The landscape of salary increments in Hong Kong is shifting, with specific industries showing resilience while others experience setbacks. According to a recent report by Jobsdb, the average wage increase has fallen to 2.2%, marking a decline for the second year in succession. Property & Real Estate and Public, Civil and Social Services are leading the way in terms of pay raises. However, there is growing concern among employees regarding job stability and future prospects.

A significant portion of workers have seen their salaries rise, yet the overall proportion has dipped. Additionally, sectors that were previously robust in terms of salary growth, such as Analytics, Engineering, and IT, have witnessed notable declines. Economic uncertainties at local, regional, and global levels are fueling anxiety about job security, prompting many employees to remain in underpaid roles due to fears of unemployment.

Leading Sectors Propel Salary Increases

In the current economic climate, certain industries are demonstrating remarkable progress in compensation packages. The Property & Real Estate sector, along with Public, Civil and Social Services, stands out for offering substantial wage hikes. This trend contrasts sharply with last year's front-runner, Analytics, which has now experienced a considerable reduction in salary adjustments. These fluctuations highlight the evolving dynamics within various professional domains.

While the Property & Real Estate sector enjoys an impressive rise of 3.9% in wages, Public, Civil and Social Services follow closely with a 3.2% increment. This indicates a strategic focus on maintaining public service quality amidst challenging economic conditions. Conversely, other fields like Engineering and Information Technology have faced significant setbacks this year. Such disparities reflect how different sectors adapt to changing market demands and economic pressures. For instance, the Analytics field, once thriving, has now seen its momentum wane considerably. The underlying reasons could be linked to technological advancements, shifting priorities, or altered business models affecting these industries' financial health.

Growing Concerns Over Employment Stability

Beyond salary trends, there is a palpable sense of unease among employees regarding their job security. A striking percentage of workers express pessimism about future employment opportunities, reflecting broader economic anxieties. This sentiment is fueled by perceived downturns both locally and globally, creating a ripple effect across various industries.

Nearly half of all full-time employees feel they earn less than what is standard for their positions. Despite this dissatisfaction, many opt to stay in their current roles due to heightened concerns over losing their jobs. Economic instability remains a primary worry, with fears centered on Hong Kong's economy, regional or global trends, and industry-specific challenges. Approximately 74% of employees have voiced apprehensions about potential layoffs over the past year. This pervasive fear stems from multiple factors, including anticipated economic slowdowns in Hong Kong (47%), regional/global economic contractions (31%), and instability within individual industries (26%). Consequently, the labor force finds itself caught between seeking fair remuneration and safeguarding job security in an uncertain economic environment.