Four out of five (83 percent) employees in Hong Kong would change jobs if they could make more money elsewhere, while three quarters (77 percent) 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 percent) 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 percent), China (62 percent), and Australia (67 percent).
Peter Yu, Director of Randstad Hong Kong, commented that employers need to realize 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 percent 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 percent) 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, organizations 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 realize that a lengthy tenure with an organization adds value to their career history and positions them as a dedicated employee,”Yu said.
The results also showed that more than eight in ten (83 percent) 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 organization 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,” Yu concluded.
The report also found that 86 percent of employees in Hong Kong are looking for a new job, and over 34 percent of employees changed jobs in the last six months.
A third (33 percent) of workers have been in their current job for two years or less; while less than half (47 percent) of workers are satisfied with their current employers.