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 world thought chief in employer branding, at this time introduced the Hong Kong findings of its newest annual international expertise survey. Surveying over 4,000 college students from 9 universities in Hong Kong, Universum’s analysis goals to measure and uncover key insights in regards to the profession aspirations and preferences of Hong Kong’s next- technology 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 searching for after they be a part of Hong Kong’s job market.
This 12 months, J.P. Morgan retained its prime place as a great employer amongst enterprise/commerce college students, adopted by HSBC, just like the earlier 12 months. For the fourth consecutive 12 months, the HKSAR Authorities has been chosen by engineering/pure sciences college students as their prime splendid employer. For college students throughout each disciplines, tech big Google continues to be ranked amongst them as one in all their prime 5 most tasty corporations.
College students’ preferences have stayed constant from final 12 months in Superb Employer Rankings
Enterprise/commerce college students ranked banking as their most most well-liked trade (50%), adopted by monetary providers & know-how (35%) and administration & technique consulting (33%). A notable enhance was proven in college students’ choice to work in administration & technique consulting, which elevated by over 10% from final 12 months. College students in enterprise/commerce have voted J.P. Morgan and HSBC as the highest two corporations within the splendid employer rankings this 12 months, in keeping with the outcomes from 2022.
Business preferences had been balanced out throughout engineering/pure sciences college students, the place they ranked schooling (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 splendid employers, unchanged from 2022. Nonetheless, their prime 50 rankings of splendid employers noticed notable shifts as Citi climbed within the checklist, leaping 46 locations to 47.
Prioritising a pleasant work setting in employment
“A pleasant work setting” was ranked as college students’ prime choice in 2023, persevering with the pattern from 2022. The following 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 12 months, declining by 2 locations to 4th place. This highlighted the shift in expectations from college students, as they more and more prioritize elements impacting their well-being extra over monetary earnings.
College students looking 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 per thirty days) from HKD303.0k (HKD25.2k per thirty days) in 2022, dropping 3%. This reversed the pattern set from 2022’s survey, which had then revealed a 19% enhance in college students’ anticipated annual wage compared to 2021. This means that college students are probably conscious of the shift away from the Nice Resignation interval and right into a much less sure financial setting the place high-profile layoffs are extra widespread, 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 per thirty days), whereas engineering/pure sciences college students’ anticipated salaries confirmed a comparatively smaller lower of two% to HKD299.2k every year (HKD24.9k per thirty days), in comparison with 2022.
Mike Parsons, Managing Director of APAC for Universum, mentioned, “Universum’s annual survey clearly highlights the change in tendencies and preferences amongst Hong Kong’s rising expertise pool within the job market. Whereas all of the metrics we measure are essential, it’s the shifts in prioritization which can be most telling. Proper now, we’re seeing younger expertise in Hong Kong prioritizing work setting and profession growth over monetary earnings and wage, a pattern that may be seen in lots 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 neighborhood, with monetary compensation typically coming second.
From an employer perspective, this notable shift in values and priorities supplies them with a chance to redefine their provides 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 will probably be supplied with a wholesome work setting that delivers function and worth, to distinguish themselves from rivals concerning the alternatives obtainable throughout the organisation.”
Gender hole in anticipated annual wage widens regardless of final 12 months’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 ladies at HKD293.4k every year. This contrasts with 2022’s survey outcomes, which confirmed a big lower within the gender pay hole to 7% and the bottom gender pay hole in 5 years. Nonetheless, this 12 months’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 situations in comparison with a 12 months in the past, the drop in confidence is barely larger amongst females.
Rising significance of LinkedIn and Instagram to interact with future expertise
Abilities are more and more utilizing social media channels, similar to LinkedIn and Instagram, as a channel to study employers and organizations. Social media was ranked as probably the most used communication channel amongst expertise (62%), displaying a 7% enhance 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 essential sources for college kids to seek out out about employers. With a spread of at the very least 4 channels as sources of knowledge on their most well-liked employer, this demonstrates how abilities are making certain they do ample analysis when deciding on the place to use and what provides to simply accept.
Commenting on the prevalence of social media getting used as a instrument of reference and affect, Parsons mentioned, “Our knowledge signifies college students continuously flip to social media as a supply of knowledge to be taught extra about potential employers. College students extremely worth insights on the matters that matter probably the most to them, similar to 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 energetic in over 60 nations, with key hubs in Zürich, Paris, Berlin, London, New York, Singapore and Shanghai. The Universum Expertise Survey, performed 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 inventive options they should compete extra successfully for expertise.
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