Randstad released the 11th edition of the Employer Brand Research report in Hong Kong, capturing the voice of the local workforce as well as showcasing how talent expectations change with the economy and labour markets.
After 3 unprecedented years, the changes to today's economy and labour markets have added new dimensions to worker priorities and expectations. While employment and salaries are extremely valuable to talent, people are actively seeking companies that provide a positive experience and make them feel good.
31% of hongkongers intend to switch jobs in 2023
The emphasis on work-life balance is a clear reflection of the evolving priorities and expectations of workers in Hong Kong SAR. With 42% of respondents citing it as the top reason for resigning, it underscores the increasing recognition that a healthy balance between work and personal life is crucial for overall well-being and job satisfaction.
2 in 5 respondents in Hong Kong SAR have resigned or considered leaving their employer to improve their work-life balance. This is followed by 28% of survey respondents who said that they would quit for a higher salary to cope with the rising cost of living.
top 5 reasons that motivate a worker to resign
Employees are seeking job opportunities that allow them to effectively manage their time and responsibilities, indicating a shift towards a more balanced approach to work.
Organisations that offer work-life balance initiatives are more likely to attract and retain talent in a competitive job market, especially among the millennials.
work generations most likely to change jobs
Close to one in three employees stated their intention to change jobs this year. Millennials aged 25 to 34 years old emerged as the generation with the highest inclination to switch jobs among all respondents. Generation Z workers aged 18 to 24 years old, on the other hand, expressed the least desire to change jobs.
The survey also revealed that 22% of Hongkongers changed jobs between July and December 2022, indicating that job switching activities are starting to stabilise to pre-COVID levels (2019: 25%).
companies making progress in work-life balance to attract top talent
Despite high expectations for work-life balance, data from the Employer Brand Research show that companies are making improvements. The year-on-year gap between talent expectations and what employers can offer in terms of work-life balance has shrunk from 8 to 5 points.
Striking the right balance between work and life is critical for long-term success for companies aiming to attract top talent. Excessive workplace stress and workloads can have a negative impact on employees' overall well-being, resulting in lower productivity and poorer employee satisfaction. Poor management, ineffective communication, and social isolation can exacerbate these issues, making talent acquisition even more challenging for organisations.
flexible work and proper work-life balance in talent attraction
Discussions on work-life balance have predominantly focused on hybrid and flexible work arrangements from the start as people seek a healthy work-life balance.
According to the survey, hybrid work trends are stabilising in Hong Kong SAR, with 36% of respondents saying that they can work remotely either fully or partially. However, ‘flexible work arrangements’ is considered an important non-monetary benefit by 85% of the research respondents, highlighting the importance of remote working options and its impact on work-life balance.
We anticipate that in the post-COVID era, employers will expect employees to return to the workplace to foster employee culture and drive commercial sales through in-person interactions. However, completely eliminating flexible work options will have a negative impact on the company's employer brand, as employees may perceive the organisation as rigid and unconcerned about employee well-being.
Companies should calibrate flexible work arrangements proactively and update their HR policies to align with the evolving work environment. These revisions would demonstrate their commitment to addressing issues and improving employee well-being to meet top talent expectations.
the key importance of workplace relationships in the total employee experience
In the survey, 69% of respondents said non-monetary benefits are important when seeking a new employer.
Non-monetary benefits are defined as initiatives that do not involve direct financial compensation. Instead, they provide intangible benefits to employees that enhance employees' job satisfaction and work-life quality.
Among the non-monetary benefits, respondents highlighted that having good relationships in the workplace stands out as the most important factor.
top 5 non-monetary benefits
In the new social contract between employers and employees, employers must go beyond wages and provide more comprehensive and holistic support to their employees. A high salary may attract interest, but true talent attraction lies in creating an enjoyable work environment where meaningful relationships thrive. By cultivating a supportive work environment, companies can attract talent who are searching for a sense of belonging in a home away from home.
hongkongers seek upskilling and re-skilling opportunities to future-proof their employment
Hongkongers highly value career growth and development, however, employers are falling short in providing the necessary training and support to help employees advance their careers.
Data from the survey reveals that 77% of respondents consider upskilling and re-skilling important, yet only 48% have received opportunities to advance their careers. Particularly, upskilling holds significant importance for Gen Zers, with 75% of them seeking development opportunities to develop their careers.
Among those who expressed a desire to advance their careers, 2 in 5 respondents said that they did not receive enough opportunities from their employers. According to the survey, 28% of respondents said that they would feel motivated to quit their jobs if they lack career growth opportunities.
how will workforce development attract new talent?
To drive engagement and enhance the total employee experience, companies must prioritise the development of equitable career opportunities and offer upskilling and re-skilling programmes.
Companies that invest in the continuous skills development of their workforce benefit not only their employees but also their organisational value. Future-proofing skills, creating a positive employee experience and cultivating a strong company culture demonstrate a commitment to employee growth and attract talent who share the same values looking for opportunities to advance.
get a free digital report: 2023 randstad employer brand research
The Randstad Employer Brand Research surveyed more than 163,000 respondents across 32 markets, including 2,750 individuals based in Hong Kong SAR. Fill in the form below to get your copy of the report to unlock new talent insights and strengthen your talent attraction strategy.
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