TALENT MANAGEMENT

Early-Bird Salary Guide: Your Wages Bill May Be Higher Than You Expect in 2018

“We really want to be the first with this,” said Matthew Bennett in Hong Kong. The managing director for Greater China of professional recruitment consultancy Robert Walters was launching the company’s Salary Survey 2018 report on November 21. It was not quite the first – competitor Robert Half’s 2018 Salary Guide for the US is already available online, although not its Asian edition. Another rival, Hays, is still completing its own Asia-Pacific survey.

People who move to other companies can expect to be paid 10% to 30% more. In contrast, those who remain in their current job can expect a salary increment of only 3% to 5%

For CFOs, Robert Walters’ early-bird guide makes for interesting reading. In the recent past, said Bennett, employees valued stability over salary increments so they tended to stay put in their current posts despite offers of substantial salary increases if they were to move. If a recession were to hit the world again, as it did in 2009, “if you were the last to be hired, you may be the first to be fired,” said Bennett.

But the tide appears to be turning beginning this year. People are starting to become more confident in the prospects of the local, regional and global economy, with the result that there is a noticeable increase in the number of those moving jobs. “We expect the trend to continue in 2018,” said Bennett, although he declines to quantify percentage of workers who are moving jobs.

It’s a sobering thought for CFOs because, according to Robert Walters, people who move to other companies can expect to be paid 10% to 30% more, depending on their expertise and experience. In contrast, those who remain in their current job can expect a salary increment of only 3% to 5%. CFOs may need to scramble in terms of the budget if more people than expected resign – and they have to authorize higher salaries for their replacements.

Selected Salary Ranges 2018, Accounting and Finance

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