Hong Kong's banking and financial sector picks up

HONG KONG   BONUSES   RECRUITMENT    HUDSON 

Hong Kong - Three in four Hong Kong employers say they will shell out discretionary year-end bonuses for 2009.

In a recent survey conducted by Hudson among 500 organisations, it found that the banking and financial services sector is most likely to pay discretionary bonuses, with 85% of companies planning to do so. According to the Hudson report, this is unsurprising as banking is traditionally a bonus-driven business and the continuing economic recovery means that employers are striving to retain talented staff.

The level of bonus payments is also rising, as 46% of employers across the board say they will pay more than 10% of the employee's annual salary. Only 17% say bonuses would be less than 5%, while 16% will pay bonuses of more than 20%.

Fifty-three percent of Hong Kong executives surveyed expect to increase hiring in their companies compared with 35% in the previous quarter. The banking and financial sector leads the way, with 74% of respondents in the survey say they are now looking to increase headcount.

Mark Carriban, managing director, Asia for Hudson, says, “This quarter sees the largest rise in expectations since The Hudson Report survey began. Hong Kong has higher expectations than the other markets surveyed in Asia and most employers are increasingly optimistic about prospects for 2010.”

________________________________________________________

More quality Lighthouse titles

Get your marketing department up to speed with Asia's most read marketing site
marketing-interactive.com