As the Hong Kong government looks to increase the retirement age of newly hired Hong Kong civil servants from 60 to 65, the 2014 Randstad Award Survey released today revealed that almost half (44 per cent) of employees in Hong Kong want to retire at the age of 54.
The survey of 6,254 employees in Hong Kong also found that respondents would be motivated to work longer if their workplace offered fewer working hours (47 per cent), a relaxed work schedule (45 per cent) and reduced physical effort or stress (40 per cent).
Peter Yu, Director of Randstad Hong Kong said the findings provide organisations with insight on how to keep their older talent satisfied, engaged and productive for longer.
“Hong Kong is facing the dual challenge of an ageing population and a shortage of talent, making it difficult for many companies here to fill key skills gaps.
“While there is no statutory retirement age in Hong Kong, many local firms set their retirement age between 55 and 65.
“However, as the population ages, there are fewer working-age people to support the growing number of the elderly. If a large number of employees vacate the workforce early, companies here will face an even bigger talent shortage challenge.
“To encourage their older workers to remain in the workforce, organisations should introduce flexible working arrangements. These may include offering programmes which provide mature employees with a greater sense of work-life balance, such as the option to work from home, take on a consulting role or work on a part-time basis,” said Yu.
The survey also revealed that while competitive salary and benefits tops the list as one of the most important factors when choosing an employer, other factors are rising in significance, effectively reducing the singular importance of salary from 63 per cent in 2013 to 43 per cent.
Hong Kong employees are increasingly coveting strong management (36 per cent, up from 13 per cent in 2013), good training (31 per cent, up from 25 per cent) and international career opportunities (27 per cent, up from 9 per cent).
“This shows that Hong Kong’s world of work is constantly changing, putting pressure on employers to continuously evolve their human capital strategies.
“It is important to offer a variety of benefits to recruit and retain talent of all ages, including high performing employees, return-to-work mothers and mature-age workers to increase the available talent pool.
“By offering solid career progression opportunities for younger employees, as well as the opportunity to scale down as they age, this will ensure that organisations are building a strong employer brand to not only attract the best talent, but also help keep them in the workforce for longer,” says Yu.
The study also reveals that competitive salary and employee benefits (43 per cent) has replaced long-term job security (40 per cent) as amongst the top five most important factors when choosing an employer in Hong Kong.
Reliable (61 per cent), strong (57 per cent), honest (47 per cent), robust (47 per cent) and sincere (47 per cent) are the top five key employer personality traits employees in Hong Kong look for in an employer.
On average, Hong Kong employees spend 44 minutes travelling to work, which is close to their acceptable time of 50 minutes.