Nearly all of Hong Kong’s most recent batch of university graduates, 89%, found a job within three months of leaving school; and the majority of them, 76%, are satisfied with their position—according to the latest jobsDB Survey on the Employment Status of Hong Kong’s Tertiary Students 2016. Fresh graduates now get an average monthly salary of HKD 14,685 in their first job—9% higher than in 2015.
Undergraduates on the move
According to the survey, 7% of undergraduates are planning to take a working holiday rather than go directly to work after they graduate, compared to 2% in 2015. The percentage of students who intend to continue their studies remains steady at 12%.
The top three job industries for undergraduates to target when they do leave school are accounting, 20%; advertising/PR/marketing services, 11%; and the civil service, 10%. This year, over twice as many respondents, 41%, want to stay in their first job for more than three years, compared with just 20% last year, which may indicate a preference for stability amidst economic uncertainty. In particular, over a quarter would like to stay between three to five years. To maintain high retention rates, Justin Yiu, General Manager,Jobs DB Hong Kong Limited commented, “Apart from boosting starting salaries, employers may consider developing better employer branding, and fostering a work culture and environment that appeals to young people, so as to capture and keep top quality talent in the long term.”
Money matters
Students value salary and benefits most when choosing jobs, followed by room to develop their interests, company environment, culture and reputation, job security and stability, career development and on-the-job training. Over half of them now expect a monthly salary of more than HKD 14,000, compared to just over 40% who expected this in 2015.
This focus on money is in-line with the students’ targets for the first five years after graduation. The number one target was buying property; among them, and 32% think that they have a high or extremely high chance of achieving it. The second target was reaching management level and the third, living independently.
Optimists outnumber the pessimists
While doing their best to achieve their goals, undergraduate students also experience stress. Most of it comes from high personal expectations, work, and financial concerns. Among the 29% of respondents who feel pessimistic about their potential careers, the main reasons include the fear of keen competition within their target industry and market demand for their skills.
Fortunately, the majority of undergraduate students feel optimistic about their careers, which is even higher than 2015. These students are confident about the future development of their target industry and their own competitiveness within the industry.
Yiu concluded, “The results of the survey speak for themselves. With the right conditions, employers can expect to retain many of their fresh graduates for three years or more. However, they can do even better if they take steps to reduce work-related stress and career worries, for example by focusing on career development and training.”
Paul Arkwright
Publisher
