HONG KONG, June 23, 2022 /PRNewswire/ — Sparked by the global pandemic, the Great Resignation has been happening in Hong Kong for the past two years and will only intensify in 2022. There has been a wave of resignations in Hong Kong with almost half (42%) of employees who have been at their current jobs for not more than two years and a significant 76% of employees looking for new career prospects over the next six months.
Professional recruitment services firm, Michael Page Hong Kong, launched the ‘Talent Trends 2022 Report’, titled ‘The Great X’ that features new insights and market sentiment on prominent employment topics.
While salaries, bonuses, and rewards are still top motivators for candidates, the survey shows a big swing towards non-monetary benefits. A significant 69% of respondents in Hong Kong are willing to forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.
Mark Tibbatts, Managing Director of Michael Page Hong Kong & Taiwan says, “Human capital is one of the most in-demand resources, and demand far outpaces supply. Industries like Technology, and Healthcare and Life Sciences, continue to see tremendous demand for talent. We are witnessing individuals placing increased importance on company culture, a sense of purpose and leadership – ahead of company branding.”
As economies improve, companies cannot underestimate the psychological effect that merging “work” and “personal” life has had over the past two years. 80% of respondents want a hybrid work arrangement between working from home and the office.
In addition, 63% of professionals in Hong Kong have asked or will consider asking about a company’s DE&I policy at interviews and 34% say the lack of clear DE&I commitment would stop them from actively pursuing a job opportunity
The pandemic has also shifted priorities, with 69% of candidates stating that they believe mental health and well-being should play a part in employee performance, measurement and appraisals. Companies must create positive workplace cultures in which employees at all levels feel appreciated, or risk losing high performing talent to their competitors.
A significant number of employees has been found to not feel supported by their employers. 51% of respondents say that their workload has increased compared to before COVID-19. 85% believe that their company does not take active steps to ensure work-life balance. Companies need to change things and help employees work more efficiently.
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