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HONG KONG, April 15, 2024 /PRNewswire/ — Links International’s 2024 Asia Salary Guide brings you detailed insights and trends covering the 2024 job market landscape across Hong Kong, Singapore and Mainland China. Explore evolving job market dynamics in the region to better prepare for the year and to ensure informed decision-making and strategic planning.
This year’s Salary Guide is no ordinary salary guide. We’ve revamped our Salary Guide by including 4 sources of salary data to help our clients and candidates access accurate market salaries without having to check multiple salary sources.
Key findings from the 2024 Asia Salary Guide include:
1. Winning and Declining Job Roles
Hiring is on the horizon in the second half of 2024 and the roles that are particularly high in demand include:
- Data Scientists
- AI/Machine Learning Engineers
- Blockchain Developers
- Cybersecurity Engineers
- Full Stack Developers
- Scientific R&D Roles
- Sourcing & Procurement
- Digital Finance
- HR transformation and Organisation Transformation
Job roles that will decline this year include:
- Traditional Logistics
- Transactional Accounting
- Traditional Transactional Corporate Supporting Functions
2. A Job Market Slowdown in 2023
Despite Asia’s prime locations remaining vital for investment and job creation, Mainland China, formerly Asia’s economic powerhouse, slowed in 2023 due to geopolitical tensions and reduced foreign investment, leading to fewer job opportunities. Neighbouring location, Hong Kong experienced a milder job market decline, with lower unemployment rates despite relaxed visa rules for foreign talent. Tourism recovery bolstered Hong Kong’s economy, fostering optimism for sustained growth and job stability. In Southeast Asia, including Singapore, job markets stayed strong in 2023 but didn’t reach 2022’s peak demand.
3. Talent For High Demand Skillsets Continues To Be Increasingly Difficult to Source in 2024
Employers are finding it extremely difficult to source new talent in certain high demand roles including Data Scientists, AI/Machine Learning, Blockchain, Cybersecurity, Procurement, Digital Finance and Insurance. Accordingly, Governments in Asia have been launching a number of measures to win the battle for these high demand fields with Hong Kong being one of the most aggressive by opening multiple new pathways for work permits and brining talent in from Mainland China.
4. Singapore’s HR Landscape Remains Busy and Talent Hungry
Singapore, Asia’s technology hub is now home to 80 of the world’s top 100 tech firms and has set initiatives like the Overseas Networks & Expertise Pass (ONE) and the Tech@SG programme which simplify work visa procedures for international tech talent.
Additionally, Singapore aims for 15,000 certified HR professionals to join the workforce by 2027 – the Ministry of Manpower’s HR Industry Transformation Plan (HR ITP) focuses on digitalising HR processes, developing strategic capabilities, and adopting progressive practices.
5. Sales & Marketing Bounces Back in Asia
Hong Kong’s retail sales surged in 2023, with a significant 15.9% increase in November – driving a revival in inbound tourism. This boosted demand for roles in travel retail, sales, customer experience, and management.
Singapore is focusing on omnichannel strategies, with 48% of shoppers browsing in physical stores before online purchases and 49% vice versa. Omnichannel spending is expected to reach nearly 62% by 2026.
While the China sales and marketing job market remains muted, China’s sales and marketing industry is transforming to data-driven, intelligent strategies amidst ongoing digitisation in 2024 and marketing and data related professionals with these skillsets are in high demand.
The Ultimate 2024 Salary Guide can be downloaded for free here!
About Links International
As a leading HR service provider in Asia, Links International is committed to maintaining its position by delivering top-notch payroll services and an unparalleled HR tech experience to clients. With nine consecutive years of being voted Asia’s Best HR Outsourcing Partner, our team of over 200 Asia HR Experts offers in-country support from more than 20 locations across the region. We provide expert HR advice tailored to local markets, offering industry best practices and practical solutions to leading businesses in Asia.
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