21% of Hong Kongers thinking of changing jobs in 2016: survey

It's a decline from the previous study.

A study has noted that 21% of Hong Kongers intend to change jobs in 2016, a decline from the previous survey.

According to a release from Morgan Philips, talent’s intentions to change jobs in 2016 continue to decline: Mainland China 20.5%, Hong Kong 21%, and Taiwan 17%.

But, among those planning a move in 2016, 64% in Mainland China, 52% in Taiwan and 44% in Hong Kong expect at least a 21% salary increase.

Morgan Philips Greater China (formerly MRIC) recently released the initial findings from its 2016 Talent Survey, which show a continued deceleration in job changes and salary increases across the region.

The major challenge of employers in the “New Normal” is to find competitive and productive talent. They also signal shortage of skilled talent and cultural fit as key hiring challenges. Although the growing digital supports faster and cheaper sourcing, employers still rely on human intervention to make things happen.

Here’s more from Morgan Philips:

Morgan Philips Executive Search surveyed nearly 2,000 junior to senior Greater China executives at the end of December 2015 and in early January 2016 to explore employers’ key hiring challenges in 2016 and employees’ intentions and motivations.

This proprietary industry-leading barometer for the talent industry is now in its sixth year. This year’s survey included probing perceptions of how digital platforms are currently supporting the challenges of hiring or securing new positions.

The official talent report will be released in March this year. The survey indicates a decrease in job changes and salary increases. The actual job changes declared in 2015 were slightly below the intentions stated in the previous year’s survey. In Hong Kong, 21% of the respondents changed their jobs compared with the intended 26%; in Mainland China, 17% of the respondents actually moved (intentions 21%), and in Taiwan, 19% declared a job change (intentions 20%).

The proportion of those changing jobs without a pay rise continued to increase for the third consecutive year: 27% in Mainland China, 28% in Hong Kong and 24% in Taiwan. In Mainland China, there has also been a decrease in the higher salary brackets of hikes for three consecutive years. In 2015, only 17% of respondents from Mainland China changed their jobs with a salary increase of 31% or more, compared with 29% in 2013.

“People are more aware of the economic ‘new normal’,” said Christine Raynaud, CEO of Morgan Philips in Greater China. “However, it doesn’t mean their expectations adjust easily.” Employers declare that their top challenge in 2016 is primarily in finding competitive and productive talent. They also highlight other important challenges, including selection of talent, cultural fit and shortage of skilled talent.