HKIHRM believes that a performance-based reward system focusing on total remuneration can better motivate employees to help drive business success and growth.
"An effective reward management should link up with a fair and transparent performance management system in order to engage employees,” remarks Hung.
As for the impact of minimum wage on remuneration arrangement, 86 companies provided data on this question, with 10 companies expressing no opinion. For the remaining 76 companies, 57.9% indicated limited impact, 26.3% indicated no impact and 15.8% indicated significant impact.
This year, the survey captured respondents’ views on the outlook of the labour market for the first time.
Among the 76 companies which provided data and expressed an opinion, 65.8% anticipated a growth in demand in the labour market, with such anticipation being more prevalent in the financial services, construction, property development/management, insurance and retail sectors.
In the first four months of this year, the economic outlook of Hong Kong was continuously positive. More job
opportunities were available in the labour market, accompanied by attractive base pay adjustment and rewarding incentives, especially for some sectors.
“In recent months, employers are paying more attention to the possible effects of the tightening of credit control in China, performance of the US economy and employment market, as well as concerns about the fiscal sustainability of some European countries. Whether pay adjustment in the rest of this year may be affected, our future pay trend survey will be able to track,” concludes Hung.
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