✂ My immediately available candidate took a 20% pay cut - A common trend
As we know, restructuring is getting more and more common
🇭🇰 I wanted to share the recruitment trend this year for Hong Kong.
In the past, when the market was good, immediately available candidates would usually get a flat salary move or with slight increment.
However, starting Q4 2023, we witnessed several regional roles in Hong Kong were shifted to Singapore.
🗃 Because of this geographic move, roles in HK became fewer.
More candidates in Hong Kong were made redundant and became immediately available.
One of my candidates was affected by the restructuring as well.
I have been helping him search for jobs for the past 4 months.
💰 He also understood he might need to get a pay cut and he does not mind because his previous salary was high.
Unlike my other candidate who got laid off and still insisted on a 20% increment as mentioned in my previous post,
🏠 This candidate was more flexible because he wanted to stay in the job market and also because he had a mortgage to serve.
In the end, I landed him a new job (though with 20% pay cut).
💡 I felt bad for delivering the offer but at the same time I felt happy that we finally landed something after working together for 4 months.
I have also spoken to other immediately available candidates and recruiters..
They also shared similar situations…
📚 It seemed to be a common trend that if the candidates were immediately available, they might have to experience a pay cut to stay afloat in this job market.
✏ How about your market?
✏ What have you observed?
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