2020年亚太区薪酬和市场洞察力（英文版）.pdf

ASIA SALARY & MARKET INSIGHTS 2020 Welcome Note Awards & Recognition Thriving HR Practices in Times of Economic Uncertainty Who Are the Winners and Losers Regionally Across Asia Pacific? What Is the Best HR Response During Uncertain Economic Times? Cost cutting while keeping long term goals in sight Honest and open communications to boost loyalty and retention when cost cutting Protect your long term employer brand when cutting costs Market Insights Banking, Financial & Accounting Services Information & Technology Sales & Marketing Human Resources & Administration Property & Construction Services That Streamline Your Business in Cost Cutting Environments HR Solutions for Business Success Recruitment Process Outsourcing (RPO) Human Resource Outsourcing (HRO) Brand & Reputation Building HR Technology (HR Simplification) Contact Us TABLE OF CONTENTS NOTE FROM GROUP MANAGING DIRECTOR, SCOTT THOMSON 04 2 019 has been a roller coaster year on the back of a chain of events that has skyrocketed both trade and economic uncertainty to the highest ever level in 20 years according to the World Economic Forum. The US/China trade war, ongoing Hong Kong political issues and also the slowdown of the China economy and other traditional powerhouse economies like Singapore has created both challenges and opportunities for business across Asia. For example, clients in Hong Kong and China have seen increased amounts of restructuring, cost reductions and also challenges persuading top talent to risk changing jobs in uncertain environments while clients in Vietnam and Taiwan businesses have been big winners with increased trade and investment off the back of the US/China trade war. The common message from business leaders across Asia is that the increased uncertainty means they are continuing to have to transform their HR functions to be flexible enough to adapt in uncertain times while being more cost-effective than ever. This year our 2020 Asia Salary & Market Insights publication covers not only salary and employment trends across APAC but also is designed to share how clients are taking strategic measures to have an effective HR function and talent plan for the years to come. Heres what you can expect to learn about: At the time of writing, we are fortunately seeing an uplift in positive sentiment in respect of 2020 A phase- one trade deal appears to be confirmed and analysts and investors are feeling more bullish about the global economy in 2020 with earlier alarms calls over a global recession in 2020 now quietening down. We remain optimistic that despite the recent high level of uncertainty that the APAC region will continue to be the stand out growth area in the world for the foreseeable future and provide the best career growth and opportunities long term. We hope that our 2020 Asia Salary and Market Insights helps you gain an understanding of current job market and salary trends and also helps HR leaders develop their long term HR strategy. Should you have any questions regarding the latest market trends in Asia, we would be delighted to hear from you. Thriving HR Practices in Times of Economic Uncertainty Winners and Losers Regionally Across Asia Pacific Best HR Response During Uncertain Economic Times Job Market and Salary Insights o Banking, Financial & Accounting Services o Information & Technology o Sales & Marketing o Human Resources & Administration o Property & Construction Tools to Streamline Your HR Function in Cost Cutting Environments LINKS INTERNATIONALS AWARDS & RECOGNITION 2015 2016 HR Vendors of the Year Awards HR Vendors of the Year Awards Recruitment International Awards 2015 HR Vendors of the Year Awards HR Vendors of the Year Awards Asia Recruitment Awards 2015 Asia Recruitment Awards 2016 Asia Recruitment Awards 2016 2015 Hong Kong Best Payroll Outsourcing Partner 2015 Hong Kong Best Recruitment Firm (Mid-Management Roles) 2016 Singapore & Hong Kong Best Payroll Outsourcing Partner 2016 Hong Kong Best Contract Staffing Solutions Agency Consumer & FMCG Recruitment Company of the Year 2015 Singapore Best Payroll Outsourcing Partner 2016 Hong Kong Best Recruitment Website: Candidate Experience Best Recruitment Innovation Best Recruitment Team, HR & Administration Best Career Website 06 2017 2018 2019 08 HR Vendors of the Year Awards Asia Recruitment Awards 2017 HR Vendors of the Year 2018 HK HR Vendors of the Year 2019 HK HR Vendors of the Year 2018 HK HR Vendors of the Year 2019 HK HR Vendors of the Year 2018 Singapore HR Vendors of the Year Awards 2017 Hong Kong Best Recruitment Firm, Human Resources Best Candidate Experience Best Recruitment Team, Sales & Marketing Best HR Outsourcing Service Provider Best Recruitment Firm Human Resource Best Permanent Roles Recruitment Agency Best Payroll Outsourcing Partner Gold Best Contract Staffing Solution Agency Gold Best Recruitment Firm Human Resources Gold Best Payroll Outsourcing Partner Best Permanent Roles Recruitment Agency Silver Best Recruitment Firm Mid-management Roles 2017 Singapore & Hong Kong Best Payroll Outsourcing Partner 2017 Hong Kong Best Permanent Roles Recruitment Agency W e are currently at the peak of economic uncertainty for the past 20 years according to the World Trade Uncertainty index. This aligns with the growing tensions between the US and China. In 2019, the World Trade Uncertainty index skyrocketed 10 folds above previously recorded highs, including that of the US housing bubble. A key challenge for CHROs will be to accurately anticipate and prepare for such times. With the future still unclear, business leaders and HR professionals will be pressured to reduce budgets and improve productivity. When pressure hits and business leaders find themselves responding in real time to budget cuts, itll be crucial for them to not lose sight of the bigger picture. Start hiring the right people for your company. Go to page 29 for more information about our services or call +852 3915 0265 to get directly connected with one of our representatives. THRIVING HR PRACTICES IN TIMES OF ECONOMIC UNCERTAINTY 10 WHO ARE THE WINNERS AND LOSERS REGIONALLY ACROSS ASIA PACIFIC? F or what some consider a “lose/ lose” battle between the two behemoth nations (US and China), others are seeing an opportunity. With the rising tensions between the US and China, many companies are taking precaution to prevent losses. Desperate to escape the punitive tariffs by the US, major multinationals from Apple to Nintendo and Dell have already shifted some of their production to other locations. While news of shifting production is certainly a concern for manufacturers in China, it brings to light a new opportunity. Suppliers from the rest of the world are suddenly given a leg up in the race, finding themselves in a more competitive position as a result of shifting productions and diverting imports in the US and China. “Where two are fighting, the third wins.” Gdzie dwch si bije, tam trzeci korzysta Polish Proverb Uncertainty surges after 20 years of stability In the past year, the World Trade Uncertainty index in the past year jumped 10-fold from previously recorded highs as the US-China trade war escalated. (WTU index, GDP weighted average) Some of the key dates in the US-China trade negotiations Source: World Uncertainty Index. Ahir, Bloom, Furceri (2018). The source for the data on key dates in the US-China trade negotiations comes from Brown and Kolb (2019). Note: The font in blue indicates the tariff measure taken, and the font in black indicates the narrative of the World Trade Uncertainty index. A higher number means higher trade uncertainty. 0 10 20 30 40 50 60 70 80 90 100 110 The US and China agree to resume trade talks Uncertainty related to US-China trade tensions Uncertainty related to US-China trade tensions Tariff increase on US$200 billion of imports from China is scheduled to go into effect on March 1. But a delay is announced on February 24. A tariff truce between the US and China is announced The US imposes Safegaurd Tariffs as well as steel and aluminium tarrifs. A series of tariffs by the US and China goes into effect. The US also ends tariff exemptions for EU, Canada, and Mexico. EU and Canada impose tariffs on the US. A series of tariffs by the US and China World Trade Uncertainty Index How the U. S. - China Trade War Escalated Cumulative tariffs between the U.S. and China in 2018/19 U.S. tariff action January 22/ March 8, 2018 April 2, 2018 July 6, 2018 August 23,2018 September 24,2018 May 10,2019 September 1/ October 1, 2019 $34b $50b $50b $200b $110b $110b $75b $250b $250b $300b $60b $50b $50b $34b Trump signs tariffs on imported solar panels/steel and aluminum for all nations, including China China puts additional 15/25 perent tariffs on $3 billion worth of U.S. goods Chinese tariff action Tariff rate 25% 25% 25% 25% 25% 10% 5-10% 5-10% 20-25% 20-25% 25% 30% 15% 25% 12 Vietnam is by far one of the biggest winners of the US- China trade war. A study of the worlds 50 biggest economies by Nomura predicts a 7.9% GDP increase for Vietnam as a result of trade diversion. Increasing their exports to the US by 40% in 2019 , Vietnam gained the most compared to other countries, in additional US import substitution. These are goods where the US had placed tariffs on China, such as electronic parts for phones, furniture, and data processing machines. Vietnam also benefited from additional imports from China through the shift in supply chain. This included boards, panels, uncombed single cotton yarn, cotton, and other electrical appliances which made up a smaller portion of their gains from import substitution. In the meantime, pressure from the trade war is giving both countries greater motivation to become more autonomous. With the One Belt One Road initiative in the works since 2013, pressure from the trade war has only boosted Chinas desire to further this effort in order to gain a competitive edge in world trade. Connecting itself with over 100 countries across Asia, Africa, Europe and Oceania through trade, the ambitious Belt and Road Initiative has gained more prominence in the current climate. V ietnam isnt the only one to beneficiary from the US-China trade war. Taiwan and South Korea which are traditionally big manufacturers of electronics have also benefited from diverted US imports. Meanwhile, Malaysia gained from Chinas import demands. Depending on your point of view, its tempting to think that the US-China trade war is beneficial for business. If anything, figures from Vietnam have shown a positive outlook on the disputes between the two giants. As things stand right now, some areas are benefitting from import diversion. However, this may only be a short term success as it relies heavily on the current bilateral state of trade affairs. In the uncertain nature of the current political economic environment, the biggest danger is if trade disputes continue to escalate, dragging with it other countries. CONTINUED TENSIONS AND THE LOOMING DANGERS OF AN UNCERTAIN GLOBAL ECONOMY With tensions rising between the two giants, the fear is that neighbouring countries will be pulled into the wreckage. Despite profits from trade diversion, both South Korea and Taiwan are suffering more from the lowered demand in China. Taiwan for example, saw a drop of 3.3% in GDP in the first quarter of 2019. Similarly in South Korea, there was a 0.4% decrease in GDP when comparing Q1 2019 to Q4 2018. Other locations that have US and China as one of their key trading partners are likely to suffer too as they are taken by the erratic waves of the global economy. Singapore is another country that is affected heavily, despite being 6th on the list of benefactors from trade diversion. Exposed to the vulnerabilities of global trade, Singapore experienced a steep fall in their non-oil exports in October 2019. Non-oil exports dropped a whopping 12.3% , even greater than the loss forecasted by analysts, marking the eighth consecutive month of decline in exports for the country. The silver lining for Singapore according to Jeffrey Halley, senior Asia analyst at Oanda, a foreign exchange firm, is that Singapore is positioned to recover much faster if tensions surrounding trade ceases. In light of everything thats happening, it would be unwise to overlook the dangers such an uncertain global economy poses in the long run. Even short-term beneficiaries such as Vietnam are bound to cave in to the pressures of the volatile economy if the tension continues to build globally. In this turbulent climate, the challenge for everyone is to recognise the urgency of the current situation as trade war between the two major players persists. With uncertainty being one of the biggest threats, businesses will need to prepare their organisation to not be exposed to the vulnerabilities of the global economy. Save for a rainy day. Equip your business with one of our HR outsourcing solutions. Go to page 29 for more information about our full line of services Global supply chain of electronic products Final demand destination Carrier of value-added Originator of value-added(large) Originator of value-added(small) 14 WHAT IS THE BEST HR RESPONSE DURING UNCERTAIN ECONOMIC TIMES? 80% of HR leaders fail to consider the big picture behind temporary cost optimization efforts. Cost cutting while keeping long term goals in sight R esearch by Gartner shows that 92% of HR leaders are now prioritising budgeting and cost optimisation initiatives in light of the uncertain economic environment. However, only 20% are considering how such initiatives contribute to the organisations overall efforts. This is a concerning statistic. As it means 80% of HR leaders are merely responding and fail to see the impact of HR on a wider scale. What does every good strategic cost optimisation initiative have in common? They address short term needs while accounting for long term organisational growth. Good cost optimisation efforts will fall under at least one of these categories: The beauty of an uncertain economy is that despite the looming dangers, businesses may still be thrive. This is all the more reason why business leaders need to strategically approach their cost saving efforts. Otherwise, they run the risk of jeopardising the quality of delivery and reputation, potentially harming the overall growth of the organisation. Re-examination and prioritisation of current services across functions Reallocation of current resources Implementation of dedicated activities to drive immediate cost saving Build infrastructures that allow for cost saving in the long run (AI & automation technology, outsourcing) 1 Honest and open communications to boost loyalty and retention when cost cutting Protect your long term employer brand when cutting costs Where the economy falls short in providing a sense of security, it is up to organisations to reassure their workforce and also ensure they attract the best talent to survive in a tougher market