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Health insurance amongst top priorities for job seekers in SG, HK

76% of tech hiring managers in Singapore and Hong Kong found recruitment highly competitive in 2023. 

Tech hiring managers revealed that health insurance is placed as the fourth priority for Singapore and Hong Kong job seekers, according to Morgan McKinley's 2024 Salary Guide.

Morgan McKinley's 2024 Salary Guide reveals that 76% of tech hiring managers in Singapore and Hong Kong found recruitment highly competitive in 2023. 

Key challenges for 2024 include a shortage of skilled candidates (25%), pay and benefits competition (22%), and a lack of new headcount approval (19%).

Despite challenges, 50% of tech hiring managers plan to increase headcount in H1 2024. 

For Singaporeans, 46% of tech workers seek new roles, prioritising higher salary (40%), career growth (14%), and remote work options (13%).

Flexibility is crucial, with work from home and flexible hours ranking first and third in valued benefits. Notably, 71% of tech professionals consider 'work from home' a top benefit. 42% prefer office presence 1-2 days a week, and 53% would sacrifice a pay raise for flexibility.

Similarly, 46% of Hong Kong tech workers seek new roles, with flexibility ranking high: work from home (first), bonus (second), flexible working hours (third), health insurance (fourth), and pension (fifth).

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Notably, 71% of Hong Kong tech professionals consider 'work from home' a top benefit. 42% prefer office presence 1-2 days a week, and 53% would sacrifice a pay raise for flexibility. Employers anticipate salary increases for hard-to-fill tech roles (69%), with 20% planning raises for all tech teams.

Employers anticipate salary increases for hard-to-fill tech roles (69%), with 20% planning raises for all tech teams. 

Gurj Sandhu, Managing Director of Morgan McKinley Singapore, notes a positive outlook for 2024 despite past challenges, emphasising the need for businesses to understand employees' goals for engagement.

Rob Sheffield, Managing Director of Morgan McKinley Hong Kong & China, notes consistent high demand for tech professionals in Hong Kong. Despite a slower pace in 2023, he anticipates turnover in junior-level tech hires for 2024. 

increased demand for experienced contractors and outcome-based consulting is driven by the need to support critical programs and time-sensitive roles.

The research involved 650 businesses and 3,400 professionals to understand hiring intentions, job motivators, and salary expectations for 2024.

 

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