Randstad Hong Kong released the latest local results from the Q3 2019 Randstad Workmonitor survey today. The mobility survey revealed that 51% of locally-based respondents feel satisfied about their current job. 38% of respondents are not actively looking for a job, but would be curious if an opportunity is presented to them.
Key findings in Hong Kong SAR include:
21% had changed employers in the last six months
77% want to be able to travel internationally for work
67% are willing to relocate to another market for a substantially higher salary
39 per cent of local respondents said that they are neither satisfied nor dissatisfied at work, and another 9 per cent said that they are unhappy at work. 21 per cent had changed their employers in the last six months.
Natellie Sun, Managing Director at Randstad Hong Kong said, “In a candidate-short market like Hong Kong SAR, good talent are frequently approached by recruiters and hiring managers. If the employee is not particularly happy in their role, they will be easily wooed by other employers, even if they offer just a slight increase in salary or benefits. Companies that want to retain their people need to make sure that they are doing all they can to provide their staff with a positive experience, such as offering them with good training programmes or comprehensive wellness benefits. When an employee is happy, they are less likely to say yes to offers from other employers, even if they come knocking."
25 per cent said that they are either applying or looking for new job opportunities, and another 38 per cent said that they would be open to changing their jobs if an opportunity is presented to them.
According to the Randstad Hong Kong Workmonitor’s 2019 Q3 results, having the opportunity to work overseas is an important factor for employees.
78 per cent would consider relocating to another market if that means that they can improve their career growth and work-life balance. 78 per cent of respondents are open to the idea of relocating for work if it means that they can progress in their careers and have a good work-life balance. 67 per cent would relocate for a substantially higher salary.
“The opportunity to work in different markets and be exposed to new work and people can be very exciting. It helps talent gain new perspectives, learn more about other cultures, and interact better with stakeholders from different backgrounds. Being able to work in companies based outside of Hong Kong SAR is very tempting, especially if the other markets are perceived to have a higher quality of life, well-regarded education system and more opportunities to have purposeful careers.”
While Hongkongers are not as willing to relocate to another market when compared to Malaysia and Singapore, 77 per cent of them want to be able to travel internationally for work. 79 per cent also said that they like working with people from other cultural backgrounds.
“As the leading financial hub in Asia Pacific, it is important for us to have a diverse workforce. When people from different cultures and backgrounds come together to work, they are able to gain different perspectives, find creative ways to improve efficiencies and drive innovation through collaboration,” Sun adds.
82 per cent of respondents think that it is a positive thing that their employers hire foreigners if the local talent pool cannot provide the required skills or knowledge to do the job.
Sun continues, “There is a prevalent skills gap in our local talent landscape. Companies tend to import talent to fill these gaps for business continuity and to drive innovation. When we work together with foreign experts to spearhead new business initiatives in our city, more investments will flow in and more businesses will expand their presence to ensure competition,”
“Despite recent political unrests which may have resulted in more people re-thinking about moving to Hong Kong SAR for work, businesses are confident that growth opportunities remain present. As a bustling regional business hub, Hong Kong SAR has been consistently rated the top place for expats across several renowned indices, retaining its appeal as a metropolitan city for professionals.” Sun concludes