New Frazer Jones data reveals salaries, HR trends and industry shifts, enabling leaders to make 'critical decisions'
This article was produced in partnership with The SR Group
The SR Group is a global recruitment company comprising four specialist search and recruitment consultancies, Brewer Morris, Carter Murray, Frazer Jones and Taylor Root.
With 14 international offices, our teams cover specialisms including tax, treasury, senior finance, legal, risk and compliance, marketing, sales and human resources in every corner of the world.
Frazer Jones has published its latest report on the HR market and salary trends across Asia, highlighting significant and fundamental changes across the function.
The report provides a comprehensive overview of HR insights and salary data across key industries. It also provides narrative on market conditions in other regions such as the UK, Europe, Middle East, Australia, and the US. The report is relevant for HR professionals, business leaders, and job seekers.
According to the 2023 report, the geopolitical landscape in Asia is impacting HR practices, which due continued uncertainty, drives agility. It is clear, HR is gaining increasing visibility within businesses, acquiring a more prominent role.
The report highlights that many HR professionals (64%) are contemplating changing roles, while 28% are considering relocation. Additionally, an overwhelming majority of organizations (89%) express concerns about employee retention.
Sean Tong, Partner and Head of Asia at Frazer Jones, acknowledges that while certain sectors are experiencing a short-term slowdown, others are still in a growth phase. This has resulted in a mixed hiring outlook across Asia, although the demand for HR professionals remains high.
Regarding salary trends, the report indicates that the most significant shifts occurred during the pandemic, and since then, salaries have remained relatively stable. However, Tong suggests that "high growth" markets such as Thailand, Indonesia, Vietnam, and the Philippines may witness further increases of 20-30%, while Singapore and Hong Kong are expected to see salary growth limited to 10-20%.
While there are similarities in HR trends between North Asia and Southeast Asia, the report emphasizes significant differences that reflect the unique challenges and opportunities in each region. Talent shortage has been a common struggle in both regions and stringent labor laws and an aging workforce have also posed challenges, especially in North Asian markets.
The report highlights that the talent shortage can either be a substantial opportunity or a significant challenge for businesses. Thus, HR leaders should prioritize creating an excellent employee experience and offering competitive benefits packages.
With its comprehensive salary data covering the financial services, fintech, commerce, and industrial sectors, the Asia HR market report and salary guide aims to assist leaders in making crucial business decisions while remaining competitive. The report provides insights into HR role salaries at different levels, enabling organizations to review and adjust their own salary structures.
Tong emphasizes that the 64% of HR professionals considering job changes is a concerning trend that should prompt leaders to focus on talent development and retention.
Leaders need to prioritize talent management and performance discussions and avoid neglecting the HR function, Tong emphasizes. By benchmarking benefits within their industry and region, leaders can also explore cost-saving measures by examining salaries across other regions.
"We have devoted considerable effort to compiling accurate and current market data for this report," Tong concludes. "We hope that this report empowers business leaders to make critical decisions, assess their organizations' current state, and determine where they should invest for the future."
To read the full Asia HR market report and salary guide, click here.
