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Based on 3,192 jobseekers’ feedback during March and April, the latest JobsDB’s survey examined the relationship between the frequency of job hopping and wage growth, and concluded that two-to-three years is the sweet spot for changing jobs.
Jobseekers in Hong Kong who switch jobs three to four times in 10 years received a 17% increase in their paycheck annually compared with their first full-time jobs. However, when the amount of job hopping exceeds four or stagnates at two, the average salary increment per year would be 3% less. Respondents who never changed jobs had an average of annual pay rise of 6%, the lowest among those surveyed.
Company culture and management style, salary and benefits and workload continued to be the leading factors that drive resignations.
“To many employees, the company culture or management style they desire is centred around recognition and respect. Employers should see their teammates as valuable assets and pay more attention to offering them respect and compliments at the right time. This will help to boost their loyalty to stay,” said Isaac Shao, country manager of JobsDB Hong Kong.
There is an emerging trend within the Hong Kong labour market: “Naked resignations” – especially in the workforce under the age of 25 or with less than two years of work experience. Almost 40% of respondents quit their previous jobs before securing a new offer.
Their reasons are:
Lack of tolerance towards their previous jobs (54%)
Confidence in getting a new job quickly (34%)
A planned vacation between two jobs (29%)
No financial burden and so no urgency to get a new job (23%)
“It is important for employers to understand this trend and try not to be biased against jobseekers who decide to stop working. Instead, they should explore the reasons behind these decisions and focus on the overall performance of the individual,” Shao said.
Overall, employees can expect an average salary increase of 5.1%, a slight decline from 5.7% last year. Public relations / corporate affairs (9.0%) had the highest increase in salary, followed by digital marketing / e-commerce / social media (8.6%) and insurance (8.3%) sectors.