Staff turnover highest for ten years
The year 2012 saw staff turnover in Hong Kong soar to 17%--a high not witnessed since 2003. Figures for 2011, by comparison, showed an average turnover rate of 14.5%. Whilst low unemployment figures were posted for 2012, turnover and vacancy rates in the retail and restaurant/catering sectors were alarming. This, according to the Quarterly Survey on Manpower Statistics—Fourth Quarter 2012 and Year 2012, conducted by the Hong Kong Institute of Human Resources Management (HKIHRM).
Within the retail sector, hiring managers saw turnover of 35.6%, whilst the restaurant and catering industry posted 34.9%. The Hong Kong average job vacancy rate for 2013 was 4.4%. Sectors particularly hit were community, social and personal services, with 9.2%, and retail, with 8.9%.
Francis Mok, President, HKIHRM commented, “[Retail and restaurant catering sectors] had to spend more time, money and effort in recruitment in order to maintain their service standards.” With these figures in mind, Hong Kong’s managers would do well to rethink their retention and engagement tactics.
Paul Arkwright
Publisher
