Over 70% of HK employees claim higher pay is the most important factor when considering a job switch
The vast majority of Hong Kong finance professionals consider higher pay the most important factor when considering moving jobs in the current market, according to Robert Half’s 2010 Workplace Survey. Opportunity for career development was also identified as a key consideration for employees looking to switch jobs (69%). The findings from the survey conducted in Hong Kong, Singapore, Australia and New Zealand also shed light on standard remuneration packages in Hong Kong and non-cash benefits in addition to salary and bonuses. Currently, 66% of Hong Kong employees receive health benefits and 41% also receive life insurance as part of their compensation packages. Other perks that Hong Kong employees enjoy include paid maternity leave (42%) and professional development courses (36%).
Andrew Morris, Director, Robert Half Hong Kong claimed that, “Clearly, cash is still king in the current economy…71% of Hong Kong finance professionals confirmed that a pay rise is the best way to foster employee loyalty and maintain morale and over half agreed that an improved benefits package is an effective means to heighten employee loyalty.”
With this is mind, the company has urged employers to consider whether their current non-cash benefits address their staff’s personal and career development needs. For example, while employers attempt to build morale through team building exercises and off-sites, only 8% of Hong Kong respondents see this type of training as beneficial to their professional disposition. Morris added, “Employers must consider whether their benefits package is giving them the rewards they deserve in increased employee appreciation and satisfaction. To remain competitive, employers must start to reintroduce cash benefits and improve non-cash perks in order to attract as well as to retain talent.”
Hong Kong finance professionals who are planning to switch careers will be carefully considering their benefit and pay package options. Additionally, they will also assess opportunities for promotion which is considered the most important means of recognising top performers (64%) in the local market.
Paul Arkwright
Publisher
