31% of local respondents said they plan to change jobs in the first half of 2022, marking an 8% increase from 2021. Similarly, the percentage of respondents who are not afraid of losing their jobs and intending to change employers increased by 8% to 26% this year.
Randstad - the world’s leading human resources solutions agency - today released early results of its annual Employer Brand Research in Hong Kong SAR. Commissioned by Randstad and independently conducted by Kantar TNS, the Randstad Employer Brand Research explores the top employee value proposition (EVP) factors that employees and job seekers search for an ideal employer.
Natellie Sun, Managing Director of Search & Selection in Greater China at Randstad said, “There has been a more positive outlook on the business and labour market in 2022 as the market gains confidence and more companies are starting to hire again to meet business growth objectives. While the Omicron wave has slowed down recruitment and onboarding activities, many employers and business leaders are building a talent pipeline to start work once the measures are lifted.”
job seekers want employers that offer a better work-life balance
More than 1 in 5 respondents had changed employers between July and December 2021. The top three changing jobs drivers that motivated Hongkongers to search for a new employer last year were:
- work-life balance (53%)
- salary and benefits (51%)
- financial health of the company (47%)
Sun said, “Hongkongers are feeling increasingly stressed and overworked, especially this year. Due to being unable to travel and having their social interactions limited due to the strict pandemic restrictions, many employees are throwing themselves at work to distract themselves - but this has led to negative repercussions for their mental health. Job seekers are hence more motivated to find a company or manager that genuinely cares about the well-being of their staff once the hiring market becomes active again.”
The COVID-19 pandemic has changed the way we work as well as the job seekers’ perspectives of what they want in a job and employer. Data from the Employer Brand Research has shown that work-life balance is highly valued by job seekers and employers, which makes it even more critical for business leaders to take proactive measures to improve and maintain employee well-being.
the fear of losing their jobs drives Hongkongers to change jobs
More than 2 in 5 employees who were afraid of losing their jobs planned to change their jobs in the first half of 2022, marking a 9% increase from 2021.
“Employees are expecting significant changes to their job responsibilities in the coming years due to the accelerated digital push from the COVID-19 pandemic. External factors such as a changing business environment could further stress employees who fear that their skills might quickly become obsolete, affecting their ability to continue working in their current jobs. Employers and business leaders should implement measures to restore employees’ confidence and fulfil proper training initiatives to help employees upskill and re-skill so their workforce is confident and capable enough to tackle new business challenges”, added Sun.
Digital transformation has accelerated rapidly as companies sought to shift their businesses from offline to online to not just enable their employees to work remotely, but also to continue servicing their customers online. Business leaders will need to be quick to devise human capital strategies to upskill employees to be better at using digital technologies to be more productive and efficient. This would help them be more confident in their jobs and help minimise the fear of losing their jobs due to lack of relevant skills in the new business environment.
2022 randstad hong kong employer brand research report - register your interest
The 2022 Randstad Employer Brand Research provides employers with a unique opportunity to uncover new insights and validate their assumptions of employees and job seekers. This independent research is the most representative employer brand study in the world, reaching out to 163,000 respondents across 31 markets, including 3,027 who are based in Hong Kong SAR in January 2022.
Register your interest to gain early access to the 2022 Employer Brand Research Hong Kong SAR report.