Lack of career progression and recognition for their accomplishments, along with limited compensation offered by their current employers, is pushing 73% of Hong Kong’s finance professionals to jump ship to a new employer in 2013. This is significantly higher than other countries, such as Singapore and Australia, where only 64% and 46%, plan to do so.
When seeking a new position, nearly 36% surveyed said they were looking for a minimum compensation increase in the range of 10% to 19% to accept an offer, while 32% were looking for 20% to 29%. On the flip side, a minimum salary increase of 10% to 29% from their current employer would stop 55% from leaving their current jobs.
Nonmonetary benefits were also noted as crucial, with 65% of respondents perceiving healthcare as the most critical benefit, followed by flexible working hours, 21%, revealing the desire for an improved work-life balance.
Aside from compensation, the opportunity for promotion, a supportive culture and good working environment are the most tempting factors for finance professionals seeking a new employer, according to the finding of the eFinancialCareers 2013 APAC Employment Survey.
A slowdown in hiring activity, however, has led to less people movement between financial services companies while large-scale layoffs at the end of last year are likely to have stalled the potential for some individuals to progress within their organisations.
These factors do not appear to have deterred professionals in the finance field to look elsewhere for opportunities to
fulfil their needs, as George McFerran, Managing Director APAC, eFinancialCareers explained, “While many companies are mindful of the risk associated with losing top talent, outward pressures can’t always be overcome. In this situation we tend to see more candidates looking externally for a chance to advance their careers despite the challenging hiring environment.”
Paul Arkwright
Publisher
