Employers to raise the bar on staff retention in 2013/14

Key Survey findings: (Source: 2013/14 Michael Page Hong Kong Employee Intentions Report)

• 37% of respondents are very likely to look for another role in the coming year, while 46% say they will consider looking for work overseas.
• 60% of employees will ask their current employer for a pay rise in the next 12 months with a wage rise of 10-12% the most desired increment.
• 72% of respondents want flexible working arrangements to achieve better work-life balance.

July 17, 2013: The 2013/14 Michael Page Hong Kong Employee Intentions Report reveals employers will need to address staff retention as a priority over the next 12 months.

The survey, based on the responses of over 1,000 employees in Hong Kong’s professional sector, indicates 37% of respondents are very likely to look for another role in the coming year. Almost half (46%) of those surveyed say they will consider looking for work overseas, with 63% planning to seek a job in Asia and a further 25% in Australia, New Zealand or EMEA.

“The resilient economy in Hong Kong is sustaining business activity levels, which is having a positive flow-on effect to the professional employment market. As job opportunities continue to arise, professionals are likely to become more active jobseekers,” says Mr. Andy Bentote, Senior Managing Director of PageGroup in Hong Kong and Southern China.

“With over one in three professionals likely to look for a new role in Hong Kong over the next 12 months –and almost half of all respondents considering to work overseas in order to add international experience to their CV –employers will need to offer appealing incentives to secure in-demand talent,” says Mr. Bentote.

Of the employees looking to stay in their current role, 60% say they will ask their employers for an increase in salary in the coming year, with an increment of 10-12% preferred by most (32%). Furthermore, 72% of staff would like to receive flexible working arrangements from their company to achieve better work-life balance.

With regard to accepting a new role, 29% of respondents say the main incentive is an increase in salary. This is followed by scope for career progression (17%), more seniority/promotion (14%), company brand and reputation (13%) and learning and development (13%). In terms of salary levels, 29% of respondents will look for a 10-12% wage rise in a new position.

In addition, respondents are optimistic about the strength of the job market for the sector they work in; 49% of respondents are of the opinion that the employment market will remain the same and 37% anticipate an improvement on current hiring activity.

To read the Hong Kong Employee Intentions report in full, visit the Michael Page Hong Kong News & Research Centre.