It’s not just about the hefty paychecks.
Nearly three in 10 (27%) of employees in Hong Kong would leave their present employers to strike a better work-life balance at another job, according to a survey from recruitment firm Robert Half.
In fact, work-life-balance weighs more than financial rewards (19%) which belies a common assumption. A fifth (20%) are willing to change jobs to achieve more career development opportunities whilst 15% would leave because of their management or leadership and 8% are putting the blame on their co-workers.
“Hong Kong employees are gradually realising the value of additional benefits, such as flexible work hours and professional development opportunities. These benefits are in demand, particularly by millennials who often tend to value career progression and the chance to develop their skillset higher than financial incentives,” said Robert Half Hong Kong managing director Adam Johnston.
Whilst non-financial benefits are gaining traction, however, salary remains the key factor in motivating, attracting and retaining staff in Hong Kong’s tight employment market especially in the finance sector and IT where talent shortage remains a problem.
Almost all (97%) of surveyed Chief Financial Officers plan to award pay rise averaging 18% to qualified finance and accounting staff in 2018.
“Knowing salary will always remain a key component of the remuneration package, regardless of additional benefits, employers need to continuously benchmark their salaries against industry averages as paying competitive salaries is, and will always be, a primary condition for employers aiming to retain their top performing staff and attract new top talent,” he added.
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