Anticipated wage from college graduates for his or her first full-time job dropped barely in comparison with 2022
Hong Kong, sixth July 2023 – Universum, a world thought chief in employer branding, at the moment introduced the Hong Kong findings of its newest annual world expertise survey. Surveying over 4,000 college students from 9 universities in Hong Kong, Universum’s analysis goals to measure and uncover key insights in regards to the profession aspirations and preferences of Hong Kong’s next- technology of expertise. The findings assess a number of metrics, together with most well-liked employers and work environments, anticipated annual remuneration and profession pathways that upcoming graduates are in search of once they be a part of Hong Kong’s job market.
This 12 months, J.P. Morgan retained its high place as an excellent employer amongst enterprise/commerce college students, adopted by HSBC, just like the earlier 12 months. For the fourth consecutive 12 months, the HKSAR Authorities has been chosen by engineering/pure sciences college students as their high excellent employer. For college kids throughout each disciplines, tech large Google continues to be ranked amongst them as certainly one of their high 5 most engaging corporations.
College students’ preferences have stayed constant from final 12 months in Best Employer Rankings
Enterprise/commerce college students ranked banking as their most most well-liked trade (50%), adopted by monetary companies & expertise (35%) and administration & technique consulting (33%). A notable enhance was proven in college students’ choice to work in administration & technique consulting, which elevated by over 10% from final 12 months. College students in enterprise/commerce have voted J.P. Morgan and HSBC as the highest two corporations within the excellent employer rankings this 12 months, in keeping with the outcomes from 2022.
Trade preferences have been balanced out throughout engineering/pure sciences college students, the place they ranked training (23%), arts, leisure & recreation (22%), pc software program & expertise (22%), banking (22%) and IT & engineering consulting (20%) as their high 5 decisions. They continued to rank the HKSAR Authorities, Google, Apple, Microsoft and J.P. Morgan as their high 5 excellent employers, unchanged from 2022. Nonetheless, their high 50 rankings of excellent employers noticed notable shifts as Citi climbed within the checklist, leaping 46 locations to 47.
Prioritising a pleasant work atmosphere in employment
“A pleasant work atmosphere” was ranked as college students’ high choice in 2023, persevering with the development from 2022. The next two preferences that have been favoured most extremely have been “skilled coaching & improvement” and “encouraging work-life steadiness”. Alternatively, “excessive future earnings” was ranked decrease than the earlier 12 months, declining by 2 locations to 4th place. This highlighted the shift in expectations from college students, as they more and more prioritize elements impacting their well-being extra over monetary earnings.
College students looking for 3% much less beginning wage – a wake-up name?
The 2023 survey outcomes confirmed a lower in college students’ anticipated annual wage upon commencement, the place it declined to HKD292.9k (HKD24.4k per thirty days) from HKD303.0k (HKD25.2k per thirty days) in 2022, dropping 3%. This reversed the development set from 2022’s survey, which had then revealed a 19% enhance in college students’ anticipated annual wage compared to 2021. This means that college students are seemingly conscious of the shift away from the Nice Resignation interval and right into a much less sure financial atmosphere the place high-profile layoffs are extra widespread, and therefore are extra prudent of their wage expectations.
Amongst college students finding out enterprise/commerce, anticipated salaries decreased by 6% to HKD279.7k every year (HKD23.3k per thirty days), whereas engineering/pure sciences college students’ anticipated salaries confirmed a comparatively smaller lower of two% to HKD299.2k every year (HKD24.9k per thirty days), in comparison with 2022.
Mike Parsons, Managing Director of APAC for Universum, stated, “Universum’s annual survey clearly highlights the change in tendencies and preferences amongst Hong Kong’s rising expertise pool within the job market. Whereas all of the metrics we measure are vital, it’s the shifts in prioritization which can be most telling. Proper now, we’re seeing younger expertise in Hong Kong prioritizing work atmosphere and profession improvement over monetary earnings and wage, a development that may be seen in lots of the extra developed markets worldwide. Tomorrow’s workforce is extremely motivated by acknowledgement and development alternatives that allow them to really feel valued and included of their neighborhood, with monetary compensation typically coming second.
From an employer perspective, this notable shift in values and priorities offers them with a chance to redefine their gives and messaging to potential expertise. In view of the continuing expertise crunch and eager competitors for expertise in Hong Kong, employers want to emphasise that staff will likely be supplied with a wholesome work atmosphere that delivers objective and worth, to distinguish themselves from opponents concerning the alternatives out there throughout the organisation.”
Gender hole in anticipated annual wage widens regardless of final 12 months’s closing of the hole
In 2023, the gender hole on anticipated annual wage widened to 9% with anticipated salaries of males at HKD320.7k and ladies at HKD293.4k every year. This contrasts with 2022’s survey outcomes, which confirmed a big lower within the gender pay hole to 7% and the bottom gender pay hole in 5 years. Nonetheless, this 12 months’s pay expectation disparity between female and male college students in Hong Kong is comparatively decrease than in earlier years, the place the gender hole has repeatedly been within the double-digit vary (2019: 12%, 2020: 14%, 2021: 13%). This means that whereas expertise are conscious of the harder financial circumstances in comparison with a 12 months in the past, the drop in confidence is barely greater amongst females.
Rising significance of LinkedIn and Instagram to have interaction with future expertise
Skills are more and more utilizing social media channels, similar to LinkedIn and Instagram, as a channel to study employers and organizations. Social media was ranked as probably the most used communication channel amongst expertise (62%), displaying a 7% enhance from 55% in 2022.
On-line job boards (second most used communication channel) and employer’s profession web sites (second most used on-line platform) are additionally nonetheless vital sources for college students to search out out about employers. With a spread of at the least 4 channels as sources of knowledge on their most well-liked employer, this demonstrates how abilities are making certain they do ample analysis when deciding on the place to use and what gives to just accept.
Commenting on the prevalence of social media getting used as a device of reference and affect, Parsons stated, “Our information signifies college students regularly flip to social media as a supply of knowledge to study extra about potential employers. College students extremely worth insights on the matters that matter probably the most to them, similar to remuneration and advantages, coaching and improvement alternatives, development pathways and dealing environments. Employers want to make sure they’re leveraging these channels with a view to keep away from being neglected by their focused future expertise. ”
Universum is a data-driven employer branding company. Based in Stockholm, we at the moment are energetic in over 60 international locations, with key hubs in Zürich, Paris, Berlin, London, New York, Singapore and Shanghai. The Universum Expertise Survey, carried out in over 60 markets worldwide, surveyed multiple million college students and professionals about their preferences amongst potential employers, their profession concepts, and communication preferences. Leveraging this, we offer our purchasers with the analysis, technique, and inventive options they should compete extra successfully for expertise.
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