As CFOs look to the coming year, concerns about talent retention, labour costs and China’s economic growth rise to the forefront.
A recent survey conducted by Nielsen on behalf of American Express, the American Express Hong Kong Business Momentum Survey 2013 found that only 1 in 5 finance executives had any expectation for any kind of economic expansion in Hong Kong in 2014, either substantial or moderate. With nearly two thirds of CFO respondents forecasting a flat economic outlook, HR can expect to see this reflected in talent acquisition policies. While 83% of financial executives forecast business growth, nearly 80% stated that they will seek to maintain the same level of headcount in 2014, and less than a quarter expressed interest in expansion. With such a conservative economic outlook, HR should expect to focus their energies on talent retention, rather than acquisition.
Additional statistics from the survey include:
- Labour costs are a major concern for 2014—79% of CFOs surveyed cited it as the key challenge for the coming year, followed by China’s economic growth (74%) and currency fluctuation (73%).
- Property costs are at the bottom of the list of CFO concerns, with only 32% acknowledging this as a challenge.
- Only 15% of respondents who intend to increase staff size will do so with a focus on sales and marketing, as opposed to support function roles.
Paul Arkwright
Publisher
