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One in three professionals in Hong Kong want to leave the country to find work elsewhere, a new survey has found.
In fact, 45% of finance, accounting and business professionals are looking to change jobs in the next six months because they want better work-life balance (31%), higher salaries (27.2%) and better professional development (23.4%).
This is according to the Hong Kong Human Capital Survey by CPA Australia, which found 34% of business professionals are considering moving from Hong Kong because they lack confidence in Hong Kong’s future.
Additionally, the long hours are taking a toll on the wider white collar workforce. One in five respondents said they currently work 61 hours or more per week, which raises numerous concerns about the country’s ability to provide stable productivity, efficiency and staff health and well-being.
Just over 65% of respondents also said they would support an introduction of ‘standard working hours’ with 44% suggesting a cap of 40 hours per week.
“This year’s results are very similar to last year’s, which is a concern as it suggests that many companies in Hong Kong are still not adequately addressing their current human resources strategies to improve staff satisfaction and retention,” said Ronald Yam, divisional president of CPA Australia in Greater China.
“Given the long hours that many respondents seem to be working, it is understandable that the majority of them would want to see standard working hours introduced by the Government to improve work life balance. It highlights the need for employers to improve how they manage human resources to ensure that staff issues are better addressed.”
The good news is, when it comes to salary, 61% Hong Kong respondents said they had received a pay increase in the previous 12 months – with more than half saying this bump in pay was a 4.5% increase or more.
Additionally, almost two thirds said they believed opportunities for middle managers are increasing, as are entry-level job opportunities.