More than 62% of Hongkongers ranked attractive salary and benefits as the most important employee value proposition they seek in an ideal employer. Work life balance comes in a close second at 60%. The top 5 employee value propositions that Hong Kong respondents seek in an ideal employer in 2021 are: Attractive salary and benefits (62%); work-life balance (60%); financially healthy (52%); job security (51%); and pleasant work atmosphere (45%) .
Natellie Sun, managing director of search and selection in Greater China at Randstad said, “After 2020, it is understandable that employees and job seekers have heightened their expectations and are giving more attention to their income and job security. Based on our research, it is clear that there is no secret to winning the war for talent. Organisations that are hiring, especially in areas such as technology and life sciences where talent is hard to find, are advised to match salary expectations to secure the best candidates.”
The study added that work-life balance remains the most unmet candidate expectation despite being ranked as the second most important factor to Hongkongers. When compared to all other groups, women and higher-educated employees also find “work-life balance” to be more important than “attractive salary and benefits”. Respondents aged between 18 and 34 years old ranked work life balance as the most important employee value proposition factor.
Prior to the COVID-19 pandemic, 21% of respondents switched employers. Between July and December of 2020, only 16% of Hongkongers switched employers. The study found that 23% of respondents have plans to switch employers in 2021. Approximately one in four gen-Zers and Millennials (28%) intend to switch employers this year. Sun explains that even as more people look for new jobs, many employers struggle to find the right candidate, especially in highly competitive and technical areas like technology, financial services and property.
“While job seekers may fulfill the basic skills and experience requirements, they may not have the X-factor that many organisations are looking for, which is the candidate’s growth potential. Many of our clients are looking for someone who has demonstrated initiative and proactiveness as well as individuals who possess creativity and curiosity to explore new ways and opportunities in the next normal,” she added.
MARKETING-INTERACTIVE’s Adland's Diversity & Inclusion Index recognises Asia's change-makers who are pushing the boundaries and cultivating a culture for tomorrow. Nominate case studies of your D&I initiatives for workforce in Asia today!
PwC study: The pandemic's impact on social tensions, gender and ethnicity
MARKETING-INTERACTIVE unveils Adland's Diversity & Inclusion Index
#ExplainIt: Empowerment and stereotypes [Video]