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Salary levels for management roles continue to be higher in China, Hong Kong and Singapore than Japan
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“Money” as the key motivator for workers seeking a new job increased by 12%
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53% of respondents are not satisfied with their current salary
The 2017 Hays Asia Salary Guide, released today, reveals that salary increases in Japan continue to lag behind in Asia. Continuing on from last year’s trend, it also reveals that for roles demanding experience and skills, salary ranges are much higher in China, Hong Kong and Singapore.
Unit: 1 million yen; compared by maximum salary; based on currency rates as of 8th Jan 2017; 1CNY=16.9, 1HKD=15.09, 1MYR=26.15,1SPD=81.27; salaries do not include bonuses for R&D Director (Life Sciences). Other roles are representative of the total package value
Unit: 1 million yen; compared by maximum salary; based on currency rates as of 8th Jan 2017; 1CNY=16.9, 1HKD=15.09, 1MYR=26.15, 1SPD=81.27; salaries do not include bonuses for CFO; other roles are representative of the total package value
The Guide highlights salary and recruiting trends drawn from more than 3,000 employers across Japan, China, Hong Kong, Malaysia and Singapore representing six million employees as well as the salary ranges from more than 1,200 roles.
“We found in our survey that in Japan, top reasons for candidates to move to a new employer is to seek new challenges (50%), closely followed by salary (49%),” says Marc Burrage, Managing Director of Hays in Japan. “Money as a key motivator is a significant increase, up 12% from last year, when only 37% said salary was the reason for looking for a new job.
“We also learned that over half of the employees surveyed are not satisfied with their current compensation package. “
“Skills shortage exists especially in cutting-edge technology fields such as AI and IOT where global competition for talent is becoming increasingly intense. Japan is at risk of losing these high skilled talent as workers’ appetite for being rewarded more for their efforts increase. The high percentage of those dissatisfied with their salary is also alarming because it has the potential of resulting the lack of engagement and risks increased turnover,” said Marc.
“In the 4th Industrial Revolution, Japan will lose in the global race for talent if employers continue to depend on the government for further action. As in any race, speed is the key and businesses should now take the lead on key initiatives such as equal pay for equal work and quickly align salaries with the global standard to maintain competitiveness
Get your copy of the of the 2017 Hays Asia Salary Guide by visiting www.hays.co.jp.
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.