for 2015. Ecommerce will Local market roles continue to overtake regional roles
become a much bigger piece of the retail market. in Hong Kong across all disciplines including brand
management, trade marketing and sales. However,
strategic regional roles continue to dominate major
players in the alcohol and tobacco industries.
THE TREND RESULTS IN AN OVERSUPPLY
OF STRATEGIC BRAND MANAGERS
SEARCHING FOR LONG TERM STRATEGIC
PLANNING, NEW PRODUCT
DEVELOPMENTAND BRAND EQUITY
RELATED MARKETING ROLES.
WINE
The wine industry remains as competitive as ever
with many wine merchants, agents and distributors
competing in a small space, due to favourable
market conditions, including zero wine duties.
Increasing prosperity in Mainland China and changes
in lifestyle has seen demand for wine in Mainland
China continue to increase.
Hong Kong provides the perfect gateway to the
mainland and in employment terms, this translates
to rising demand for Mandarin speaking private sales
account managers. Overall demand for talent across
the wine industry is at an all-time high with
merchants battling it out and paying inflated
salaries to retain their top performers.
34SALES &
MARKETING
RETAIL Over 50 percent of Hong Kong shoppers feel more
confident when buying goods online. However,
Mobile technology and innovation continues to be a concerns remain regarding service and credibility.
key trend for 2015, as an increasing number of people Hong Kong’s ecommerce sector has been significantly
swap their laptop and PCs for mobile devices and easier to develop than Mainland China. This can be
tablets. In order to stay competitive, companies need attributed to less government restrictions upon the
to have mobile versions of their standard website as sector and greater exposure to websites, such as
part of their digital marketing strategy. Google and Facebook.
The 3D printing industry is likely to grow. In the last As the ecommerce market expands, so does the
couple of years leading 3D printing companies, like technology market in retail. This can be witnessed in
Stratasys, have opened regional hubs in Hong Kong. In the current trend for wearable technology. Innovative
2015, we expect demand to exist in customer brands like Fitbit bring brands closer to their
experience, customer advocacy and product consumers, enabling them to stay connected and
innovation. access vast amounts of data. This ultimately assists
their level of market insight. Luxury retailers in
particular are starting to invest in wearable
technology, aimed at tracking performance and
THE 3D PRINTING INDUSTRY IS LIKELY TO
health in a smart and savvy manner.
GROW. IN THE LAST COUPLE OF YEARS
LEADING 3D PRINTING COMPANIES, LIKE
STRATASYS, HAVE OPENED REGIONAL
HUBS IN HONG KONG.
AN VIX ERUDITI ELECTRAM. AN PUTANT
CETERO PER. PORRO DOLORE NAM TE,
QUANDO TANTAS APPAREAT EX VIS. IN
35SALES &
MARKETING
MARKETING | PERMANENT (HKD per month)
ROLE ASSISTANT MANAGER MANAGER DIRECTOR
MARKETING GENERALIST $23k - $33k $33k - $60k $60k - $70k+
CRM / LOYALTY $23k - $33k $33k - $58k $58k - $80k+
CONSUMER INSIGHTS $23k - $33k $33k - $52k $52k - $75k+
BRAND / PRODUCT MARKETING $27k - $35k $33k - $52k $52k - $85k+
TRADE / CHANNEL MARKETING $23k - $30k $33k - $45k $47k - $65k
SALES | PERMANENT (HKD per month)
ROLE ASSISTANT MANAGER MANAGER DIRECTOR
ACCOUNT MANAGEMENT $23k - $30k $33k - $50k $50k - $70k+
BUSINESS DEVELOPMENT $23k - $35k $35k - $55k $55k - $80k+
GENERAL MANAGER - - $100k - $150k
MANAGING DIRECTOR - - $120k - $180k
PR/ COMMUNICATIONS/ EVENTS | PERMANENT (HKD per month)
ROLE ASSISTANT MANAGER MANAGER DIRECTOR
ACCOUNT MANAGEMENT (AGENCY) $30k - $45k $45k - $60k $60k - $80k+
EVENTS $15k - $35k $35k - $55k $55k - $80k+
PUBLIC RELATIONS $20k - $35k $35k - $55k $55k - $80k+
COMMUNICATIONS $15k - $30k $30k - $50k $50k - $100k+
RETAIL | PERMANENT (HKD per month)
ROLE ASSISTANT MANAGER MANAGER DIRECTOR
RETAIL OPERATIONS $20k - $35k $35k - $60k $50k - $75k+
MERCHANDISING $25k - $40k $35k - $60k $60k - $80k+
VISUAL MERCHANDISING $25k - $35k $30k - $50k $50k - $75k+
BUYING MANAGER $25k - $35k $30k - $60k $50k - $70k+
36RISK &
COMPLIANCE
TOP 3 MOST IN-DEMAND POSITIONS:
1 AML Compliance
2 Credit Analysis
3 Regulatory Compliance
37RISK &
COMPLIANCE
RISK & COMPLIANCE
PERMANENT
BANKS ARE INCREASING EFFORTS TO
Total compensation for risk, legal and compliance
professionals for 2014 will be flat or down in RETAIN THEIR RISK, LEGAL AND
comparison with the previous year. Whilst 2014 was COMPLIANCE STAFF. BONUSES AND
very active, revenues at most banks decreased across INTERNAL SALARY INCREMENTS FOR
Asia. This will impact the bonus pool for risk, legal and 2014-2015 WILL BE HIGH ON THE
compliance professionals. AGENDA FOR DEPARTMENT HEADS
AND REGIONAL HEADS.
In 2014, average basic salary increases for lateral
recruitment, particularly in compliance was 15-30
percent. For risk and legal roles, the increment was
10-20 percent. This trend is set to continue for 2015.
Experts in the following areas can expect increases of Following bonus payments between January and March
more than 20-25 percent for lateral moves: (May for some Japanese and European Banks),
regulatory compliance with strong Hong Kong Money replacement headcounts will need to be filled as of
Authority (HKMA) or SFC experience; product March and April.
compliance (equities/fixed income, investment
banking division); private banking compliance; In 2015, we expect a higher volume of activity in
financial crime compliance; and AML advisory recruitment at the end of the first quarter and
(sanctions, anti-bribery and corruption (ABC)). beginning of the second quarter.
Banks are increasing efforts to retain their risk, legal
and compliance staff. Bonuses and internal salary
increments for 2014-2015 will be high on the agenda
for department and regional heads.
RISK & COMPLIANCE
CONTRACT
Basic salary increases for contract roles have been
Hong Kong professionals are seeing more advantages between 10-15 percent, and for some compliance roles
in accepting contract roles. They see it as an we have seen a 20 percent increment for 6-12 month
opportunity to move into a role with either a different contracts in 2014.
job nature (i.e. operations to compliance or audit to
risk management roles) or in a different industry (i.e. We expect the trend for recruiting in Hong Kong’s
professional services firm (law firm or Big 4) into a bank contract market to remain unchanged in 2015.
or commercial industry).
However, it is still difficult to convince individuals to
move from a permanent to contract role in Hong Kong.
In general, there is not a strong appetite for contract
roles. Professionals, especially in risk, legal and
compliance tend to be quite conservative and prefer
stability and long-term career development if they are
to move from one role to another.
38RISK &
COMPLIANCE
RISK MANAGEMENT | PERMANENT & CONTRACT (HKD per month)
ASSOCIATE/ VP/ SR. SR.
ROLE ANALYST SVP/DIRECTOR
AVP MANAGER DIRECTOR
HEAD OF RISK - - - $133k - $160k $170k+
MARKET RISK MANAGEMENT $30k - $40k $40k - $60k $70k - $110k $120k - $160k $150k+
MARKET RISK REPORTING $20k - $35k $40k - $60k $65k - $83k $83k - $110k $120k+
QUANTITATIVE ANALYSIS $35k - $50k $50k - $70k $75k - $120k $120k - $150k $150k+
OPERATIONAL RISK $20k - $30k $40k - $65k $70k - $108k $108k - $150k $160k+
CREDIT RISK ANALYSIS $30k - $40k $40k - $65k $70k - $108k $110k - $160k $160k+
TRADED CREDIT $30k - $40k $40k - $65k $70k - $110k $110k - $150k $160k+
COMPLIANCE | PERMANENT & CONTRACT (HKD per month)
ASSOCIATE VP /SR. SR.
ROLE ANALYST SVP/ DIRECTOR
/ AVP MANAGER DIRECTOR
HEAD OF COMPLIANCE - - - $125k - $170k $170k+
AML $25k - $40k $40k - $70k $70k - $100k $108k - $133k $135k+
PRODUCT SPECIFIC ADVISORY $25k - $45k $45k - $70k $70k - $110k $120k - $150k $160k+
TRAINING & COMPETENCE $20k - $30k $30k - $40k $60k - $90k $100k - $130k $130k+
CONTROL ROOM / RESEARCH $20k - $35k $40k - $60k $70k - $100k $110k - $140k $140k+
MONITORING / SURVEILLANCE $20k - $35k $40k - $60k $70k - $100k $100k - $120k $120k+
TAX COMPLIANCE $25k - $35k $40k - $60k $60k - $100k $100k - $120k $120k+
39SALARY SURVEY
RESULTS
Highlights:
1 The majority (54%) of respondents are from the
banking and financial services sector
2 The vast majority (72.8%) of professionals have
received a pay increment in the last year
3 Most (79%) of the Hong Kong professionals who
responded say they have received or are
expecting to receive an annual bonus for 2014
40SALARY SURVEY
RESULTS
DEMOGRAPHICS
Morgan McKinley surveyed professionals in Hong
Kong for the Salary Survey in January 2015. JUST OVER ONE THIRD (34%) HAVE MORE
Respondents are all professionals on the Morgan THAN TEN YEARS OF EXPERIENCE IN THEIR
McKinley database and from our website
CURRENT ROLE OR ONE THAT IS SIMILAR.
morganmckinley.com.hk, who are engaged in a range
of specialist sectors such as Financial Services, PROFESSIONALS WITH 6-9 YEARS OF
Technology, Retail/FMCG, Construction & EXPERIENCE ACCOUNT FOR 29 PERCENT,
Engineering, Public Sector, Media, Pharmaceutical, AND ALMOST ONE QUARTER (24%) HAVE
Healthcare and Legal with the majority of BETWEEN 3-5 YEARS OF EXPERIENCE.
respondents from the Banking and Financial Services
sector (54%) followed by the Retail/FMCG sector
(11%).
Just over half (53%) of the 441 professionals surveyed
are male, 41 percent are female, while the remainder 29 percent, and almost one quarter (24%) have
(6%) prefer not to say. They range in age from 20-51+ between 3-5 years of experience. The remainder
years with 8 percent in the 20-30 bracket, 67 percent (12%) have 1-2 years of experience in their current or
in the 31-40 bracket, 22 percent in the 41-50 bracket a similar role.
and 3 percent in the 51+ bracket.
The overwhelming majority (97.2%) of professionals
Just over one third (34%) have more than ten years of are engaged in a permanent role and the remainder
experience in their current role or one that is similar. (2.9%) are contract or temporary workers.
Professionals with 6-9 years of experience account for
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