Job Loyalty Wanes: 80% of New Hires in Hong Kong Still Eyeing Other Job Opportunities
HONG KONG SAR - Media OutReach - August 1, 2023 - An eye-opening study titled "Talent Trends 2023: The Silent Revolution" has revealed striking figures regarding the workforce in Hong Kong. Despite nearly half of the participants stating they are content with their current jobs, a shocking 90% of them are still willing to explore new employment options. Additionally, a remarkable 80% of individuals who recently changed jobs are also open to different opportunities.
A new investigation conducted by Michael Page Hong Kong, a company specializing in recruiting professionals, investigated the opinions of 1,042 individuals working in Hong Kong. The findings suggest that a significant 40% of workers have switched positions since the beginning of the pandemic. These statistics signify a noteworthy change in the way employees view their jobs, resulting in what can be termed an "Unseen Revolution" that is characterized by a more transactional attitude towards work.
To emphasize this pattern, Mark Tibbatts, the chief of Michael Page Hong Kong & Taiwan, adds to the discussion by saying, "There is a growing desire for authentic human engagement. Employers must offer meaningful individual connections during the recruitment and employment journey in order to make their staff feel esteemed. Following the period of confinement and limitations, individuals are now more enthusiastic about connecting with others. Although workplace technology has facilitated flexible work arrangements, face-to-face social interactions are being recognized with renewed value as they satisfy a basic human social requirement."
The article emphasizes the significance of salary in this modern setting. Around 30% of workers stated that they were influenced by the financial difficulties caused by the rising living expenses, and 19% have not experienced an increase in their wages within the past two years. The research indicates that employees are now more inclined to find ways to earn money from their time and are resistant to accepting lower pay if they have the potential to earn a higher income elsewhere.
During times of deteriorating economic circumstances, more than half of individuals, namely 56%, will actively pursue alternative employment, exhibiting a heightened sense of initiative towards their careers and a strong aspiration for improved prospects and circumstances.
Amidst the ongoing wave of mass resignations, the report highlights the importance for employers to reconsider their strategies for hiring staff. According to the study, recruiting employees should no longer be a sporadic process but rather a continuous endeavor in order to cope with the increased rates of employee turnover.
The article also highlights the significance of a well-defined Employee Value Proposition (EVP) that goes beyond salary and work flexibility. It proposes that incorporating worker preferences in an EVP could act as a significant distinguishing factor in recruiting new employees or retaining current ones.
Based on these discoveries, the report suggests that employers should show more understanding towards the enhanced influence of skilled individuals and effectively outline education programs, professional growth opportunities, and the consequent rewards to reduce turnover among new employees.
According to Nicholas Kirk, the chief executive officer at PageGroup, the developments in Hong Kong reflect the attitude of the worldwide pool of skilled individuals. Every area has experienced a significant shift in various sectors, markets, and age groups.
These are not passing fads or knee-jerk reactions to a time of instability. Instead, they are reforming the work environment in a manner that will quietly yet fundamentally alter the way companies appeal to and keep their skilled workforce.
Tag: #MichaelPage #TalentWave2023 #UnseenTransformation
The content of this announcement is the sole responsibility of the issuer.
