What Hong Kong employers can do to recruit and retain staff
As the number of businesses and employees indicating their departure from Hong Kong remains high, there are concerns that the numbers of employees exiting the city, combined with the lack of new arrivals will lead to a talent shortage within the city.
In order to fight rising attrition, there are a number of incentives and strategies that Hong Kong-based companies may turn to in order to recruit and retain talent.
- Redefine staff initiatives: Global financial powerhouses Goldman Sachs and Morgan Stanley have already offered their Hong Kong-based staff HK$ 5,000 towards the cost of hotel quarantine. Business leaders may look for ways to support staff who need to take overseas journeys, whether for business or for personal reasons, with financial contributions towards the cost of hotel quarantine. This should help to alleviate some of the burden on staff travelling in and out of Hong Kong and help them to commit to their roles for longer.
- Additional leave: If financial contributions are not an option, allocating extra leave—paid or unpaid, would enable employees to travel. Companies may wish to consider rolling over untaken annual leave from the previous year to help supplement the additional leave. The extra time would enable employees to undertake the mandatory quarantine procedures. Alternatively, businesses may consider enacting flexible working arrangements for employees under quarantine.
- Providing support: For employees that do travel outside of Hong Kong, businesses may wish to consider providing quarantine support to their workers. As an example, companies could provide meals or care packages to affected staff members, in return for additional mutually agreed upon years of service.
- Enable global working: With hybrid working models on the rise in the city, it is important that business leaders understand that employees are no longer bound by geographic constraints. Technological advances have enabled global mobility like never before and businesses can redefine their policies to cover a range of working scenarios. It is important to take note of tax implications of allowing employees to work abroad for extended periods and appropriate guidance should be given to the employee based on their location and duration of their trip.
- Childcare support: As classes remain suspended in the city, many working parents are having to balance their childcare and professional responsibilities. Employers should recognise this challenge and find ways to support working parents and should consider this aspect when organising diaries and working towards deadlines. Another way of supporting working parents is to allow them flexibility in their working hours or look to establish resources to share helpful tips and resources for home-schooling.
Paul Arkwright
Publisher
