While 56% of Hongkongers want to take on more managerial responsibilities, a surprising 60% said that they are happy to stay in a job that they like, even if there is no room to progress or develop.
The preference for stability resonates particularly with Baby Boomers, 2 in 3 of whom express their preference of staying in their roles as long as they are happy. Yet, 67% of Baby Boomers expressed a desire for more managerial responsibility.
This suggests a nuanced approach - wanting to hold onto their positions while seeking opportunities to learn and progress within their existing companies.
The 2024 Workmonitor research commissioned by Randstad that surveyed 751 locally-based employees and job seekers reveals a complex situation for employers as the talent pool prioritises stability over advancement, yet harbours a strong desire for growth within their roles.
Today’s professionals are keenly attuned to market trends and are hence prioritising job stability. They aspire to enhance their skills and enrich their experiences within their current roles, which presents an opportunity for employers to foster a culture of continuous learning.
By embracing this ethos, organisations get to cultivate a more dynamic workforce, enhancing their ability to attract talent seeking growth opportunities.
hongkongers lean on employers for upskilling support
The report also highlights a strong reliance on employers for skills development. 64% of respondents believe the responsibility for upskilling lies with employers - 22% higher than the global average.
Furthermore, 42% of respondents said that they would quit their jobs or turn down a new role if not offered training to future-proof their skills.
When asked about desired skill development areas, the top three choices were:
- Artificial intelligence - 29%
- IT and tech literacy - 28%
- Data science and analytics - 25%
Perceptions of training courses as detracting from productivity at work are shifting, with talent actively seeking employers who invest in their development. To remain competitive in an era marked by rapid technological evolution, companies must prioritise upskilling initiatives. Empowering and adapting employees to navigate emerging challenges, particularly amid the AI revolution, is paramount for driving growth and innovation.
millennials - the most passive generation prioritising financial security
The study unveils a potential gap in employer support concerning Millennials. Imbalance employer support for Millennials unveils a notable trend - a shift towards prioritising salary over career advancement.
Compared to other generations, Millennials are the most likely to deem pay as “very important”, with 57% of them prioritising salary when considering their current and future employment prospects. Close to half of the Gen Zers (46%) and 35% of Baby Boomers feel the same way.
This focus on financial security is further emphasised by the fact that Millennials are also the most likely to resign due to low wages (48%). Millennials are also the least likely to feel their current job provides them with the pay they need to live the life they want (23%), compared to 40% of Baby Boomers who feel the same way.
The insights from our 2024 Workmonitor survey underscore the importance of understanding generational dynamics for employers. As Millennials assume junior to middle-management roles these days, investing in their retention becomes pivotal for nurturing future leadership pipelines.
Recognising their financial concerns and impending responsibilities, it’s critical for employees to offer competitive compensation to drive productivity and foster loyalty. Moreover, providing upskilling opportunities can accelerate your employees’ readiness to take up more high-valued, managerial positions that can enhance the organisation’s and workforce’s success.
download the 2024 randstad hong kong workmonitor report
Hear the voice of employees around the world on what they want and expect from their employers and how willing they are to ask for it.
The 2024 Workmonitor research in Hong Kong SAR surveyed 751 locally-based employees and job seekers about their career expectations and experiences across four themes: motivation and ambition, flexibility, equity and understanding, and AI & skilling.
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