Hays issued the Asian Pay Guide for 2023. Despite continued disruption, global and Asia experienced unexpected strong backlash in 2021 due to the faster pace of business and individual adaptation than expected. The economy continues to thrive and the job market has re-energized. Attention has begun to be paid to flexibility and happiness, with the courage to reassess the balance between work and personal life. However, skill shortages observed in some industries may hamper this rapid recovery growth.

In 2022, growing confidence and optimism will motivate employers to invest more and expand the workforce. More than half of employers plan to increase the number of fixed employees this year, as commercial activity levels are expected to increase. This is not only driven by high-growth industries such as science, technology and life sciences, but also by the revival of the industries that have suffered from heavy industries such as manufacturing and services.

Nevertheless, 40 per cent of businesses still lack confidence in the ability to recruit the required skilled personnel. In the past two years, the shortage of talent has become one of the greatest challenges facing business and will continue to be tested in the coming months as a result of the accelerated transition to automation and digitization of enterprises, reduced mobility of talent and the increasing number of skilled professionals choosing to hold their careers. It is heartening to note that the employer is reviewing the remuneration in order to increase the attractiveness and retention of employees. Eighty per cent of employers are expected to increase their remuneration within the next 12 months.

Even so, there is an increasing gap between the employee’s expected remuneration and the remuneration to be provided by the employer. This may be one of the underlying factors for this year’s low level of job satisfaction. As 81 per cent of workers are open to new jobs, closing the pay gap is critical for successful enterprise recruitment. In addition, it is essential for sustained business growth.

While there are many ways to bridge this gap, we suggest that employers learn from their workers. The survey found that workers agreed that, in addition to remuneration, benefits such as health insurance, work-life balance, career development and flexible job choices were the greatest reasons for their stay in the current job. For employers wishing to break out in competitive recruitment markets, adjustment strategies to meet these priorities are essential, while the establishment of a healthy workforce is essential to meet the challenges of the future.

For staff, upgrading skills will become more necessary in the coming years. We have seen an increasing number of skilled professionals taking the initiative to upgrade their skills in preparation for career progression or a full shift to a different field. As employers increasingly apply skills-based recruitment methods rather than assessing candidates on the basis of qualifications or positions, investment skills development will be critical for job seekers.