HONG KONG, November 17, 2023 – Salary increases in 2024 are expected to slow down due to uncertain recovery in Asia. These will be partly offset by slightly better to flat bonus levels, according to Pretium Partners Asia Limited ("Pretium").
Pretium Year-end Rewards and Human Resource Trends Survey - 2023 (“Survey”) examined changes in business performance, salary review budget, bonus levels, headcount changes as well as changes in human resources priorities to facilitate human resources planning. Key insights from the survey are as follows:
Pretium Year-end Rewards and Human Resource Trends Survey - 2023 (“Survey”) examined changes in business performance, salary review budget, bonus levels, headcount changes as well as changes in human resources priorities to facilitate human resources planning. Key insights from the survey are as follows:
Projected Salary Increase in 2024
The projected salary increases in 2024 are expected to slow down due to weaker than expected recovery in Asia and headline inflation is largely under control. Source: Pretium Year-end Rewards and Human Resource Trends Survey Report – 2023
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“Many companies have been facing a dichotomy between a tight labor market and an uncertain macro economy. From a proactive resilient perspective, a way out is to harness both historical and forward-looking data to discern market trends and evaluate potential impacts to facilitate robust pay review decisions.” said May Poon, Managing Partner at Pretium.
Slightly Better to Flat Bonus Levels
After going through the trough in 2022, business performance in 2023 has been improving. Bonus levels will be slightly better or similar to previous year. “Bonus will reflect the fact that most companies have only recorded modest profit due to ongoing market turbulence. Pay increases and bonus payout should be highly tilted towards employees in high performing businesses whose pay levels are behind the market.” Ms. Poon explained.
Slightly Better to Flat Bonus Levels
After going through the trough in 2022, business performance in 2023 has been improving. Bonus levels will be slightly better or similar to previous year. “Bonus will reflect the fact that most companies have only recorded modest profit due to ongoing market turbulence. Pay increases and bonus payout should be highly tilted towards employees in high performing businesses whose pay levels are behind the market.” Ms. Poon explained.