In a softening economy ladened with global-wide business restructuring, increasing operating costs as well as high interest rates, employees are showing a greater concern about their financial and job stability.
In Hong Kong SAR, 53% of respondents reportedly said that they are worried about losing their jobs in a Randstad survey. Close to three in five respondents said that they would reject a job offer if it did not come with a formal employment contract from the organisation.
Randstad - the world’s largest talent agency - released the results of its 2023 Workmonitor in Hong Kong SAR. The survey highlights the workforce’s latest sentiments and perceptions of the local job market.
employees want to feel secure in their jobs
Even though 58% of Hongkongers are worried about how the economic uncertainty would impact their livelihood, 78% retain strong confidence in their employers to provide them with job security.
In an increasingly volatile job market, employers must take proactive steps to ensure that employees feel confident and assured about their future. Offering clarity and transparency through open channels of communication can help organisations promote a sense of security and better support their talent recruitment and retention efforts.
salary a key priority for job seekers
As more news of business restructuring and layoffs around the world are being announced, the concern about job and income stability mounts in Hong Kong. In the survey, 67% of Hongkongers said that they will not accept a new job offer if it did not offer a significant salary increment.
Instead of holding off their career decisions until the economy is stable, people are actively looking for jobs to sustain their ability to pay for essential services and pursue their desired lifestyle.
49% of respondents in Hong Kong SAR said that they have quit their jobs due to low wages and 29% said that they are thinking about resigning so that they can find a better paying job to help with the rising cost of living.
The current economic situation has highlighted the importance of offering competitive salaries to ensure that employees are paid a salary that they deserve and meet today’s living quality standards. Companies looking to retain their talent should take proactive measures to ensure employee satisfaction and reward performance to maintain an environment of growth and development.
retirement plans are delayed as financial security takes priority
The survey revealed that 73% of individuals in Hong Kong SAR reported their financial situation is preventing them from retiring as early as they want. Given their current circumstances, 34% of Hongkongers expect to work beyond the statutory minimum retirement age of 65 years old.
21% of Hongkongers said that they are delaying their retirement to help with the rising cost of living.
companies expected to proactively manage business restructuring to protect employees’ livelihood
In the unfortunate event of a retrenchment, 31% of respondents said that they want an extension of company-paid corporate benefits (medical benefits, insurance) for a period of time in addition to severance pay. Another 25% said that they want access to external outplacement services.
Employers should prioritise empathy and understanding when implementing any cost-saving measures for companies that could impact employees’ livelihoods. Doing so will demonstrate their commitment to ensuring the well-being of all those affected. This may include providing clear explanations for their decisions as well as offering career transition assistance and fair severance pay packages.
Randstad Risesmart provides talent management and transition services, such as worklife coaching, redeployment, outplacement and retirement support to companies and talent around the world.
The 2023 Randstad Hong Kong Workmonitor survey was conducted in October 2022 with a total of 1,000 respondents aged between 18 and 67 years old.
download the 2023 randstad hong kong workmonitor report
Secure, flexible, inclusive and financially stable employment in a place they feel they belong: that’s what workers want this year.
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. Download the 2023 Workmonitor to keep up to speed with what’s shaping this new world of work and access unique insights into Hong Kong SAR’s talent pool.
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