While Hong Kong isn’t exactly immune to the global phenomenon known as the ‘great resignation’, the city is experiencing something of a talent reshuffle or realignment as employees leave their jobs in search of greener pastures.
Unlike some places where employees are hitting the pause button and stepping away from work, in Hong Kong, in many cases, employees are keeping the city’s famous hamster-like work wheel spinning by quitting one job to immediately embark on another.
Recently published by the recruitment firm Michael Page, The Great X 2022 report seems to confirm the trend, with one in five respondents in Hong Kong saying they have been in their current job for less than one year. According to the report, the SAR is in the midst of a talent migration.
Universal trend
Fuelled by a desire for change, jobseekers are becoming more discerning about the next job they apply for, with 55% saying their main motivation for resigning from their current job is to change industries or their roles in industries. Other prevailing reasons for wanting to leave the current job include unhappiness with current salary (40%) and being on the lookout for career growth or a promotion (38%). What’s more, there is evidence that the ‘grass is greener’ trend will not be reversed any time soon; the intention to change jobs is consistent across all age groups, job titles and industries.
When it comes to searching for a new job, The Great X findings show that four out of five Hong Kong respondents prefer a hybrid arrangement of working from home and at the office. Unsurprisingly, salary, bonus, and rewards remain the top factor influencing candidates’ decisions on where to work. What may come as a surprise, though, are the other factors that candidates deem important when making the decision to sign on the dotted line: company culture and values, a greater sense of purpose in their roles, and inspiring leadership.
With greater competition for talent from the same pool, getting the talent value proposition right is crucial
Hong Kong hiring managers point out that the rise in employee expectations was happening pre-pandemic but that the past two years has acted as a catalyst and accelerated the trend exponentially.
The value proposition
While aligning the enlightened employer value proposition with employee expectations is seen as an attractive jobseeker magnet for employers, businesses still need to attract job applicants from an increasingly squeezed talent pool. Anxiety over talent scarcity is reflected in The Great X report, in which the top three recruitment challenges in Hong Kong for 2022 were identified as competition for applicants, a lack of applicants, and a lack of skills required by the business.
Exacerbating the talent shortage problem in sectors including banking, financial services and technology, Hong Kong’s stringent Covid quarantine and travel rules have led to an exodus of expats and Hong Kong residents over the past two years. On the one hand, a business can consider a large number of employees looking to change jobs as advantageous, especially in a tight labour market; but on the other, with greater competition for talent from the same pool, or a smaller pool due to people leaving the city, getting the talent value proposition right is crucial.
When employers talk about the business challenges they face, inevitably they include how difficult it is to find great talent; and when they do, they highlight how high-performing employees are regularly targeted by headhunters. As one seasoned HR practitioner summed it up, getting the employee value proposition right is pivotal, because if employees decide it’s not up to scratch, they will be taking calls from headhunters seriously.
