Hongkongers found to be the most pessimistic about the economy compared to other APAC countries.
69% of Hongkongers expect the economic situation to further deteriorate in 2020, according to figures released by the Randstad’s Workmonitor Q4 2019 survey. These numbers show how the ongoing protests and government actions have created widespread pessimism across the city.
This sentiment was not so readily shared by other Asian Pacific countries, including Singapore and Malaysia, where only 60% and 45% believe this, respectively. These numbers are expected to have worsened since the COVID-19 outbreak.
The study also found that less than half of respondents (48%) expect their employers to perform better in 2020, compared to 60% in Singapore and 82% in Malaysia
Pay rise and bonuses still expected for work done in 2019
Despite the doom and gloom, many Hongkongers are still expecting pay rises and bonuses. 63% of respondents expect to receive a pay rise, and 61% want to receive a one-time bonus at the end of their fiscal year.
Sun explains, “Hongkongers are very competitive in nature. Job titles and salaries are very important to local employees. Another factor contributing to the high bonus expectations could also be from staff in customer-facing roles, who were instructed to take unpaid leave as a result of the local protests. This group of workers are hoping their employers could compensate them for their loss of income through a one-time bonus.”
Work mobility and job satisfaction in Hong Kong
Many Hongkongers are also looking to change jobs to increase their salary and develop their career. The study found that one in three respondents (33%) had changed employers in the past six months, and 23% said that they are looking for another job.
However, as the COVID-19 outbreak worsens with 107 confirmed cases and two deaths in Hong Kong so far, it remains to be seen if local employees will choose job stability over seeking new opportunities during this unpredictable time.
Paul Arkwright
Publisher
