More than half of 62% of employees say that they believe Hong Kong’s economic situation will improve in 2014. Regardless of how employees feel about the economic situation, they are resolute in seeking a bonus (85%) and receiving a pay rise (93%) in 2014. Hong Kong staff rank job satisfaction the least (48%) when compared to their global peers – the lowest in the world.
These results are according to the latest Randstad Workmonitor findings that surveyed 3,240 employees in Hong Kong.
“Hong Kong companies already experiencing internal and external challenges must now be prepared for their employees demanding more financial rewards. Last year, employees were able to forgo monetary gains by developing their own skills and competencies, but with 2014 being seen as a turnaround year, employees will be seeking higher salaries,” said Peter Yu, Director of Randstad Hong Kong.
According to the Randstad survey, 83% of employees said they had put an effort in developing their skills and competencies in 2013 and 69% felt their employer had given development opportunities during the course of the year.
The survey underscored Hong Kong’s reputation as having the hardest working employees with respondents asked how easily they are able to let go of work when they are on holiday. Just over half (51%) stay informed of that is going on at work when they are on holiday with 40% saying they felt their employers expected them to be available 24 hours a day. However, 77% say that they can let go of work once their holiday starts.
“Employee sentiment is that they want to be rewarded for all their efforts in the past year through a pay rise and bonus. For business leaders and HR departments already caught in a talent crunch and offering a myriad of financial incentives as a short term solution, the next three months will be both challenging and critical. Companies that suffer less will be those that have robust, long-term human capital retention plans already in place,” said Yu.
The report also finds that two thirds (67%) of the Hong Kong employees think that working together with foreign employees adds value to their jobs. Meanwhile four out of ten (37%) employees feel less secure about their jobs due to immigration of foreign employees.