A survey of more than 1,000 working professionals and 100 senior in-house human resources and legal managers in Hong Kong, conducted by Employment and Pensions team at Deacons, reveal significant disillusion with corporate culture standards in the city.
The inaugural Empowering the workplace report 2020
81% of employees said strong corporate culture is one of the most important factors when deciding whether to join or stay at a company, ranking it the 4th most important factor out of 28.
with Generation Z viewing it as equally important as salary/ placed corporate culture on a par with salary.
Introducing equal gender pay is seen as the top priority for companies in the next 12-24 months.
65% of employees cited long hours as their primary concern, with Generation Z singling out a lack of workplace diversity. Followed by domineering senior management (64%), lack of communication from senior management (60%) –leading concerns for employees.
Companies cited a lack of communication from senior management as their primary grievance
GenZ: a lack of diversity in the workplace ranked first.
Reinforcing Hong Kong’s reputation for having a more conservative work environment, 34% of companies described their workplace as “structured” and 23% said “traditional”. More than 70% of companies believe “hierarchy” to be an “important” or “very important” attribute, in sharp contrast to just 5% of employees.
More than two-thirds of employees in Hong Kong do not have a favourable view of the corporate culture of their employer, with one-third describing it as “weak” or “very week. In contrast, 66% of companies surveyed believe their corporate culture is “strong” or “very strong”.
Emphasising the potential for Hong Kong based companies to embrace a more modern approach, 39% of employees said their ideal workplace culture would be “supporting” and almost one in four said “dynamic”.