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The gap between what employers expect and what employees aspire to has long existed. However, recent trends highlighted in Michael Page Hong Kong’s Talent Trends 2024 report show that this divide has become more pronounced, leading to a growing ‘Expectation Gap’.”
The COVID-19 pandemic triggered a profound shift in how people view work-life balance and personal priorities, leading to significant changes in the talent market.
As a result, job seekers and employees have emerged with renewed confidence in advocating for their preferences. They realised that work, while necessary, is just one facet of a fulfilling life. Employees are more empowered than ever to seek environments aligned with their values and lifestyle choices.
"On the one hand, workers have a growing list of expectations stretching beyond competitive salaries and flexibility. On the other hand, employers face significant pressures in a rapidly evolving business environment, making it harder for both sides to meet in the middle," says Rupert Forster, Senior Managing Director at Michael Page Greater China.
For employers and hiring managers in Hong Kong, understanding and addressing this amplified expectation gap has become crucial for developing effective talent strategies to attract and retain top professionals in an increasingly competitive global talent market.
Recruiting talent in Hong Kong has grown more complex, with employers facing a range of challenges that underscore a widening gap between what job seekers expect and what employers offer.
According to our Talent Trends 2024 report, 65% of organisations in Hong Kong struggle to find the right talent, while 49% grapple with retaining employees.
These figures are higher than the APAC averages of 40% and 33%, respectively, underscoring the pervasive nature of these challenges across the region. This annual Talent Trends 2024 report reveals that employers face three primary hurdles in their hiring efforts, contributing to the expectation gap:
These obstacles highlight the intricate balance employers must strike between competitive compensation, skills-based recruitment, and cultural fit in today's dynamic job market.
To navigate the complexities of this job market effectively, organisations need to consider adopting holistic talent strategies that address immediate hiring needs and long-term talent development strategies.
Interestingly, while matching salary expectations is challenging for most organisations, competitive salaries are no longer the sole deciding factor for job seekers when it comes to accepting a job offer, further emphasising the multifaceted nature of the expectation gap in recruitment.
Related: Find out what you should be paying your employees with our 2024 Salary Guide
In Hong Kong, 30% of respondents would turn down a promotion to focus on their wellbeing, down from 43% in 2023.
Flexibility has become a significant point of contention in workplaces across Hong Kong, where 42% of respondents now work in a hybrid arrangement, reflecting an important shift in work culture.
Flexibility in working arrangements ranks as the third most important factor for job seekers. This trend is mirrored across APAC, emphasising the need for employers to look beyond monetary compensation to attract and retain top talent.
Some 46% of employees are now required to increase their in-office presence as compared to 12 months ago. This transition has its challenges.
One in two employees actively looking for a new job was required to return to the office more than 12 months ago due to a change in company policy, highlighting the potential risk of losing top talent due to the implementation of rigid attendance policies.
Interestingly, our Talent Trends 2024 report uncovers a striking disconnect in how organisations perceive and implement flexibility.
Adding another layer of complexity to the equation of talent strategies is the need for employers to cater to a multigenerational workforce.
Our Talent Trends 2024 report reveals that work-life balance and competitive salaries are universally prioritised across all age groups. However, subsequent priorities vary significantly.
For instance, employees in their 20s highly value relationships with colleagues and managers, while those in their 40s and above place greater emphasis on management style and employee recognition.
This diversity in preferences underscores the need for organisations to implement multifaceted engagement strategies that can accommodate the distinct priorities of each generation, from Baby Boomers to Generation Z.
In recent years, Diversity, Equity, and Inclusion (DE&I) initiatives have taken centre stage in discussions about workplace culture. However, our Talent Trends 2024 report reveals a significant expectation gap between intentions and reality.
In Hong Kong, 76% of employees believe their workplace lacks inclusivity, higher than the APAC average of 71%. Moreover, 84% of respondents in Hong Kong perceive a lack of diversity in senior leadership, also higher than the APAC average of 77%.
These statistics highlight an urgent need for organisations to move beyond surface-level DE&I initiatives and foster genuinely inclusive environments. Understanding key trends can help employers address systemic issues like discrimination and bias to create workplaces where all employees feel valued, thus bridging the expectation gap.
One particularly concerning aspect of workplace discrimination highlighted in the report is ageism. In Hong Kong, racial bias topped the list of workplace discrimination, with 50% of affected employees reporting race-related incidents. Age discrimination follows closely behind at 47%.
Related: A guide to inclusive hiring for People With Disabilities
Artificial Intelligence (AI) is no longer a futuristic concept but a present reality reshaping the workplace. In Hong Kong, 31% of employees already use AI in their current roles, lower than the APAC average of 41%.
More significantly, 59% of respondents in Hong Kong believe AI will impact their long-term career plans, compared to 60% across APAC.
This data indicates that Hong Kong is trailing behind in workplace AI adoption in the region. To keep pace with the regional and global workforce, employees in Hong Kong must adapt to this new reality and embrace the opportunities presented by AI.
Moreover, developing clear guidelines for the ethical use of AI technology is crucial to mitigate potential risks and ensure alignment with organisational values and goals in this rapidly evolving business environment.
Related: How to identify resumes created by AI
Companies that successfully bridge these expectation gaps can gain a competitive advantage by aligning with the values and aspirations of modern employees.
To address these expectation gaps and create a workplace that attracts and retains top talent, employers and hiring managers could consider the following actionable insights and strategies:
Move beyond traditional approaches to career growth and employee satisfaction. Develop a deeper understanding of the factors influencing employee retention and acquisition, and adopt a more nuanced, personalised approach that acknowledges each employee's unique needs and aspirations.
Assess and improve your current learning and development programs to adequately prepare your team for evolving roles. Actively discuss AI and its implications for fostering a forward-thinking environment.
Foster a culture of transparent and constructive dialogue within your organisation. Encourage leaders and team members to address issues directly and bring concerns to the forefront in a mutually respectful manner.
Implement flexibility in work arrangements that balance business needs with employee preferences. Regularly assess and adjust these policies based on feedback and productivity metrics.
Move beyond surface-level DE&I initiatives to get deeper insights and address systemic issues in your organisation. Foster an environment where all employees feel valued and respected and can contribute their unique perspectives.
Provide comprehensive training and support to help employees integrate AI into their workflows effectively. Develop guidelines for the ethical use of AI technology to ensure alignment with organisational values and goals.
The expectation gap presents both challenges and opportunities for employers in Hong Kong. By understanding and addressing key trends in the rapidly evolving business environment, needs and aspirations of the modern workforce, organisations can create talent strategies and workplaces that attract top talent, and foster long-term engagement and success.
Understanding global talent landscapes is crucial for developing strategies that attract and retain top professionals in Hong Kong and across regions. As you navigate this new landscape, the ability to bridge the expectation gap will be a crucial differentiator for companies seeking to thrive in an increasingly competitive global market.
Discover the latest in workforce trends in our latest Michael Page Hong Kong Talent Trends 2024 report: The Expectation Gap. This survey report findings are based on responses from 12,940 job seekers, employees and employers across Asia Pacific, of which 464 are from Hong Kong.
It covers career insights that talent leaders and hiring professionals need to know to attract and retain talent. Download our report or use our interactive online tool to gain deeper, up-to-date insights into the current talent market.
Read more:How to build your personal brandWhy should someone be led by you?How to resolve workplace conflicts: A guide for managers
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