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Millennials lead job shift plans in Hong Kong

Around four in 10 millennials intend to switch jobs.

Three in 10 workers in Hong Kong plan to shift jobs in the first six months of the year, according to a new study by Randstad Hong Kong.

The report said millennials (37%), those born from 1981 to 1996, were most open to a career shift.

“While good pay and benefits were once the main focus, today’s job seekers crave stimulating and fulfilling experiences. To bridge this gap, companies need to understand individual employee goals and aspirations, and curate personalised work experiences,” said Benjamin Elms, Managing Director at Randstad Hong Kong.

For those with bachelor’s degrees, 26% plan to change jobs in the first half of 2024, whilst 34% of master’s degree holders or higher intend to do the same.

“Companies aiming to achieve their business goals need to attract and retain the right talent by providing a holistic and positive work experience,” Elms said.

He noted this includes offering competitive compensation, clear opportunities for career development, and a commitment to fostering an equitable and inclusive work environment.

When asked about their reason for leaving their jobs, 32% said they want to improve their work-life balance. Salary was ranked second, with 28% of respondents seeking higher-paying jobs. 

Lack of career growth also remains a concern, with 26 per cent seeking new opportunities for career growth.

Comparing the latest data to last year’s, Randstad said that whilst work-life balance remains the top reason for job changes, it has declined by 10%.

Elms said the decline may be due to the workforce experiencing improvements in work-life balance amidst inclusive company policies, shifts in workload distribution within their organisation, and personal adjustments, he noted. 

The younger generations are motivated by benefits such as shorter commuting time and perks like company discounts and smartphones when seeking new jobs. 

When it comes to job hunting, job board engines remain to be the most popular, Randstad said. Of the 24% of respondents who found jobs in the last six months of 2023, 45% said they used such platforms. 

Recruitment agencies are also experiencing a resurgence, with 35% of successful job seekers crediting recruiters for their new jobs in 2023, up 10% from the year prior. 

As for the 32% looking for a job this year, 41% said they are partnering with recruitment agencies.

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