Local turnover rates are higher than those in India, Japan and Taiwan.
Voluntary employee turnover rates at tech companies in Hong Kong rose to 13.9% in Q2 from 11.7% in the previous quarter, a survey from Radford Global Technology revealed, indicating the growing mobility of in-demand tech employees across the region.
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Turnover rates in the city ranks higher than that of Australia (13.8%), India (13.4%), Japan (10.9%), South Korea (11.8%) and Taiwan (9.1%) but trails behind levels in China (14.2%), Malaysia (15.3%), Philippines (14.3%) and Singapore (14.7%).
With the rise in employee turnover so do the number of tech firms reporting aggressive hiring plans to plug their thinning workforce. In Hong Kong, the percentage of technology companies that plan to hire aggressively increased to 3.6% in Q2 from 2.4% in the previous quarter.
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Across the region, India has the highest percentage of companies actively growing its talent pool in Q2 at 18.4% from 12.9% in the previous quarter.
Most tech firms across the region are actively recruiting including Australia (8.5%), Japan (7.3%), Philippines (4.3%). On the other hand, the proportion of tech firms reporting aggressive hiring plans fell in China (7%), Malaysia (1.4%), South Korea (2.6%) and Taiwan (2.5%).
"As companies reassess their retention strategies, they must work harder to optimise their rewards to align them with their employee preferences. In addition, businesses with a voluntary turnover of more than 10% should evaluate their employer brand and human capital practices carefully,” Alexander Krasavin, partner and chief commercial officer of Emerging Markets in the Rewards Solutions practice at Aon, said in a statement.
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