Greater Bay Area Pay and Benefits Survey 2020 Released
The Centre for Human Resources Strategy and Development (CHRSD) of the HKBU School of Business released the results of the “Guangdong-Hong Kong-Macao Greater Bay Area Pay and Benefits Survey 2020” on 24 October 2020, attracting 150 HR professionals and reporters to the seminars.
The survey was conducted between July and September 2020. Questionnaire responses from 98 companies employing 79,136 employees in Hong Kong were received. The respondents came from 11 business sectors, including: construction, education, engineering, hospitality & catering, information & communication technology, real estate & property management, retail, trading etc. The survey results suggest that the overall actual salary increase in Hong Kong for the period of July 2019 to June 2020 ranged from 2.2% to 2.4%. The projected salary increase for 2021 was 1.7% to 1.8%, the lowest since 2010.
For the Greater Bay Area cities in Guangdong, a total of 56,331 employees from 143 companies were covered in the survey. The results suggested that the overall actual salary increase in 2020 ranged from 4.4% to 5.0%, with the overall projected salary increase for 2021 at 5.2% to 5.6%.
Dr. Felix Yip, Associate Director of CHRSD in the HKBU School of Business said, “Because of the pandemic, some of the job types may no longer exist in Hong Kong, and the unemployment rate is estimated to be over 8% by end of 2020 if the situation has not been improved anytime soon.”
The survey has been an annual collaboration between HKBU and the Hong Kong People Management Association since 1995, aiming at providing employers and human resources professionals with the latest market trends on compensation and benefits in the region. This year the CHRSD also partnered with the Research Centre for Human Resources Management of South China University of Technology (SCUT) and the Talent Development and Management Association of Guangdong to extend the coverage of the survey to the Greater Bay Area.