UPSKILLING:
THE SUSTAINABLE
PATH FORWARD
The 2022 Hays Asia Salary Guidethe underlying factors for the low job satisfaction level found in this year’s data.
With 81 per cent of employees actively looking for or reporting being open to
WELCOME TO THE new job opportunities, mitigating the salary expectation gap will thus be critical
2022 ASIA SALARY GUIDE to organisations’ success in hiring, and beyond that, continued growth.
While there are many ways to bridge this gap, we recommend that employers
take cues from your staff. Employees in our survey unanimously agreed that
after salary package, benefits like health insurance, work-life balance, career
RAPID RETURN TO GROWTH STRETCHES SKILLS GAP progression, and flexible working options were the biggest reasons for staying
Despite continued disruption, 2021 saw a surprisingly strong rebound in their current jobs. Adjusting strategies to accommodate these priorities will
globally and in Asia as companies and individuals adapted more quickly than be imperative to employers looking to stand out in the competitive recruitment
expected. Economies continue to flourish, the job market is rejuvenated, and market, as well as building the healthy workforce that is vital to navigating the
with the spotlight on flexibility and wellbeing, people are emboldened to challenges ahead.
reevaluate the balance between their work and personal lives. However, this As for employees, upskilling will become even more of a necessity in the years
rapid return to growth could be encumbered by the skills shortage we areahead. Already, we see a growing number of skilled professionals taking the initiative
already observing in some sectors. to develop their skills in preparation of progressing in their careers or switching
In 2022, rising confidence and optimism will see employers investing more in to a different field completely. With employers increasingly taking a skills-based
growing their workforce. More than half the employers we surveyed intend to approach to hiring rather than assessing candidates according to qualifications or
add to their permanent headcount this year in anticipation of an increase in job titles, investing in skills development will be paramount for jobseekers.
business activity levels. This is driven not just by high-growth industries like In the following pages, we share the findings from our survey, as well as market
technology and life sciences, fortunately spared the brunt of the pandemic, insight and salary trends of 15 industries across China, Hong Kong SAR, Japan,
but also the revival of the hard-hit sectors, including manufacturing and Malaysia, and Singapore. I hope this report gives you the insight to help you make
services, as economies return to ‘business as usual’.decisions towards the next steps of your business planning or your careers.
Despite this, 40 per cent of organisations reported a concerning lack of
confidence in their ability to hire the skilled talent they need. Talent scarcity
has become one of the biggest challenges for organisations in the last two
years and will continue to test organisations in the following months, driven
by the accelerated shift towards automation and digitalisation, reduced talent
mobility, and a growing number of skilled professionals choosing to put
their careers on hold. Hearteningly, there is evidence of employers reviewing
salaries as a bid to improve staff attraction and retention rates, with 80 per
cent expecting to increase employee salaries in the next twelve months.
Even so, employee responses show that there is a widening gap between what Richard Eardley
they expect and what employers are prepared to give. This could be one of Managing Director, AsiaTHE 2022 HAYS ASIA SALARY GUIDE 3 JOB SATISFACTION AND RECRUITMENT TRENDS
interpretive andindicative, notconclusive. Therefore, information shouldbeused asaguidelineonlyandshould not bereproduced inwhole orby section withoutwritten permission from Hays.
Disclaimer:
CONTENTS
business decisions. an informative publication to helpsupport your contribution hasensured that we canproduce collection ofdata for thisyear’s guide. Your organisations whichhave participated inthe We would like to express ourgratitude to all THANK YOU in English,ChineseandJapaneselanguages. of n=9,598. The survey was conducted online November 2021 witharepresentative sample Our survey was conducted from October to METHODOLOGY
The Hays Guideisrepresentative Salary ofavalue-added service to ourclients andcandidates. Whilst every care istaken inthecollection andcompilation ofdata, theguideis
Sector Overviews &Salaries Key Findings&Trends About The Survey
1414136 1312118 109988816 6604 25 ccountancy &Finance 2015126 4
3
5
2
6
2
1
9
7
Technology Supply Chain&Pr SalesPropertyOffic Mark Lif Legal Insurance Human REngineering Education Construction B A NeSkills &De CJob Satisfaction andRecruitment Trends
ompensation &Benefits
anking &FinancialServices
e Sciences
w World ofWork
e Professional
eting &Digital
esources
velopment
ocurement Total number of participants and top 5
industries represented:
China 3,329
o acturing Manuf
o Retail/Consumer Goods
o Pharmaceuticals/Life Sciences
o Medical Devices
o Internet
Hong Kong SAR 1,120
o anking B
o Financial Services/Insurance
o IT/Telecoms
o Retail/Consumer Goods
o Construction/Engineering
Japan 1,388
o acturing Manuf
o IT/Telecoms
o Financial Services/Insurance
o Pharmaceuticals/Life Sciences
o Retail/Consumer Goods
Malaysia2,385
o Financial Services/Insurance
o Manufacturing
o IT/Telecoms
o Banking
ABOUT THE SURVEYo Mining/Resources/Oil & Gas
For our 2022 Asia Salary Guide, we surveyed 9,598 skilled professionals across China, Singapore1,376
Hong Kong SAR, Japan, Malaysia, and Singapore to understand their salary expectations o Financial Services/Insurance
and career plans. A third of the respondents also represented their organisation in the o Banking
survey as hiring managers, and from them, we heard the business perspective on salary o IT/Telecoms
policy, hiring trends, and what they are prioritising in the new world of work. o Manufacturing
o Pharmaceuticals/Life SciencesKEY FINDINGS &
TRENDS