From having hired quite extensively in financial institutions, there is always ask for evidence like payslips or bank statements. The new salary is always X% from the last pay. Have never seen any candidate in HK not sharing the information on last salary. The percentage increment often depends on how desperate we are for the skillset.
Most employers would usually only confirm the dates of employment and in you last title. Salary and actual scope of work is never shared.
The above is purely based on my experience working European, US and some Asian Financial institutions.
I'm assuming this X% isn't limited to 20% in financial institutions but I'm not in finance and I've been told by some recruiters that going beyond 20% isn't possible. Do you have any idea what I can do to progress faster? I'm in mid-20s salary-wise and honestly sick of of everything. Getting an average increment of 10% every year (not very likely given HK's outlook) will get me to 60k in 10 years and I just can't do that. Life in HK isn't really all that fun if you're living alone on a very average salary.
There is nothing called fixed at 20%. Any head hunter who says that is just bluffing. There is no shortcut to salary jumps. It requires patience and searching for right opportunities to move. If you jump jobs too often, that’s a risk as well. I have hired staff at same salaries and also doubled their last pays when we needed a skillset. Most of the big % moves I have done are through networking and industry bodies where your skillset are known to peers and when an opportunity opens up they reach out.
I feel like I might need to get on the same 'new job every year' merry go round that you mention. HK is stagnant and quality of life per dollar is a lot less than in other countries i.e. you have to pay extra to get the same.
60k is not an average salary. I don't know what it will be in ten years time but 60k puts you in the top 10% of earners today.
But the real answer to "How do I get more money?" Is to prove that you can provide value to the company by delivering results for your current company. The alternative is to get promoted and therefore have a higher status title. Additionally try to improve your interview skills. As a hiring manager, almost everyone I have encountered is shit at interviewing. Anyone who is even "alright" tends to stand out.
You misread my post. 10% every year would get me to 60K in a decade. I don't have that right now. And it is quite average given HK percentiles are based on the fact that only 20% of the population gets to go to university. If you're a university grad who didn't study basket weaving, 60K at 40 years old wouldn't be fun.
Nope, didn't say that. Entirely possible to lie about this (and pretty much everything else in your life). Whether you get through with it is another question. Certainly some companies require that, others might not. I just checked in my recent history: Looks like it's standard part of background check in finance industry. So in a bank chances are very low to get through with it without evidence check, in other industries might be different.
So it's your personal risk/reward assessment, whether you want to lie. Question is also if you have the gut for it....
Nope, my intension was to widen the view on possibilities, not to limit them. Generally speaking, competition is what makes companies willing to pay more. And nothing better than having that as an offer. Also gives your prospective employer more discretion with their HR to give you more money. Example 1: You go to company A and say: I want 30% more than my current salary. They might say no. Example 2: You get an offer from company B with 20% increase. And you negotiate with company A say "I got this offer". There is a chance they say "We give you 5-10% more than that".
All theoretical discussion. Main question is what your market value is and how strong you are in demand are? And do you have the balls to be greedy?
Last edited by DanielFRA; 20-04-2022 at 10:17 PM. Reason: corrected information on own experience after checking
It may be worthwhile to look outside HK job market. I don't know what industry you're in but some roles are in high demand in US/Europe. Eg. Many I.T. professionals are leaving HK for income/career growth overseas.
Good luck