Hong Kong employees trade job loyalty for more money

Hong Kong employees trade job loyalty for more money

HONG KONG, 17 June 2014
– Four out of five (83 per cent) employees in Hong Kong would change jobs if they could make more money elsewhere, while three quarters (77 per cent) would do so for better career opportunities, according to the Q2 Randstad Workmonitor Survey.

The results show that Hong Kong employers need to rethink their human capital strategies, with three quarters (74 per cent) of employees seeing their current jobs merely as a way to make a living. This demonstrates that Hong Kongers are less invested in their jobs than their Asia Pacific counterparts in New Zealand (49 per cent), China (62 per cent), and Australia (67 per cent). Mr Peter Yu, Director of Randstad Hong Kong, commented that employers need to realise the high mobility of the talent pool and implement measures to engage and retain employees, particularly at a time when the unemployment rate of 3.1 per cent is at a 16-year low.

“It’s no surprise that Hong Kong is facing a stiff war for talent, and the manpower shortage will only intensify as the city’s ageing population will leave one in three people aged 65 years or older by 2041.

“With three out of five (58 per cent) employees thinking that they can switch careers at any moment in time, it is increasingly pressing for employers to implement measures that engage employees and earn their loyalty toward the company. 

“Loyalty in the workplace is a reciprocal exchange. To build employee loyalty, organisations should demonstrate that they are invested in their employees’ best interests, by providing clear career paths, training opportunities and benefits which improve the well-being of their workforce.

“At the same time, employees should realise that a lengthy tenure with an organisation adds value to their career history and positions them as a dedicated employee,” Mr Yu said.

The results also showed that more than eight in ten (83 per cent) employees see the increasing impact of technology on their jobs as an opportunity, which reinforces the importance of providing up-skilling programmes to deal with the rapid expansion of the role of technology in the workplace.

“Being able to engage employees and create loyalty to the organisation is part of a company’s employer branding efforts.

“A strong employer brand should demonstrate a comprehensive understanding of what employees want and provide an attractive offering that caters to those needs.

“Top-down and bottom-up communication is therefore valuable, as it allows employers to gain insight into what their employees want, which they can then use to attract and retain the best talent,” Mr Yu concluded.

Randstad Workmonitor Report also found that: 

• 86 per cent of employees in Hong Kong are looking for a new job;
• Over 34 per cent of employees changed jobs in the last six months;
• A third (33 per cent) of workers have been in their current job for two years or less;
• Less than half (47 per cent) of workers are satisfied with their current employers.

About Randstad Workmonitor 

The Randstad Workmonitor was  launched  in the Netherlands  in  2003  and  now  covers  33  countries around the world, encompassing Asia Pacific, Europe and the Americas. The Randstad Workmonitor is published four times a  year, making both local and global trends in mobility  regularly  visible over time.

The  Workmonitor  Mobility  Index,  which  tracks  employee  confidence  and  captures  expectations surrounding  the  likelihood  of  changing  employers  within  a  six  month  time frame,  provides  a comprehensive  understanding  of  job  market  sentiments  and  employee  trends.  In  addition  to measuring mobility, it provides insights into employee satisfaction and personal motivation, as well as explores sentiments around key trends shaping the world of work for employees each quarter. 

The  quantitative  study  is  conducted  via  an  online  questionnaire  among  a  population  aged  18-65, working a minimum of 24 hours a week in a paid job (not self-employed). The minimal sample size is 400 interviews per country, using Survey Sampling International. Randstad’s Q2 Workmonitor survey was conducted between 13 and 30 January 2014 and sampled 4,050 respondents in Hong Kong.
Posted: Thursday, 19 June 2014 - 10:53 AM