The most recent Workmonitor Survey by Randstad has discovered that 73% of respondents in Hong Kong rank compensation and benefits as the most important factor that influences their career choices. The bi-annual survey highlights the workforce’s latest sentiments and perceptions of the local job market and was conducted across 34 countries worldwide.
Hong Kong’s workforce also seemingly buck the trend that is driving The Great Resignation. Across the globe, employees have been resigning in droves to achieve greater work life balance or take on more meaningful work yet, few Hong Kong workers prioritise such benefits. Only 30% of those surveyed prioritise working for a respected and caring company whilst 29% of respondents cared about meaningful work and only 13% considered the work environment as a factor when making career decisions.
Natalie Sun, Managing Director of Search & Selection, Randstad Greater China said, “Culturally, employees in Greater China are more focused on fulfilling what’s expected from them at work rather than building friendly relationships with their colleagues. Although Hongkongers are not averse to a friendlier working environment, the pressures of society and the rising cost of living has Hongkongers prioritizing salary over other employee benefits.”
Additionally, according to the survey, Hongkongers are the least satisfied in their current roles in Asia Pacific with only 44% of workers in the city feeling generally satisfied working for their current employers. Subsequently, two in three felt as though they were being insufficiently or unfairly rewarded for their current skillset-motivating them to look elsewhere though the report notes that many employees have chosen to remain with their employer during the pandemic to achieve job and income security.
Looking ahead, the biggest drivers for Hongkongers to change their job in the coming year were reported as being a desire for better employment conditions, a personal desire for change and wanting to progress into a higher role. The least important considerations driving Hongkongers work choices were noted as remote work options, a friendly work environment and working for an innovative company.
“Whilst the pandemic has demonstrated that remote working is possible, hybrid work remains a low priority for Hongkongers as they believe they may lose out on salary increments or promotion if they are not seen by their bosses in the office. Employers should do their best to create a safe a friendly environment for their workforce and provide flexibility as much as they can. This can help alleviate some of the societal pressures and healthcare concerns that employees are experiencing as well as reduce some of the push factors that would normally motivate an employee to look for a new employer,” commented Sun.
Paul Arkwright
Publisher
