As organisations across Hong Kong begin to feel the effects of the talent crunch, new research from Qualtrics has revealed the volume of employees planning to remain with their current employer has fallen by 23% compared to a year ago – representing one of the highest drops globally.
The Qualtrics 2022 Employee Experience Trends report has highlighted that over the next 12 months, only 59% of Hong Kong employees plan to stay with their employers. This emphasises the critical need for business leaders to prioritise improving their employee experience in order to attract and retain talent.
For Hong Kong employees, the top driver of intent to stay with their employer is feeling like their career goals can be met. Being part of a company with a culture of belonging, feeling like the organisation has an outstanding future as well as having their well-being prioritised were also important drivers of intent to stay.
Whilst employee well-being has remained stable in Hong Kong during the last few years of uncertainty, the survey found that employee resilience has dropped to 59%. Both findings highlight the continued work that needs to be done in order to improve well being with the current low levels suggesting that improvements cannot be made without firm action.
“For businesses in Hong Kong to be successful in attracting and retaining talent in the current environment, they need to adopt new mindsets and continue to define and iterate their new ways of working. Addressing the challenges faced are not as simple as setting a new work schedule or offering higher salaries. People’s experience at work and the career decisions they are making are being influenced by multiple factors,” said Lauren Huntington, Employee Experience Solutions Strategist, Qualtrics, Greater China.
As Hong Kong businesses seek new ways to attract and retain talent, it is important that they schedule regular time to listen, understand and act on employee feedback. Doing so will enable them to significantly improve their employee experience and will enable them to design and deliver new initiatives that are aligned with changing employee expectations.
Paul Arkwright
Publisher
