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 worldwide thought chief in employer branding, right now 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 concerning the profession aspirations and preferences of Hong Kong’s next- era 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 after they be part of Hong Kong’s job market.
This yr, J.P. Morgan retained its prime place as a really perfect employer amongst enterprise/commerce college students, adopted by HSBC, much like the earlier yr. For the fourth consecutive yr, the HKSAR Authorities has been chosen by engineering/pure sciences college students as their prime ultimate employer. For college students throughout each disciplines, tech large Google continues to be ranked amongst them as one among their prime 5 most engaging corporations.
College students’ preferences have stayed constant from final yr in Perfect Employer Rankings
Enterprise/commerce college students ranked banking as their most most well-liked trade (50%), adopted by monetary companies & know-how (35%) and administration & technique consulting (33%). A notable improve was proven in college students’ desire to work in administration & technique consulting, which elevated by over 10% from final yr. College students in enterprise/commerce have voted J.P. Morgan and HSBC as the highest two corporations within the ultimate employer rankings this yr, in step with the outcomes from 2022.
Business preferences had been balanced out throughout engineering/pure sciences college students, the place they ranked training (23%), arts, leisure & recreation (22%), pc software program & know-how (22%), banking (22%) and IT & engineering consulting (20%) as their prime 5 selections. They continued to rank the HKSAR Authorities, Google, Apple, Microsoft and J.P. Morgan as their prime 5 ultimate employers, unchanged from 2022. Nevertheless, their prime 50 rankings of ultimate employers noticed notable shifts as Citi climbed within the listing, leaping 46 locations to 47.
Prioritising a pleasant work surroundings in employment
“A pleasant work surroundings” was ranked as college students’ prime desire in 2023, persevering with the development from 2022. The next two preferences that had been favoured most extremely had been “skilled coaching & growth” and “encouraging work-life steadiness”. However, “excessive future earnings” was ranked decrease than the earlier yr, declining by 2 locations to 4th place. This highlighted the shift in expectations from college students, as they more and more prioritize components impacting their well-being extra over monetary earnings.
College students searching 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 monthly) from HKD303.0k (HKD25.2k monthly) in 2022, dropping 3%. This reversed the development set from 2022’s survey, which had then revealed a 19% improve in college students’ anticipated annual wage compared to 2021. This implies that college students are probably conscious of the shift away from the Nice Resignation interval and right into a much less sure financial surroundings the place high-profile layoffs are extra frequent, 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 monthly), whereas engineering/pure sciences college students’ anticipated salaries confirmed a comparatively smaller lower of two% to HKD299.2k every year (HKD24.9k monthly), in comparison with 2022.
Mike Parsons, Managing Director of APAC for Universum, mentioned, “Universum’s annual survey clearly highlights the change in developments 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 surroundings and profession growth over monetary earnings and wage, a development that may be seen in most of the extra developed markets worldwide. Tomorrow’s workforce is extremely motivated by acknowledgement and progress alternatives that allow them to really feel valued and included of their group, with monetary compensation usually coming second.
From an employer perspective, this notable shift in values and priorities supplies them with a chance to redefine their gives and messaging to potential expertise. In view of the continued expertise crunch and eager competitors for expertise in Hong Kong, employers want to emphasise that workers can be supplied with a wholesome work surroundings that delivers objective and worth, to distinguish themselves from opponents concerning the alternatives out there inside the organisation.”
Gender hole in anticipated annual wage widens regardless of final yr’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 girls at HKD293.4k every year. This contrasts with 2022’s survey outcomes, which confirmed a major lower within the gender pay hole to 7% and the bottom gender pay hole in 5 years. Nevertheless, this yr’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 yr in the past, the drop in confidence is barely increased amongst females.
Growing significance of LinkedIn and Instagram to have interaction with future expertise
Skills are more and more utilizing social media channels, reminiscent of LinkedIn and Instagram, as a channel to find out about employers and organizations. Social media was ranked as essentially the most used communication channel amongst expertise (62%), exhibiting a 7% improve 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 kids to seek 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 skills are guaranteeing 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 mentioned, “Our information signifies college students steadily 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 essentially the most to them, reminiscent of remuneration and advantages, coaching and growth alternatives, development pathways and dealing environments. Employers want to make sure they’re leveraging these channels in an effort to keep away from being ignored by their focused future expertise. ”
About Universum
Universum is a data-driven employer branding company. Based in Stockholm, we are actually lively in over 60 nations, 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 artistic options they should compete extra successfully for expertise.
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