Employers from mainland China are still far more generous than their global peers in terms of compensation, a study by Hays Plc found out, according to a report by China Daily.
The study was released by specialist recruiting group Hays Plc on Tuesday, Jan. 12.
Out of 1,200 employers in mainland China, 44 percent are likely to offer salary hikes ranging between 6 and 10 percent this year, according to the Salary Guide. Meanwhile, 29 percent of mainland employers intend to give 3 to 6 percent hikes. As for mainland employers willing to give a salary increase of beyond 10 percent, 16 percent of the respondents responded to the call.
All of this is in stark contrast with the situation in Japan, Singapore and Malaysia, where employers are only willing to offer salary hikes within the 3 to 6 percent range.
Despite the promising outlook, the reality is most Chinese mainland employers have reduced their budgets for compensation this 2016.
"We still see some tension this year between employers taking a cautious approach to salaries to help navigate economic conditions in the region more generally and candidates hungry for advancement," said Christine Wring, managing director of Hays in Asia, in an interview with China Daily.
Employees in China's service sector are highly likely to get a raise, particularly those who play "know your client" and "anti-money laundering roles," according to Simon Lance, a managing director of Hays.
"Professionals in these two roles who are probably seeing salary increases in the next 12 months are not necessarily those in senior or executive positions. The central government is tightening its regulations, especially regarding due diligence," said Lance.
Internal controllers, legal professionals, IT experts, and those employed in the accountancy and finance sector can also expect a hike in compensation. According to Edmond Pang, business director of Hays China, IT professionals saw a 15 to 20-percent increase last year.