Professionals are seeking job security in the new year
Hong Kong’s HR professionals in generalist roles can expect a salary increment of 8% to 12% when changing employers, found a new report.
Specialised candidates equipped with in-demand skills can command up to 20% premium in salary increment when pursuing other opportunities in 2020.
These highly sought-after skills include strategic business partnering and human resources information system.
However, if professionals choose to stay with their current employer, they can expect a more conservative salary increment of around 3%, according to Randstad’s annual study.
Findings also revealed 39% of professionals are willing to give up at least 10% of their salary in exchange for job security. Jobseekers are likely to take a more “near-term outlook” when it comes to looking for new opportunities, reflecting the tightening economy.
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The study also highlighted HR’s changing nature in 2020:
- HR technology will continue to augment job scopes
Automation has increased the efficiency and effectiveness of HR functions. HR is becoming a more strategic role, with responsibilities such as driving organisational change, spearheading business restructuring and strategic workforce planning.
Candidates with prior experience in change management or facilitating digital transformation will be highly sought-after.
- HR’s key roles: Business partnership and HR shared services
On the business partnering front, employers are only considering candidates who can demonstrate expertise in a specific vertical within HR, such as compensation & benefits or learning & development.
Professionals are increasingly expected to understand the nuances in business operations and provide advice on personalised solutions that will help the company build a skilled and loyal workforce.
As for HR shared services, professionals will be expected to continue efforts to improve cost efficiencies and eliminate redundancies. This may be through leveraging centralised, cloud-based technologies to collect and share HR-related data.
While there is potential for HR shared services to increase their value in the business by uncovering areas of cost efficiencies, Randstad predicts that large companies will continue to offshore them to low-cost countries to reduce long-term operating costs.
HR’s expected salary ranges in 2020:
- HR director - $70,000 to $130,000
- L&D director - $70,000 to $120,000
- Regional talent acquisition director - $75,000 to $110,000
