Around 91% of companies in Hong Kong have lost staff members in the last six months and half admitted the main reason for departures is ‘salary’, according to the 2024 Salary Guide by Morgan McKinley.
Research from 650 businesses and 3,400 professionals revealed that 73% of organisations in Hong Kong had ‘very’ or ‘quite’ competitive hiring experiences in 2023. Despite of it, more than half (55%) of companies still consider hiring in the next six months.
Work dissatisfaction
The study also revealed that almost half (47%) of professionals in Hong Kong are planning to change jobs in the next six months and were not happy with the benefits they received.
The majority (76%) of the professionals surveyed admit being ‘neutral’, ‘dissatisfied’ or ‘highly dissatisfied’ with their current job benefits.
Desired benefits
Workers in Hong Kong look for the following benefits in a job: Bonus, work from home, health insurance, flexible working hours, and health and wellbeing support. They also desire moving out of jobs for various reasons such as a higher salary (60%), career growth and development opportunities (13%).
Professionals in Hong Kong are optimistic of a salary increase in 2024 (57%) and almost half (47%) of employers plan a salary increase within the year.
Employee retention
“In the current environment, employee retention is going to be key. Whilst competitive salaries are important to attract talent, it doesn’t always correlate with retaining employees. You need to also offer comprehensive benefits, have a slick hiring process, create a positive candidate experience, provide flexibility in working patterns and encourage professional development,” says Rob Sheffield, the managing director of Morgan McKinley Hong Kong & China.
