Crypto, Blockchain And Web3 Industries Command The Highest Salaries: GRIT

• Despite increased unemployment statistics, optimism for Hong Kong’s labour market to improve in light of loosening restrictions and government support schemes
• IT-related talent most sought after by companies though majority of talent consider the availability of flexible work arrangements a key consideration
• Companies are willing to reward experienced talent with significant pay increases between junior and senior positions

GRIT, a Singapore-based recruitment and solutions firm, today announced the launch of the Hong Kong Salary Report 2022/2023. The report includes information and statistics on the year’s recruitment trends, market outlook, and a full breakdown of the types and skills required for the relevant digital and technology jobs. 

As Hong Kong recovers from the fifth wave of the pandemic and the easing of Covid-19 restrictions enables the reopening of more and more offices, flexible work options have been a central focus for many businesses. Additionally, the increased demand for tech talent has been largely due to changes in consumer behaviour and consumption patterns during the pandemic. Therefore, as the region looks to solidify its standing as a leading business and technology hub within Asia-Pacific, companies should look to keep their job benefits and skills relevant to reduce the brain drain of professional talent. On the other hand, candidates looking to enter or survive such a thriving industry should keep their own skills and knowledge up-to-date.

Key insights from the Hong Kong Salary Report 2022/2023: 

The landscape of the remote-based working environment in Hong Kong 

• When the pandemic struck, the Hong Kong government did not officially mandate nor endorse Work-from-Home (WFH) policies for everybody; a majority of employees believe that the future of work lies in hybrid and flexible work arrangements.
• Various studies on remote work were found to impact both employees and employers favourably:
  • Increase in productivity 
  • Fostering a better work-life balance
  • Increase in job satisfaction 
  • Improve performance within the organisation
• Key challenges to implementing remote work arrangements include
  • Employee’s technostress and the related costs of e-working (such as WFH setups as well as electricity and energy bills)
  • Blurred boundaries between work and family life while at home 
  • Social isolation and diminished face-to-face interactions with colleagues 

As a result of the pandemic, companies have prioritised the need for tech talent, leading the search for IT-job functions to see the highest increase of 35% within the various industries last year and the number of job postings increased by 20% year-on-year while demand for tech talent increased by 18% in Q1 2022. To reduce the loss of talent to overseas organisations, employers can look to their working arrangements as a key benefit for local talent, as 70% list the availability of remote/hybrid work as an important factor for any future work. With alternative working arrangements expected to last at least throughout 2023, companies should keep in mind the following key trends to successfully attract, retain, and engage talent amidst the tech talent crunch in Hong Kong. Some of these include the shift to hybrid work policies and allowing for employees to work away from the office for at least 1 day a week, providing upskilling opportunities to allow talent to keep pace with today’s fluid and dynamic times, as well as increasing pressure to improve workplace diversity, equity, and inclusion.

“Being one of the best locations to establish AI and big data businesses, the need for Hong Kong to prioritise the search for tech talent is especially crucial to uphold its reputation of having a well-developed tech ecosystem. Hence, in addition to adopting new working models, such as shifting to a hybrid or remote work environment, companies can turn to experts in recruitment firms, such as GRIT, to smoothen their hiring process,” said Paul Endacott, CEO and Founder of GRIT.                                                                                                                                                                                                                                                                                                        

In Hong Kong’s tech industry, experience pays – the jump between Junior and Senior starting pay

Universally across the various tech job functions, there lies a very visible jump in the pay range between junior and senior positions, with the highest junior salary often having a significant difference between that and the lowest starting pay of senior positions in the same job role. 

Some examples include: 

• Front-end/Back-end Developer
  • Junior Position (Pay range of HK$20,000-HK$35,000)
  • Senior Position (Pay range of HK$45,000-HK$70,000)
• DevOps Engineer 
  • Junior Position (Pay range of HK$25,000-HK$45,000)
  • Senior Position (Pay range of HK$55,000-HK$90,000)
• Cybersecurity Consultant
  • Junior Position (Pay range of HK$30,000-HK$50,000)
  • Senior Position (Pay range of HK$60,000-HK$83,000)

As such, for those looking to draw the best possible starting salary in their new job roles, employees are encouraged to stay and work a few years within the same job function to gain their respective senior positions.

Crypto, Blockchain and Web3 industries command the highest salaries across various job roles

• Head of Marketing in regular tech and digital industries have a salary range of HK$71,000 to HK$167,000. Within the crypto, blockchain and Web3 industries, the same role would be looking at a salary between HK$100,000 to HK$200,000
• Product Managers within the crypto, blockchain and Web3 industries have a salary range of HK$60,000 to HK$90,000
• A similar role as a Junior would be seeing half of that amount, having a salary range between HK$22,000 to HK$40,000, while a Senior position would be averaging between HK$50,000 to HK$73,000

Across various job functions, the chiefs of the various departments demand much higher salaries than those working in other industries, such as the Head of Legal (HK$112,000 to HK$169,000) and Head of Technology (HK$120,000 to HK$200,000). Due to the fast-growing nature of these technologies, employers are willing to pay higher salaries to develop their talent as they look to take the next step in the company’s growth. 

“The global cryptocurrency boom has seen Hong Kong step up as a key player in the market, attracting some of the world’s greatest crypto exchanges and also seeing the fast growth of local crypto and blockchain startups. As the competition wages for talent, we have full confidence that individuals have plenty of opportunity to grow, develop and thrive in this booming market. Employers should look to improve their hiring processes to successfully recruit, train and retain their talent. At the same time, employees should keep upskilling to hone their skills and remain up-to-date with current market demands as they work to achieve their ideal job positions and salaries,” comments Endacott. 

The report can be found here