They have a higher number of counteroffers to choose from.
Nine in 10 (91%) of Hong Kong finance employees have expressed growing willingness to quit within the first month of their job whilst 94% have admitted to wanting to quit during probation period if the job fails to meet their initial expectations, according to HR consultant Robert Half.
One of the top reasons Hong Kong employees are becoming more choosy during the hiring process is because they have higher number of counteroffers due to the growing number of available jobs, Robert Half observed, as the SAR ramps up its efforts to maintain its dominance as a leading financial centre.
More than a fifth (22%) also cite the increase in the number of interview rounds and the total duration of the hiring process (10%) as another cause of impatience during the recruitment period.
This supports the survey finding which revealed that 83% of the city’s chief financial officers who claim that candidates have become more unwilling to wait on job offers compared to a year ago.
“Long drawn out recruitment processes magnify the opportunity for a candidate to change their mind – which in turn costs the company time and money,” Adam Johnston, managing director of Robert Half Hong Kong said in a statement.
The growing impatience of finance employees over the recruitment period signifies a ‘power balance shift towards candidates,’ observed Robert Half, as candidates increasingly recognise their worth in a skills-short market.
“In today’s skills-short market, top candidates are receiving multiple job offers and are therefore in a power position when looking for and negotiating job offers. Because of this, attitudes towards the recruitment process are changing, leaving top candidates unlikely to wait around if they haven’t received a timely response before accepting an offer elsewhere,” added Johnston.
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