HONG KONG, June 23, 2022 /PRNewswire/ — Triggered by the global pandemic, the Great Resignation happened in hong kong for two years and will only intensify in 2022. There has been a wave of resignations in hong kong with almost half (42%) of employees having been in their current position for less than two years and 76% of employees looking for new career prospects in the next six months.
Professional recruitment services company, Michael Page Hong Kong, has launched the “Talent Trends 2022 Report”, titled “The Great X”, which presents new insights and market sentiment on important employment topics.
While salaries, bonuses and rewards are still the top motivating factors for candidates, the survey shows a strong tendency to prioritize non-monetary benefits. A significant 69% of respondents in hong kong are willing to forgo a raise and/or promotion for better work-life balance, overall well-being, and happiness.
Mark TibbatsManaging Director of Michael Page Hong Kong & Taiwan says, “Human capital is one of the most demanded resources, and the demand far outstrips the supply. Sectors like technology, healthcare and life sciences continue to see huge demand for talent. We’re seeing people place an increased emphasis on company culture, a sense of purpose and leadership – before company branding.”
As economies improve, businesses cannot underestimate the psychological effect the merging of “work life” and “home life” has had over the past two years. 80% of respondents want a hybrid way of working between working from home and working in the office.
In addition, 63% of professionals in hong kong have asked or will consider asking about a company’s DE&I policy during interviews and 34% say the lack of a clear DE&I commitment would prevent them from actively pursuing a job opportunity
The pandemic has also shifted priorities, with 69% of candidates saying they think mental health and wellbeing should play a role in employee performance, measurement and reviews. Companies need to create positive work cultures where employees at all levels feel valued, or risk losing high-performing talent to competitors.
It has been found that a significant number of employees do not feel supported by their employer. 51% of respondents say their workload has increased compared to before COVID-19. 85% believe that their company does not take active measures to ensure work-life balance. Companies need to change things and help employees work more efficiently.
THE SOURCE Michael Page