table of contentsIntroductionAbout Hudsonin search of opportunity: employers and employees are lookingfor greater value reducing the risk of candidate withdrawal why are candidates withdrawing? what can we learn from this? 1. streamlining the recruitment process 2. improving communication with candidates 3. being open and honest about salary and other benefitsconclusionSmarket trends & salary tables Accounting & Finance advertising & communications banking & financial services human resources it&t manufacturing & industrial sales & marketingresearch methodologyhudsons thought leadership program134567791113151923303336394344
hong kong | salary & employment insights 2013 1Welcome to the Hudson Hong Kong Salary & Employment Insights for 2013.This year we canvassed 707 employers and employees in Hong Kong1aboutone of the most pressing issues in this talent-short market — the tendency ofcandidates to withdraw from the recruitment process, even after they havesigned a contract.Hudson believes there is much employers can do during the hiring process toaddress this issue and secure the best talent for their organisation.Hong Kong’s economy showed modest growth of around 1.5% overall for 2012.2That figure is expectedto increase to 2.4% for 2013.3Unemployment continues on a downward trend: seasonally adjusted figureswere 5.3% in 2009, 4.3% in 2010, 3.4% in 2011 and 3.2% in 20124. The nation’s employers are largelyoptimistic — more than a third (37.0%) of organisations expect to increase permanent staff numbers inQ1 2013.5The cost of living is famously high in Hong Kong6so money will always be a critical factor in deciding whetheror not to accept a new role. While employees are still motivated by salary, clients tell us that hiring costs areunder scrutiny, and big salary increases or sign-on bonuses are not on the cards right now. So how can theyattract and retain high-calibre people who may be cautious about switching jobs? The answer is that whencompanies are offering broadly similar remuneration packages, candidates look at other factors that addvalue to an offer.It may be easier to entice people with big salaries, but do dollars buy commitment or loyalty? Today,employers need to work harder to generate interest in the role and company, rather than rely on salary alone.Their recruitment processes must evolve to take account of this new environment.introduction1 Figures quoted are sourced from the following professions: Accounting & Finance; Advertising & Communications; Automotive; Banking & Financial Services; Chemical & Energy; Healthcare & Life Sciences; Human Resources; IT&T; Legal; Manufacturing & Industrial; Property & Construction; Sales & Marketing; and Supply Chain & Procurement.2 Economic Outlook 2013: Steady but Slow Recovery 2012, Hang Seng Bank Limited, <https://www.hangseng.com/cms/tpr/eng/analyses/PDF/hkem_e.pdf>.3 The World in Figures: Hong Kong 2012, The Economist, <http://www.economist.com/news/21566455-hong-kong?zid=306&ah=1b164dbd43b0cb27ba0d4 c3b12a5e227>.4 Economic and Trade Information on Hong Kong 2012, HKTDC, <http://www.hktdc.com/info/mi/etihk/en/>.5 The Hudson Report: Employment Trends, Q1 2013, Hudson, <http://hudson.hk/hudson-report/2013-Q1/HongKong>.6 Worldwide Cost of Living Survey 2012 — city ranking 2012, Mercer, <http://www.mercer.com/press-releases/cost-of-living-rankings>.
2 hong kong | salary & employment insights 2013It’s also vital employers ensure their approach is timely, engaging and demonstrates to candidates that theiroffer merits acceptance and commitment.With this in mind, our salary guide includes key points to take into account when formulating salarypackages. It also includes Hudson’s recommendations on how to maximise the efficiency of the recruitmentprocess, improve candidate engagement and help ensure a higher number of preferred candidates are hired.We would like to thank everyone who took part in this year’s research. We value your time and contribution.Whether you participated or not, we hope you will find our Salary & Employment Insights useful whenformulating remuneration packages for 2013.Tony PownallGeneral Manager, Hong Kong
hong kong | salary & employment insights 2013 3Working with many top globalcompanies on a regional basis, andwith deep local market expertise, weoperate across many industries andsectors including Accounting & Finance,Advertising & Communications, Banking& Financial Services, Human Resources,IT&T, Manufacturing & Industrial andSales & Marketing.More information is available athudson.hka pool of top talent. All our consultantshave industry relevant qualificationsand experience, bringing a closerunderstanding of the qualities neededto succeed. In addition, our range ofproprietary tools, specialist talentmanagement and recruitment expertiseenables us to match professionals withthe right role based upon experience,abilities and cultural fit, to ensure you arealways building a team geared towardhigh performance.As an award-winning talent solutionscompany, Hudson consistently deliversthe highest levels of customersatisfaction and is accredited with theISO 9001:2008 certification. We prideourselves on connecting clients withseasoned professionals in a diverserange of industries.Hudson (NASDAQ: HSON) is a leadingglobal provider of highly specialisedprofessional recruitment, recruitmentprocess outsourcing (RPO) and talentmanagement solutions, employing morethan 2,000 staff around the world, with78 offices in more than 20 countries.Our offices operate throughout AsiaPacific, North America and Europe. InAsia Pacific, we have offices in HongKong, China, Singapore, Australia andNew Zealand.Hudson’s team of dedicated specialistconsultants are trained to accuratelyassess your organisations needs andhelp you discover exactly what yourequire for current and future growth.Drawing on personal and online networks,our consultants actively engage withabout hudson
4 hong kong | salary & employment insights 2013People work hard here: the average HongKong employee works 2,287 hours eachyear (compared with the British averageof 1,625 hours11). Most professionalsenjoy a relatively high degree of jobsecurity compared to other developedmarkets. Although the cost of living ishigh (a new flat in Hong Kong generallycosts 12 times as much as the mediansalary of a typical buyer12), lowunemployment and a shallow local talentpool mean skilled professionals haveplenty of opportunities for advancement.Nevertheless, the days of big salaryincreases are behind us for now. MostHong Kong employers expect to award payincreases in the region of 3–7% for 2013.Despite the expectation of restraint incompensation increases, companies arelooking for new skills when hiring. Nearlytwo-thirds (63.2%) of Hong Kongbusinesses say the tough economicenvironment has had an impact on theskills considered to make highperformers.13Flexibility in embracingAfter months of uncertainty, particularlyin the euro zone and U.S., the globaleconomy is still looking fragile. The eurozone remains in crisis and GDP growthhas slowed in major economies includingthose of Japan and India.7Although Hong Kong’s economy hasbeen affected by global uncertainty, itsprospects are a little brighter. Supportedpartly by high consumer demand from thegrowing Chinese middle class, growth isexpected to pick up pace in 20138,although slowing mainland demand andweak markets in the West mean it will fallfar short of recent highs.9Research from the Hong Kong TradeDevelopment Council shows the regionis seen as the leading CBD in Asia andis the ‘gateway to the Asian market.’10Companies keen to develop businesschannels into Asia continue to establishoperations in Hong Kong — and arelooking for local talent to help themmaximise opportunities.In search of opportunity:Employers and employees arelooking for greater value7 India and Japan — New Global GDP Drag 2012, 24/7 Wall St., <http://247wallst.com/2012/11/12/india-and-japan-new-global-gdp-drag/>.8, 9 Asias great moderation 2012, The Economist, <http://www.economist.com/news/finance-and-economics/21565978-some-worlds-stablest-economies-are-asian-time-worry-asias-great>.10 Hong Kong as Asia’s Central Business District (Executive Summary) 2012, HKTDC, <http://economists-pick-research.hktdc.com/business-news/article/Research-Articles/Hong-Kong-as-Asia-s- Central-Business-District-Executive-Summary/rp/en/1/1X000000/1X09QIF3.htm>.11 India will become worlds biggest economy in less than 40 years 2012, The Telegraph, <http://www.telegraph.co.uk/finance/economics/9540444/India-will-become-worlds-biggest-economy-in- less-than-40-years.html>.12 Mid-levels they ain’t 2012, The Economist, <http://www.economist.com/node/21553462>.13 The Hudson Report: Employment Trends, Q3 2012, Hudson, <http://hudson.hk/KnowledgeCentre/TheHudsonReport/Introduction.aspx?report=2012-Q3>.Note: Figures do not add up to 100% as respondents could select all that apply.AT WHAT POINT IN THE RECRUITMENT PROCESS ARE CANDIDATESWITHDRAWING THEIR APPLICATION?% of respondents0 60503020 4010First/second interviewAfter contract is signedShortly after thecandidate commences workwith your organisationAfter an offer is madeBetween applicationand ﬁrst interviewFinal interviewFig 1
hong kong | salary & employment insights 2013 5Reducing the risk ofcandidate withdrawalTalent shortages in Hong Kong putemployers at greater risk of candidatewithdrawal during the recruitmentprocess. Some candidates renege evenafter having completed the entirerecruitment process: more than two infive (44.2%) employees believe thatwithdrawing after signing a contractis acceptable if a better salary oropportunity is offered elsewhere.Hudson’s research shows:|| More than half (53.9%) of HongKong’s employers have experienceda candidate withdrawing after an offerhas been made (Fig 1).|| Over two-thirds (67.9%) of employerssay they now expect candidates topull out at some stage during therecruitment process (Fig 2). Nearly16% say that the incidence ofwithdrawal is increasing.|| Close to a third (30.6%) reported thatthese withdrawals took place betweenapplication and first interview. Thismay be expected as many candidatesare considering multiple opportunitiesat this stage.Losing a good candidate duringthe recruitment process is costly.The opportunity cost during the timethe position is open, a loss ofproductivity, and even frustration, cannegatively impact business resultsand team morale.additional job responsibilities (74.0%);openness to change (66.0%); andresilience to stress/not being deterredby setbacks (48.7%) are now the threemost important attributes companies areseeking. The challenge, particularlywhen companies need and expect morefrom their people but budgets are tight,is to find, engage and recruit people withthose qualities.Compounding this challenge is the factthat the most sought-after candidateshave many opportunities to choosefrom. In addition to the continuingexpectations for salary increases,candidates place even more weight thanbefore on career development, trainingand secondment opportunities, healthbenefits and bonuses.Local market intelligence tells us thattoday’s jobseekers are looking for a moreholistic approach to remuneration. Theywant a role that combines the means topay the mortgage with the opportunityto work for an employer who is preparedto invest time and effort in that employee,who will share the business vision andgoals and who will offer professional andpersonal development opportunities. Theexchange between employer andemployee is becoming less transactionaland has more of a focus on earned loyaltyand mutual respect.more than two in five (44.2%) employees believe thatwithdrawing after signing a contract is acceptable ifa better salary or opportunity is offered elsewhere.DO YOU EXPECT THATCANDIDATES WILL WITHDRAWTHEIR APPLICATION DURINGTHE RECRUITMENT PROCESS?YesNo67.9%32.1%Fig 2
6 hong kong | salary & employment insights 2013|| This figure has a direct correlation withthe proportion withdrawing their jobapplication: the majority of professionals(73.7%) who did not feel the processwas informative withdrew theirapplication from the recruitment process.|| Of candidates who pulled out beforean offer had been made, 40.8% saidthe company culture was not a goodfit. Of those that withdrew after offer,29.9% said the company culture wasnot a good fit.These findings demonstrate theimportance of employers asking the rightquestions at interview. They should alsoinvite the candidate to meet theirpotential teammates and get a feel forthe work environment. This will help themvisualise what it would be like working inthe role and help build a psychological‘contract’ with them.Why are candidateswithdrawing?The shortage of skilled professionals inHong Kong has swung the balance ofpower in candidates’ favour. The mosttalented people are consistently indemand and generally have multipleopportunities with different employersopen to them.When candidates are so highly soughtafter, companies need to do more toattract and engage them. To try andunderstand why so many organisationsdid not succeed in recruiting theirpreferred candidate, we asked peoplewho had pulled out of hiring processeswhat had influenced their decision.Some companies even feel obliged tointerview extra candidates in orderto mitigate these risks.Candidates rarely know enough about theculture at their potential new workplace.Our research highlights the disconnectbetween employers and employees:|| More than two-thirds of professionals(69.5%) said the recruitment processwas ‘average’ in terms of helpingthem learn about their potential newemployer. Less than a quarter ofpeople believed the process to behighly informative.over two-thirds (67.9%) of employers say they nowexpect candidates to pull out at some stage during therecruitment process.Note: Figures do not add up to 100% as respondents could select three options.WHAT REASONS WOULD INFLUENCE YOU TO PULL OUT OF THEHIRING PROCESS BEFORE AN OFFER IS MADE?% of respondents0 50453530 40252010 155Company culture isnot a right ﬁt for meOffered a better opportunityat another companySalary expectationsare not metLack of careerdevelopment opportunitiesPotential employer unableto articulate their businessmodel and plan effectivelyLength of the hiring processOffered a bigger salary atanother companyFirst interview withemployer didnt go wellBeneﬁts provided arenot adequateThey did not take thetime to get to know meOnly using the process to gainan increase in salary at currentcompany or see what I am worthFig 3
hong kong | salary & employment insights 2013 7need to have a clear understandingof how the role would benefit themincluding remuneration, longer-termcareer development opportunities anda positive company culture.3. Being open and honest about salaryand other benefits.1. Streamlining therecruitment processProtracted hiring processes do not serveorganisations or job seekers. The longerthe recruitment process, the more likelygood candidates are to think theemployer organisation is not committed tothem, become disengaged and exploreother opportunities. This is a particularWhat can we learn from this?Closer analysis of these answerssuggests employers could do more toreduce the risk of candidate withdrawals.Employers should focus on:1. Streamlining and shortening thehiring process.2. Improving communication withcandidates to motivate and engagethem at an early stage: companiesneed to start building a relationshipwith candidates early on in therecruitment process. This meansgiving sufficient detail about a rolefor candidates to be able to picturethemselves doing the job. They alsoThe top three reasons for pulling outbefore an offer was made:|| 46.7% said their salary expectationswere not met|| 41.1% said they had been offered abetter opportunity at another company|| 40.8% said the company culture wasnot a good fit (Fig 3)The top three reasons for pulling outafter an offer was made:|| 62.3% said their salary expectationswere not met|| 52.0% said they had been offered abetter opportunity at another company|| 31.5% said they had been offered abigger salary at another company (Fig 4)Fig 4The top five factors employers believeto be the cause of candidateswithdrawing applications:1. Offer of a better opportunity atanother company (61.4%)2. Offer of a bigger salary at anothercompany (49.2%)3. Salary expectations not met (40.4%)4. Overly-long hiring process (19.4%)5. Poor cultural fit (12.7%)
8 hong kong | salary & employment insights 2013Reducing the length of time it takes tofind the right professional for a role maysound challenging, but better planningcan usually help expedite the process.Recommendations|| Produce an accurate and up-to-datedescription of the role at the outsetIt is crucial to provide a detailed jobdescription covering the role, professionalrequirements (technical skills, expertiseand so on), responsibilities, key challenges,reporting channels and location. Providingyour recruitment consultant with a properbrief on the role means they will be betterable to produce a shortlist of suitablepeople and there will be less time investedin unsuitable candidates.|| Commit to timelinesDefining the start and finish dates forfilling a role can make the whole processmore efficient. The schedule shouldinclude time allocated to consideringshortlists, interviews and decidingwhether or not to move ahead with aparticular candidate.Factors such as senior executives’ travelschedules should be taken into accountduring the planning process. Once dateshave been scheduled for interviewing, thepotential interviewers should considerthem a priority.Where possible, book interviews twoweeks ahead based on your sourcingprocess. You should work closely withyour recruiter to anticipate when you willreceive the shortlist of candidates tobe interviewed.After interviews have been confirmed it ispoor practice to postpone or cancel them,particularly at short notice. Thisinconveniences the candidate, createsa negative impression and reduces anorganisation’s opportunity to fill a rolewithin the desired time frame.Such a schedule helps manage candidateexpectations and ensures they too haveclarity around and confidence in therecruitment process.problem for multinational companies,where extended or multiple layersof recruitment process and sign-off arefrequently the norm.A majority of employer surveyrespondents (69.4%) said the averagelength of their recruitment process —from briefing a recruiter about a role to acandidate signing a contract — was sixweeks or more (Fig 5). Given that mostprofessionals must provide their currentemployer with four weeks’ notice, thismeans that most organisations wait atleast 10 weeks before a candidate startsin their new role.Fig 5almost a quarter (24.0%) of professionals attended four ormore interviews for the last role they were offered.
hong kong | salary & employment insights 2013 9|| Consider getting sign-off on salarybefore the offer stageParticularly strong candidates may betempted by other opportunities if they areleft waiting while their potential newemployer signs off the hiring budget.Reduce the risk of this happening bygetting sign-off on salary early in therecruitment process.2. Improving communicationwith candidatesHudson’s research shows most employerscould do a better job of communicatingwith prospective employees: more thantwo-thirds of professionals (69.5%) saidthe recruitment process was ‘average’ inhelping them learn about their potentialnew employer (Fig 6). Less than a quarterof people believed the process to be highlyinformative. The majority of professionals(73.7%) who did not feel the process wasinformative withdrew their application fromthe recruitment process (Fig 7).|| Review shortlists promptlyProgressing to the next stage should bea priority once a shortlist has beendeveloped. Too often hiring managersdelay making decisions about whetheror not to interview shortlisted candidates.This can be a result of working withseveral recruiters but it also happensbecause making a decision simply seemsnot to be the biggest priority that day.Investing the time in reviewing shortlistspromptly is essential if delays to the entireprocess are to be avoided.|| Agree who will meet the candidatesand in which orderAsk these questions upfront and work itinto the process. Does your boss have tomeet the candidates? Who else needsto meet them? And at what stage of theinterview process?24.6%69.5%5.9%HOW INFORMATIVE WASTHE RECRUITMENT PROCESS INHELPING YOU LEARN ABOUTYOUR POTENTIAL NEW EMPLOYER?Not informativeAverageHighly informativeFig 6IF NOT INFORMATIVE, DIDTHE LACK OF KNOWLEDGE OF YOURPOTENTIAL NEW EMPLOYER IMPACTYOUR DECISION TO CONTINUE WITHTHE RECRUITMENT PROCESS?Yes, it impacted my decision and I did notcontinue with the recruitment processNo, it did not impact my decision tocontinue with the recruitment process73.7%26.3%Fig 758.9% of candidates experienced extended periods wherethey did not hear from their potential employer.
10 hong kong | salary & employment insights 2013developing the psychological contract orloyalty that will help prevent the candidatefrom withdrawing later in the process.For example, companies should makesure that when candidates are invitedfor interview, they know what to expectduring the meeting, who will berepresenting the organisation and what,if anything, the candidate should bring.At interviews, company representativesshould be able to describe the role indetail, highlighting the upsides of the jobas well as specific challenges. The aimhere is to give candidates sufficientinformation to enable them to picturethemselves in the role — without thisemotional buy-in there is less likely to beany real commitment to the role. It’s alsoimportant to offer candidates theopportunity to speak to peer employeesat an appropriate time in the process.It’s vital to prompt for concerns and askquestions at every stage. Quality ofquestioning is key to securing the bestcandidates. Your ability to draw outconcerns that may not be obvious helpsstrengthen that connection orpsychological contract. For example,what’s your biggest fear? What hasn’tbeen answered? Could you see yourselfworking here? Did you get enough of anidea of the business and the team youwould be working with?Recruitment consultants should be ableto talk knowledgeably about their client’sworkplace culture and plans for growth.It is the recruiter’s role to keep close tothe candidate throughout the processand help keep them motivated about theirpotential new role and the developmentand career opportunities it could bring.However, even the most skilled recruiterscan only support and reinforce keymessages from an organisation. It reallyis a courting process and the hiringmanager needs to build his or her ownrelationship with the candidate.Candidates won’t feel as inclined tonegotiate hard at the offer stage if theybuy into the environment and engage withthe hiring manager. It becomes less of adollar and cents transaction and moreof an emotional decision.Given the high numbers of people whowithdraw from a role after signing acontract, it’s vital to keep in touch withthe candidate right up until they start theirnew job. Checking in to see how thecandidate feels about their new role aftera week or two is a good idea too.Recommendations|| Communicate with candidatesthroughout the recruitment processCommunicating effectively withcandidates reduces the number ofwithdrawals and can also addconsiderable value throughout the hiringprocess by engaging candidates withthe opportunity being offered.In Hong Kong’s tight talent market,employers should remember that they,as much as candidates, need to sellthemselves. This means taking everyopportunity to actively promote thebenefits of working for a particularcompany, demonstrating the qualityand integrity of the employer brand,promoting an organisation’s employeevalue proposition and encouragingpotential employees to engage with thecompany from the earliest stages in therelationship. This is an essential part of
hong kong | salary & employment insights 2013 11|| Develop a compelling web presenceMost candidates will look online to findout more about any organisation they arethinking of joining. A persuasive corporatewebsite is a must for organisationswanting to attract the best talent in themarket. It should include a strong careerssection with engaging video content thatcreates a ‘window’ on the company andencourages job seekers to find out more.This could include clips of the CEO anddivisional managers in action, and providecultural insights from employeesspeaking openly.Wherever possible, interestedprofessionals should be encouragedto interact with the company and giventhe opportunity to contact currentemployees who can answer questionsin person or online.15Candidate respondents topthree criteria when looking fora new role:1. Better career opportunities(22.1%)2. A role I am more interested in(20.6%)3. More pay (16.8%)3. Being open and honest aboutsalary and other benefitsUnmet salary expectations are the majorcause of candidates pulling out of thehiring process: 46.7% of those whowithdrew before and 62.3% of those whowithdrew after an offer had been madecited this as the reason for their decision.Recommendations|| Manage expectationsUnderstanding potential employees’expectations about remuneration isessential. Greater clarity around salariesfor roles and the scope (or lack of it) fornegotiation can reduce the amount oftime invested by both parties where apositive outcome is unlikely. If candidatesare aware of the salary range for the rolethroughout the process they are lesslikely to be disappointed at a later stage.Be wary of interviewing candidateswhose remuneration expectations greatlyexceed the employer’s budget.|| Talk about salary expectationspromptlyDiscussions about salary are often lefttoo late. Companies need to be clearabout candidate expectations early inthe process. This way they can evaluatetheir return on investment in a particularindividual. If a particular candidate hasexpectations that greatly exceed thebudget, it’s better to know sooner ratherthan later and avoid wasting time onboth sides.|| Emphasise company culturePromoting company culture is important.Candidates are withdrawing from theprocess because they have not connectedwith the culture, rather than agreeing withit. Some 40.8% of professionals in HongKong cited poor cultural fit as one of thetop three reasons for pulling out of a rolebefore an offer was made; 29.9% gavethe same reason for pulling out after anoffer had been made.Achieving a good cultural fit is clearlyimportant to candidates — and is vital forcompanies too: Hudson research shows91% of hires are rated as ‘excellent’ or‘good’ when formal procedures are usedto measure motivation and cultural fit.1414, 15 Next Generation Recruitment: Battle Strategies for the Talent War, Hudson 20:20 Series, August 2011.
12 hong kong | salary & employment insights 2013|| Offer a competitive salary packageCompanies should be sure that the salarythey are offering is competitive — andreflects the value of that role to theirorganisation. It is often worth investinga little more to attract and retain superiortalent — particularly in skills-short areaslike IT. Expert recruitment firms canrecommend competitive market salaries.Hudson recommends that when makingan offer to a candidate it should be asattractive as possible and promote otherbenefits that are part of the package.These might include job rotation orsecondments, overseas assignments orhealthcare benefits.Making a low offer is counter-productive;it is unlikely to secure the services of thedesired professional, is very likely toreduce their interest in the role and maylead them to doubt the commitment oftheir potential employer.Don’t assume you can talk a candidateinto accepting a lower salary. Be upfront ifthere is a gap in their salary expectationsand the salary on offer. There’s no need tobe specific at this stage but it’s wise toacknowledge the discrepancy.If a candidate applies for a job with asalary below their expectations, be sureto scrutinise their motivation for doing so.|| Get budget sign-off in good timeA strong candidate is unlikely to waitaround for long while a company signs offthe hiring budget. So this should alreadybe in place by the time the company andcandidate have established they areinterested in each other and are startingto discuss salary. Hudson recommendssecuring the proposed salary plus a 5%margin to allow for negotiation.It is a far smarter strategy to make anoffer that matches or is very close tocandidate expectations. This makesit more likely you will secure your firstchoice of person for the role. Theywill also feel more motivated andcommitted, and therefore be lesslikely to continue to explore otheropportunities with competitors.
hong kong | salary & employment insights 2013 13Companies wanting to secure the bestpeople for their business should:|| Implement a streamlinedrecruitment process|| Commit to regular two-waycommunication with candidates|| Be honest and open with potentialemployees about salary, benefitsand other advantages of choosingthis employer.Hudson can help source, manage andretain the best talent for your business.If you’d like to know more, please contactus to arrange a confidential discussionwith one of our specialist consultants.We look forward to working with you.Hong Kong has a sophisticated andstable economy and enjoys a uniqueposition as the business hub of Asia.Growing demand for goods and servicescombined with a consistently lowunemployment rate mean the supply ofprofessional talent needed by localemployers rarely meets demand.When talent pools are limited and thereis increasing pressure on wage costs,employers are more likely to experiencecandidates withdrawing from therecruitment process. Employers inHong Kong need to review their hiringpractices in order to minimise the riskof this happening.conclusions
hong kong | salary & employment insights 2013 15accounting & financeaccounting & Finance|| Internal audit, fraud investigationand compliance expertise is in shortsupply: more stringent regulationsin Europe and the U.S. are creatingdemand for these skills. Strong hiringappetite and a limited supply ofcandidates is creating upwardpressure on salaries for these roles.This trend is forecast to continue forthe foreseeable future.|| New roles are emerging: contractsand credit director roles are becomingmore widespread as firms recruit tomeet changing industry requirementsand challenges.|| Candidates are cautious: manyprofessionals prefer not to risk changingjobs in the current economic climate.|| Commercial opportunities areappealing: there is an increasing trendfor finance professionals to consideropportunities within commercialsectors, which many consider to offergreater job security than roles withinfinancial firms.|| Candidates are looking for more thanmoney: increments of around 15%are typical but job seekers areincreasingly looking for other benefitssuch as a positive company culture,personal recognition and careerdevelopment opportunities.|| Salaries are keeping pace with thecost of living: most employees willreceive pay increases on a par with therate of inflation. Employers recognisethey need to pay competitive wagesto retain talent.|| Bonuses are down: an increasingnumber of multinational companieshave significantly cut or cancelleddiscretionary bonuses because of poorbusiness performance. This is less trueof companies with a strong presence inChina, many of whom have been ableto award consistently high bonuses.
18 hong kong | salary & employment insights 2013years of experience Annual BASE salary 2013 hk$ ‘000internal auditDirector 12+ 1,000–2,000Manager 7–11 500–800Auditor 3–6 260–450tax & audit professional from public accounting firmTax Director 12+ 1,200–2,000Senior Tax Manager 9–10 1,000–1,200Tax Manager 6–8 800–1,200Senior Audit Manager 10+ 1,000+Audit Manager 6–10 700–950Assistant Audit Manager 4–5 600–700Senior Auditor 3–4 500–600Auditor 2–3 360–420corporate financeDirector 10+ 1,000–1,500Manager 7–10 540–900Senior Analyst 5–7 360–480Analyst 3–4 250–450company secretaryCompany General Secretary 5–7 480–840Company Secretary Officer 3–4 300–420
hong kong | salary & employment insights 2013 19advertising & communicationsadvertising & communications|| Bilingual candidates are prized:candidates with Chinese marketexperience and who are fluent inChinese and English are valued.|| Business development skills arealways in demand: a track record inpitching for and winning new businessis important to agencies.|| In-house roles demand sophisticatedskills: strategic communications andstakeholder management expertiseis usually well paid. Internalcommunications roles are critical ata time when large multinationals andlocal companies are going throughrestructuring programmes.|| Corporate social responsibility rolesare increasing: large companies areparticularly likely to seek thesecandidates at senior levels.|| Candidates are looking for personalgrowth opportunities: finding a rolewhere they can learn and broadentheir capabilities is important for manypeople. Candidates are also lookingfor job stability and are cautious if theybelieve a potential employer firm willbe restructured.|| Salaries are fairly flat: mostemployers expect to award increasesof 5% or less.|| Remuneration is linked to companyperformance: when companies aredoing well they offer generouspackages to attract talent.|| Bonuses are not guaranteed: bonusesare usually discretionary and based onindividual and company performance.|| Digital and social media skills are hotproperty: ecommunications is a majorgrowth area and professionals withexpertise in this medium are usuallywell rewarded.
20 hong kong | salary & employment insights 2013advertising agencyyears of experience Annual BASE salary 2013 hk$ ‘000managementCEO/Regional Director 16+ 2,500+Managing Director 15+ 2,500+General Manager/Director of Client Services 12+ 1,000–1,500account managementRegional Business Director 12+ 800–1,200Regional Account Director 10+ 800–1,100Business Director 10+ 700–1,000Group Account Director 9+ 650–1,000Senior Account Director 8+ 500–850Account Director 7+ 450–750Associate Account Director 6+ 420+Account Manager 5+ 260+Account Executive 1+ 120+planningRegional/Country Head Planning Director 15+ 1,500+Senior Planner 5+ 520+creativeRegional Executive Creative Director 15+ 1,200–1,800Executive Creative Director 12+ 850–1,300Creative Director 9+ 650–1,000Associate Creative Director/Creative Group Head7+ 500+
hong kong | salary & employment insights 2013 21advertising agencyyears of experience Annual BASE salary 2013 hk$ ‘000creative (cont.)Art Director 5+ 350+Head of Copywriting 7+ 550–700English Copywriter 4+ 350+Local Language Copywriter 4+ 200–400mediayears of experience Annual BASE salary 2013 hk$ ‘000Executive Media Director 12+ 1,200–1,500Regional Media Director 10+ 1,200+Media Director 10+ 950+Associate Media Director 8+ 750+Media Manager/Group Head 5+ 600+Media Planner/Buyer 2+ 140+advertising & communications
22 hong kong | salary & employment insights 2013public relationsyears of experience Annual BASE salary 2013 hk$ ‘000public relations agencyManaging Director/General Manager 20+ 1,600+Practice Head 15+ 850–1,600Account Director 10+ 650–1,200Account Manager 5+ 360–650in-houseRegional Director, Corporate Communications 15+ 1,200–1,800Director, Corporate Communications 12+ 850–1,200Public Relations Manager 7+ 550–800Marketing Communications Director 10+ 750–1,200Marketing Communications Manager 7+ 550–800Events Manager 5+ 350–550
hong kong | salary & employment insights 2013 23banking & financial servicesbanking & financial services|| Risk professionals are well rewarded:candidates with expertise in liquidityrisk and operational risk are in greatdemand to meet key Basel 3milestones in coming years.|| Compliance is critical: changes inthe regulatory environment meanqualified legal and complianceprofessionals will be needed for bothregulatory and financial servicesfirms. Demand for these people willremain strong in 2013.|| Agriculture is a growth area: somefirms are seeking to capitalise onincreasing food consumption as aresult of population growth.|| Commodities traders have plenty ofopportunities: traders are ramping upoperations in China, the worlds largestbuyer of commodities. Transactions inthis critical market now playing anincreasing role in pricing resources.|| Easing demand for investmentprofessionals: there are fewer roles ininvestment banking, equity and fixedincome trading. Fewer support staffare needed in these fields too.|| Salaries are steady: base salaries arelikely to remain stable but bonuses willbe low or non-existent for those in theleast profitable areas of business.Nevertheless, true high performerswill always be rewarded.|| Revenues are down at internationalfirms: the uncertain global economy,lower trading volumes, new regulationsand higher capital requirements havecut into returns on fixed income andequity trading. Banks and financialservices firms are looking to cut jobsand wages bills as a result.|| Asian banks are thriving: commercialbanking in Asia is growing fast andoffering a good return on equity as thenew regional banks gobble up localrivals and acquire business fromretreating European banks.
24 hong kong | salary & employment insights 2013consumer bankingyears of experience Annual BASE salary 2013 hk$ ‘000personal banking/relationship managementVice President 11+ 720+Assistant Vice President 6–10 480–660Associate 3–5 240–420product management/marketingVice President 11+ 600–1,200Assistant Vice President 6–10 350–600Associate 3–5 240–350credit risk — secured/unsecuredVice President 11+ 700–1,100Assistant Vice President 6–10 500–700Associate 3–5 250–500corporate bankingyears of experience Annual BASE salary 2013 hk$ ‘000RELATIONSHIP MANAGEMENTSenior Vice President (or above) 11+ 840–1,500+Vice President 6–10 480–840Assistant Vice President 3–5 360–540CASH AND TRADE — product management/marketingVice President/Director 11+ 700–1,500Assistant Vice President 6–10 400–720Associate 3–5 240–360
hong kong | salary & employment insights 2013 25corporate bankingyears of experience Annual BASE salary 2013 hk$ ‘000cash and trade — salesVice President/Director 11+ 840–1,500+Assistant Vice President 6–10 540–840Associate 3–5 340–540corporate — credit riskVice President/Director 11+ 600–1,500+Assistant Vice President 6–10 300–600Associate 3–5 200–360investment banking and capital marketsyears of experience Annual BASE salary 2013 hk$ ‘000front office — investment bankingManaging Director 12+ 2,500+Director 10+ 1,800–2,200+Vice President 7–10 1,200–1,800Associate 4–6 800–1,200Analyst 1–3 500–800front office — capital marketsManaging Director 12+ 2,500+Director 10+ 1,800–2,200+Vice President 7–10 1,200–1,800Associate 4–8 800–1,200Analyst 1–3 500–800banking & financial services
26 hong kong | salary & employment insights 2013middle office, back office and finance/accountingyears of experience Annual BASE salary 2013 hk$ ‘000middle/back office — product controlVice President/Executive Director/Director 11+ 1,100–1,600+Assistant Vice President 6–10 600–1,100Associate 3–5 360–600middle/back office — market riskVice President/Executive Director/Director 11+ 1,000–1,800+Assistant Vice President 6–10 550–1,200Associate 3–5 500–650middle/back office — counterparty/credit riskVice President/Executive Director/Director 11+ 1,000–1,800+Assistant Vice President 6–10 550–1,200Associate 3–5 450–600operational riskVice President/Executive Director/Director 11+ 900–1,800+Assistant Vice President 6–10 500–900Associate 3–5 360–500middle/back office — complianceVice President/Executive Director/Director 11+ 1,000–1,800+Assistant Vice President 6–10 600–1,000Associate 3–5 300–600
hong kong | salary & employment insights 2013 27middle office, back office and finance/accountingyears of experience Annual BASE salary 2013 hk$ ‘000back office — operationsVice President/Executive Director/Director 11+ 840–1,400+Assistant Vice President 6–10 500–840Associate 3–5 360–500internal auditVice President/Executive Director/Director 11+ 900–1,600+Assistant Vice President 6–10 500–900Associate 3–5 360–600financial control/financial reportingVice President/Executive Director/Director 11+ 900–1,600+Assistant Vice President 6–10 540–840Associate 3–5 360–540management reportingVice President/Executive Director/Director 11+ 900–1,600+Assistant Vice President 6–10 600–900Associate 3–5 360–600banking & financial services
hong kong | salary & employment insights 2013 29banking & financial servicesfinancial services ityears of experience Annual BASE salary 2013 hk$ ‘000supportApplications Support Manager 8+ 850–1,400Trade Floor Support 6+ 650–800Desktop/Market Data Support 6+ 650–800Front Office Applications Support 6+ 650–1,000Back Office Applications Support 6+ 600–700project managementProject Manager (Front Office) 8+ 750–2,200Project Manager (Back Office) 6+ 600–1,500
30 hong kong | salary & employment insights 2013human resources|| Leadership development is animportant emerging skill set:organisations are hiring professionalswith this knowledge to help themmake the most of their existing people.Professionals with these skillscommand higher salaries than theirpeers in other HR disciplines.|| Compensation and benefits expertiseis valued: organisations needproficiency in this area to keep up withthe rapidly evolving market. The abilityto construct packages based onspecific KPIs that can help theorganisation attract talent isparticularly prized.|| HR generalists are still in demand:there is strong hiring appetite for skilledand experienced HR generalists.|| Protracted hiring procedures arecounter-productive: more thantwo-thirds (69.4%) of organisationssay their average recruitment processtakes six weeks or more. This meansit takes most employers between twoand four months to find a candidateand start them in the role.|| Salaries are fairly subdued: mostemployers will award pay increases ofaround 5%. Bonuses will be paid on adiscretionary basis or linked to overallcompany performance.|| Organisational developmentprofessionals are in demand: ascompanies move to achieve greaterefficiency and leaner businessstructures, there is strong demandfor this competency, which is usuallywell rewarded.|| Retrenchment is driving caution:as retrenchment becomes morewidespread, particularly amongmultinationals in banking and finance,candidates are keen to findopportunities offering job securityand long-term career development.
hong kong | salary & employment insights 2013 31years of experience Annual BASE salary 2013 hk$ ‘000hr generalistRegional Director 15+ 1,200–2,500+Director 15+ 800–1,800+Regional Manager 6–12 600–1,200Manager 6–12 420–900Regional Officer 2–5 280–400Officer 2–5 250–360recruitmentRegional Director 15+ 1,200–2,000+Director 15+ 1,000–1,600+Regional Manager 6–12 700–1,000Manager 6–12 540–900Regional Officer 2–5 350–450Officer 2–5 280–360compensation & benefitsRegional Director 15+ 1,200–1,800Director 15+ 1,000–1,400Regional Manager 6–12 700–1,000Manager 6–12 560–900Regional Officer 2–5 350–450Officer 2–5 300–360human resources
hong kong | salary & employment insights 2013 33it&tit&t|| Sector and product-specificknowledge is valued: companies prefercandidates who are knowledgeableabout and have experience of theirproducts and applications.|| Skilled IT vendors are in short supply:increasing sales is a commercialpriority for most companies, soopportunities are plentiful for thosewith experience in direct, channel andsolutions sales roles.|| BYOD is a growing trend: more thana third (39%) of organisations say theyhave introduced a flexible deviceusage policy.16|| Money is motivating: candidates arereluctant to move for increments ofless than 10%; an increase of10–20% is more likely. Employerstypically take into account experienceon previous projects and salesperformance when determining salary.|| Candidates are choosy: most peopleare motivated by the prospect ofworking on cutting-edge technologyand for a world-class brand.|| Salaries are steady: pay is typicallyexpected to increase by 10% or lessin 2013.|| Cloud computing skills createopportunities: professionals withcommercial, market-specificknowledge are particularly prized.|| Solutions architects are highly paid:this competency is in demand for mostindustries so there are plenty of rolesfor professionals with these skills.|| Digital skills are driving demand: thereis an increase in strategic, creative andtechnical roles in this category.16 Cloud, BYOD & Teleworking: Mastering the skills mix for todays IT function, Hudson ICT Industry Leaders Series 2012/13, October 2012.
34 hong kong | salary & employment insights 2013years of experience Annual BASE salary 2013 hk$ ‘000managementCEO 20+ 3,000–6,000Country Manager 15+ 2,000–5,000Managing Director 15+ 2,000–5,000Vice President of Sales 15+ 2,000–3,500General Manager 15+ 1,800–2,500sales/marketingSales Director 12+ 1,500–2,500 (OTEs)Solution Sales Manager 7+ 900–1,400 (OTEs)Software Sales Manager 7+ 900–1,400 (OTEs)Hardware Sales Manager 7+ 600–1,000 (OTEs)Professional Services Director 10+ 1,500–2,200Pre-Sales Director 8+ 1,500–2,200Project Director 8+ 1,000–1,800Marketing and Product Management 8+ 700–1,500Channel Director 15+ 900–1,200Channel Manager 10+ 600–900Channel Marketing Director 15+ 800–900Channel Marketing Manager 10+ 500–800Inside Sales Director 12+ 900–1,500Inside Sales Manager 8+ 600–900
36 hong kong | salary & employment insights 2013manufacturing & industrial|| Flexibility about relocating is important:companies are looking for factorymanagers and heads of productionwho are happy to live in China andSouth East Asian countries. Excellentlanguage and communication skillsare mandatory for such roles.|| Technical qualifications are valuable:candidates qualified in Black Belt, SixSigma and Lean processing arerecognised and well rewarded.|| Consumer and retail companies areseeking specific skills: expertise inquality and project management ishighly valued. Logistics and inventoryplanning skills are also in demand.|| Linguistic ability is a must: stronglanguage skills in English andMandarin plus experience in Chinais necessary for most roles.|| Candidates are keen: most people arelooking for career progression and jobsecurity. They also want larger salariesand the opportunity to earn higherbonuses. Candidates still expectincreases of 10% and more per annum,but given current market sentiment,companies are more cautious.|| Salaries are relatively steady:employers are offering pay increasesof up to 10%. Company performanceand candidate qualifications are keycriteria when determining salaries.|| Specialist competencies are highlypaid: professionals with supply chainand procurement skills plus Asia-Pacific exposure still commandexcellent salaries. Candidates withprocess re-engineering skills are alsosought after.
hong kong | salary & employment insights 2013 37years of experience Annual BASE salary 2013 hk$ ‘000industrialGeneral Manager — Asia 15+ 1,800+General Manager — Country 15+ 1,100+Operations Director 12+ 900–1,100Marketing Director 10–15 720–1,100Marketing Manager/Senior Marketing Manager 8–10 420–720Regional Sales Director 10–15 1,000–1,400Regional Sales Manager 8–10 600–840Sales Manager 5–10 420–600Technical Sales Manager 5+ 480–720supply chain and procurementHead of Supply Chain/Procurement 15+ 1,400–1,800Supply Chain/Procurement Director 12+ 1,000–1,300Supply Chain/Procurement Manager 8+ 600–800Logistics Director 12+ 900–1,300Logistics Manager 8+ 500–720Planning Manager 8+ 600–800Distribution/Warehouse Manager 8+ 450–650manufacturing & industrial
38 hong kong | salary & employment insights 2013years of experience Annual BASE salary 2013 hk$ ‘000manufacturingGeneral Manager 15+ 1,000+Regional Quality Director 10–15+ 900–1,400+Quality Director/Senior Quality Manager 10+ 720–900Quality Manager 5–10 420–720Manufacturing Director 10–15 720–1,300Manufacturing Manager 5–10 480–720Plant Manager 10–15 600–840Engineering Director 10+ 840–1,300Engineering Manager 3–4+ 500–840Product Development Manager 8+ 480–660Project Manager 5+ 430–720Senior Project Engineer 5+ 340–430Project Engineer 2–4 280–340
hong kong | salary & employment insights 2013 39sales & marketingsales & marketing|| FMCG professionals are sensitive toculture: candidates tend to form strongimpressions of the dominant brands inthe market — and whether or not thecompany culture associated with thosebrands will suit them. Companieswhose culture is perceived to bethe most desirable have a distinctadvantage in attracting committedcandidates who are less likely towithdraw from the recruitment process.|| Senior managers are less in demand:changes in company strategy includingrestructuring and global M&A dealsmeans there are fewer openings forsenior people in this profession.|| Retail bonuses are linked tocommercial performance: somebusinesses are rewarding employeeswith bonuses equivalent to three tofour months’ pay when sales targetsare achieved or exceeded.|| Salary increases are modest: mostemployers expect to offer increasesof 5% or less.|| Digital skills are in demand: growthin digital marketing channels iscreating marked hiring appetite forprofessionals with these skills.Typical roles include digital marketingmanager, interactive marketingmanager and ecommerce manager.|| Retail candidates are becomingmore cautious: the retail slowdownhas had a knock-on effect in hiring.Job seekers are taking this intoaccount and, where significant payincrements are not an option, arechoosing roles that offer betterprospects for career development.
40 hong kong | salary & employment insights 2013public relationsyears of experience Annual BASE salary 2013 hk$ ‘000in-houseRegional Director, Corporate Communications 15+ 1,000–1,800Director, Corporate Communications 12 850–1,500Marketing Communications Director 10+ 750–1,200Marketing Communications Manager 7+ 500–800Public Relations Manager 7+ 550–800Events Manager 5+ 300–550fmcgyears of experience Annual BASE salary 2013 hk$ ‘000Managing Director 20+ 1,800+General Manager 15+ 1,200+Sales & Marketing Director 10+ 1,000+Sales & Marketing Manager 8+ 700–1,000Sales Director 10+ 800+Sales Manager 7+ 600–1,000Marketing Director/Brand Director 10+ 1,000+Marketing Manager 8+ 700–1,000Brand Manager 7+ 500–700Trade Marketing Manager 7+ 500–700Channel Manager 7+ 600–800National Key Account Director 10+ 800–1,000Key Account Manager 5+ 500–700
hong kong | salary & employment insights 2013 41retailyears of experience Annual BASE salary 2013 hk$ ‘000Managing Director 20+ 1,800+General Manager 10+ 1,300+Marketing Director 10+ 1,000+Marketing Manager 7–10 600–900Retail Operations Director 10+ 800–1,200Retail Operations Manager/Area Manager 5–8 700–1,000Merchandising Director 12+ 1,000+Merchandising Manager 8+ 600–900hospitalityyears of experience Annual BASE salary 2013 hk$ ‘000General Manager 12+ 1,200–1,800Director of Sales & Marketing 10+ 720–1,200Director of Sales 8+ 700–1,000Director of Food & Beverage 8+ 700–1,000Senior Sales Manager 5+ 480–800Front Office Manager 5+ 450–650Marketing Manager 3–5 420–650Executive Chef 8+ 420–800sales & marketing
42 hong kong | salary & employment insights 2013healthcare & life sciencesyears of experience Annual BASE salary 2013 hk$ ‘000General Manager 20+ 1,200–1,800Medical Director 15+ 1,200–1,800Regulatory Director 15+ 900–1,200Regulatory Manager 8+ 600–1,000Regulatory Specialist 4–5 500+Quality Assurance Director 10+ 850–1,000Quality Assurance Manager 8–10 500–800Marketing Director 10+ 900–1,200Marketing Manager 12+ 650–900National Sales Director 10+ 1,000+National Sales Manager 10+ 850–1,000Regional Sales Manager 7–10 580–850Business Development Manager 8–10 700–1,000District Sales Manager 4–6 500–700Group Product Manager 10+ 800–1,000Senior Product Manager 7+ 650–800Product Manager 5+ 500–700Clinical Affairs Manager 6+ 500–750
hong kong | salary & employment insights 2013 43|| IT&T|| Manufacturing & Industrial|| Sales & MarketingA total of 386 employers and 321employees in Hong Kong weresourced from the Hudson database.They were interviewed online abouttheir experiences and views on salary,employment expectations and otherkey issues. Employers and employeesreceived discrete survey questions.The questionnaire responses werecollected in November 2012.Hudson conducted quantitative researchinto salary and employment insights ofemployers and employees across HongKong. In addition to the responsescollected and analysed, we also drew onplacement data across 2012. Qualitativeinformation was gathered by our specialistrecruitment consultants throughconversations with their clients, and bydrawing on their extensive knowledge ofplacements made across the followingHudson specialist practice groups:|| Accounting & Finance|| Advertising & Communications|| Banking & Financial Services|| Human ResourcestotalsAll employers 386All employees 321research methodologyPlease note: Salary ranges are based on information provided by Hudson clients, candidates and other sources and as a result are approximate guides only. They relate to base salaries only andexclude superannuation/bonus/incentive schemes/stock options. These are indicative of market ranges and are dependent on variable factors, including but not limited to experience level, marketconditions, company size, industry sector and job scope.All URLs referenced in footnotes were viewed on 21 December 2012.Disclaimer: Hudson accepts no responsibility for any action taken or not taken in reliance on the information provided. No warranties, expressed or implied, statutory or otherwise are given to the extentpermissible under the relevant legislation. The contents are protected by copyright.
44 hong kong | salary & employment insights 2013asia-pacific salary &employment insightsAs a thought leader in the recruitmentindustry, Hudson also releases detailedSalary & Employment Insights acrossother countries in the Asia-Pacific region.Through our market expertise and publicsurveys, we are able to compile and shareindustry specific remuneration trends,hiring factors, and salary packages forboth employers and employees. Oursalary guides are also available for:|| China and Singaporehudson.cn/salary-guidehudson.sg/salary-guide|| Australia and New Zealandau.hudson.com/salary-guidenz.hudson.com/salary-guideThe Hudson report:employment trendsThe Hudson Report is based on in-depthand nationwide research. Released everyquarter, it highlights and analyses hiringexpectations of employers in theAsia-Pacific region. Supporting ourrobust findings we provide insights andcommentary. This key socio-economicindicator has new online features suchas an APAC view of hiring expectationsand a new view of professions as wellas industries. For details, please visit:|| Hong Konghudson.hk/hudson-report|| China and Singaporehudson.cn/hudson-reporthudson.sg/hudson-report|| Australia and New Zealandau.hudson.com/hudson-reportnz.hudson.com/hudson-reporthudson ICT IndustryLeaders SeriesEach year Hudson brings together industryexperts across the ICT sector to gainfurther insight into which factors areinfluencing operations and to forecast whatopportunities and challenges lie ahead.The Hudson ICT Industry Leaders Series2012/13 focuses on how ‘new world’technologies such as Bring Your OwnDevice (BYOD) and cloud computing aredriving changes in the way employeesbehave, and the impact that this is havingon organisations’ IT departments and theskills required of these employees.To access the report, go toau.hudson.com/ILS ornz.hudson.com/ILShudsons thoughtleadership program
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