HONG KONG, 30 December, 2015 – Despite the gloomy global economic outlook and a flat end to the year, three out of five (60 per cent) Hong Kong employees are optimistic about their employer’s performance next year, according to the Randstad Q4 2015 Workmonitor released today.
However as 2015 draws to a close, Hong Kong’s slowing economy has dampened employees’ salary expectations, with half (51 per cent) not expecting a bonus and four in 10 (40 per cent) not anticipating a pay rise.
Michael Smith, managing director of Randstad Hong Kong, Malaysia & Singapore said “Hong Kong employers are taking a cautious approach to their pay strategies in 2016 considering the current economic uncertainties and business challenges looming over Hong Kong, with projected base pay adjustment for 2016 at 3.8% on average.”
“However, half of workers are still hopeful that next year will see an improvement in Hong Kong’s overall economic situation, mainly arising from new opportunities in the thriving IT and e-commerce sectors.
“Revenue from the Hong Kong e-commerce market is expected to see annual growth of 10.86 per cent to 2020, with sectors such as retail stepping up their e-commerce efforts to capitalise on the trend and not lose out to foreign players.
“This is leading to widening skills gaps as the market tries to keep pace with the new technology solutions and consumer expectations being introduced across a wide range of industries,” said Mr Smith.
The increasing demand for data and technically proficient roles and specialist skills is making employees more aware of the challenges their industries face, with 73 per cent saying that their employer currently has trouble finding the right talent, with 68 per cent expecting this to get even more difficult in the future.
According to Randstad, one way to combat this is to provide more relevant training to attract and retain top talent. A majority (72 per cent) of workers agree with this sentiment and want their employers to invest more in developing digital skills.
“Increasing demand for digital skills has become a pressing issue amongst the workforce, not only in Hong Kong but across the region. While the majority (82 per cent) of workers in HK feel equipped to deal with digitalization in their jobs, almost half (44 per cent) feel that their jobs are at risk of being automated within the next decade,” said Mr Smith.
Nonetheless, most employees remain unfazed when it comes to their job security for now. Only 8 per cent feel that they are under high risk of either losing their job or not having their contract extended in the next six months.
There is an opportunity for employers to provide further learning & developing programs as part of their attraction and retention strategies ahead of 2016 to ensure a stable technically proficient workforce. A company should evaluate whether it’s L&D programs currently help it to close the digital-IT-marketing skills gap—or whether they are just set up to do more of the same,” advised Mr. Smith.
Posted: Wednesday, 30 December 2015 - 12:46 PM