HONG KONG, CHINA--(Marketwired - Nov 17, 2017) -
Aon, a leading global professional services firm providing a broad range of risk, retirement, and health solutions, has shared the latest trends in compensation and total rewards at its Aon & Radford Annual Rewards Conference 2017 Hong Kong.
A stable economy in 2017 coupled with small improvements to the business landscape in Hong Kong has translated to optimism when it comes to salary increases in the market. The workforce will see a modest growth of 4.1% in their salaries in 2018, one point higher than the actual average in this year, according to the Aon 2017 Total Compensation Measurement (TCM) Study Hong Kong.
Key insights from the Aon 2017 TCM Study Hong Kong are:
Tzeitel Fernandes, Managing Director of Aon Hewitt Hong Kong, says: "While organisations may often perceive unmet pay expectations as the reason for employee turnover, employees are considering all aspects of their jobs and rewards as a whole when choosing to stay in an organisation or accepting a new offer of employment. As Hong Kong prepares for stronger business performance in 2018, organisations must be more creative and innovative than ever in their compensation practices in order to retain their best. Monetary incentives in isolation are not adequate enough. What differentiates progressive organisations is their use of non-monetary incentives including providing opportunities for career advancement, supporting learning and development, and timely and public recognition for a job well done, that enables them to motivate and retain their talent."
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