4% Salary Increase for Hong Kong and Singapore Despite Uncertainties but Bonus Tipped to be Down
HONG KONG, November 14, 2018 –Salaries in Hong Kong and Singapore will increase by 4% among financial services firms despite uncertainties in 2019. Bonus will be down to 5 months due to stagnant performance, according to independent management consulting firm, Pretium Partners Asia Limited ("Pretium").
Pretium Year-end Rewards and Human Resource Trends Survey - 2018 (“Survey”) examined changes in salary increase, bonus levels, business performance, headcount changes and staff mix ratios as well as top human resources priorities. It covers 67 international, regional and local investment banks, commercial banks, asset management and private equities firms with multiple offices in Asia. Key insights from the survey are as follows:
Business Performance in 2018, Projected Salary Increase and Bonus Payout in 2019
Hong Kong is planning to increase salaries by 4% in Hong Kong and 5.5% in Mainland China in 2019, comparing to 4.8% and 6.2% respectively in 2018. Singapore is set to increase salaries by 4% in 2019, comparing to 4.2% in 2018.
# Source: Pretium Year-end Rewards and Human Resource Trends Survey Report- 2018
* Source: Trading Economics
81% of the surveyed firms indicate 2018 business performance will be around the same as last year. Performance in private equities and real estate investment will be better than last year, followed by investment banking and wealth management. “First half business performance shows signs of growth but economic uncertainties have dampened market sentiment on pay increase, said May Poon, Managing Partner at Pretium.
The projected bonus to be paid in 2019 will be 5 months of salaries, down from 7.8 months in 2018. As performance in fixed income, currencies and commodities and equity will be significantly worse than last year, this will be reflected in the bonus levels.
Headcount Change and Staff Turnover
40% of the surveyed firms intend to expand headcount in 2019, mainly for Fixed Income, Research and Compliance. “Growth prospects are increasingly threatened by uncertainties surrounding trade which stifles confidence and leads to more prudent headcount expansion.” Ms. Poon explained.
Source: Pretium Year-end Rewards and Human Resource Trends Survey Report- 2018
About Pretium Year-end Rewards and Human Resource Trends Survey - 2018
Pretium Year-end Rewards and Human Resource Trends Survey Report - 2018 examines performance, reward and human resources trends in Asia, including salary increase, bonus levels, business performance, headcount changes, staff mix ratios and changes in HR priorities. It covers 67 international, regional and local investment banks, asset management and private equities firms as well as insurance companies with multiple offices in Asia.
About Pretium Partners Asia Limited
Pretium Partners Asia Limited ("Pretium") is an independent management consulting firm that helps accelerate clients' growth and increase profitability through unique spectrum of solutions which include rewards, performance management, benchmarking, organization transformation and integration for mergers & acquisitions.
Should you have any inquiries, please contact firstname.lastname@example.org or call us at +852 3996 7868