Companies need to improve retention initiatives like regular salary reviews.
More than 20,000 Hong Kong finance workers are likely to tender voluntary resignations in 2018 as staff turnover for homegrown companies has been on a steep uptrend in the past three years, according to HR consultant Robert Half.
This translates to an average 9% turnover rate with nearly half (44%) financial bosses expecting turnover figures within their organisation to continue rising over the next year.
Voluntary employee turnover is highest within accounting (33%), compliance (31%), credit management (29%), financial management (28%) and business/financial analysis (17%), according to the survey findings.
“Businesses can suffer significant setbacks from staff turnover, which can impact everything from productivity, customer loyalty, company credibility and even low staff morale as workloads inevitably increase for remaining staff. This is why it’s essential for companies to reward and recognise their employee’s efforts and amplify their staff retention policies to avoid having them leave the organisation,” Adam Johnston, managing director of Robert Half Hong Kong said in a statement.
The survey revealed that Hong Kong’s finance employers may be losing touch with what their employees want as indicated by the growing number of departing employees.
In fact, only 38% have employee wellness programmes and flexible working opportunities that could sweeten the deal for workers. Only a third (31%) conduct regular salary reviews whilst 25% have employee appreciation initiatives.
Moreover, only 29% of organisations have regular training and professional development programmes whilst a measly 24% have committed to regular performance reviews and feedback.
“Staff retention initiatives need to be a top priority for Hong Kong’s finance employers, as skilled finance candidates are hard to find and even harder to replace. Engaged and fulfilled employees contribute more to higher levels of productivity and are more likely to remain with the company for the long term,” Johnston added.
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