Nearly half of female human resource managers in Hong Kong say that more women in leadership roles will be a critical success factor for organisations. Female employees were asked what their top three most important benefits were and 79% rated competitive salary, 55% said leadership and career development and just over a third (37%) named training and development.
The single biggest motivator to perform well and remain in the role is a strong feeling of being valued and recognised (34%) with one in five saying they wanted a strong understanding of how the role contributes to achieving organisational goals.
Game-Changer #3 of the 2013/14 Randstad World of Work Report, part of the four-part game-changer series, released today also reveals that workplace flexibility is seen as an appealing factor of a company by female employees. Only 25% report receiving flexible work options as a benefit but 52% said these would make them more satisfied in their workplace.
"Female respondents report that their career ambitions are just as high as their male peers," comments Nicole Lui, Associate Director, Randstad Hong Kong. "But female workforce participation has remained at around 50 percent in recent years, which is seen in part due to a lack of subsidised maternity leave and childcare, limiting workforce growth across much of Asia. This represents strong potential for Hong Kong, which currently lags slightly behind Singapore in terms of women labour participation rates since 2012. Staggeringly, over half of female employees (60%) intend to leave their job in 2014 due to lack of opportunity for growth and uncompetitive salary."
From an employers’ viewpoint, developing leadership skills for the next phase of business growth ranks top (55%) as the biggest productivity challenge the organisation will face over the ensuing twelve months. Nearly half (49%) of female HR managers agreed that more women in leadership roles will be a critical success factor as opposed to 39% who disagreed.
"Hong Kong’s workforce is dominated by Generation X males often supporting families on a single salary in a city where inflation and cost of living pressures are rising. Hong Kong is already experiencing a talent supply challenge and, more than any other country in the region, a high proportion of employees are willing to change jobs for more money," added Lui.
Hong Kong’s reducing talent pool of skilled workers is having a far-reaching effect on how human resource managers are planning for the future. Over half (52%) said that talent scarcity is the reason for completely outsourcing talent sourcing and attraction and 54% say that this will play a part in their talent strategy over the next five years.
The main reasons for recruitment outsourcing include the hiring of specialised, hard-to-find skills (51%), improvement of recruitment process efficiency (44%), better workforce alignment with organisational strategy (31%), and increase workforce flexibility and scalability (25%).
"As talent supply challenges build for companies in Hong Kong, female employees have signalled their intention to exit for employers who can offer stronger recognition and better rewards. Clearly, employers need to address work/life balance, trust and accountability to ensure talent retention and recruitment," says Peter Yu, Director, Randstad Hong Kong.