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Furthermore, 80% who started a new job within the last year are still open to new opportunities.
The "Great Resignation" seems to show no signs of stopping. Despite 49% of employees in Hong Kong expressing job satisfaction, a staggering 90% remain open to new job opportunities, according to a new report by Michael Page Hong Kong.
Furthermore, 80% who started a new job within the last year are still eyeing other opportunities.
Having surveyed 1,042 workers in Hong Kong, the study suggested that the workforce's relationship with their jobs has fundamentally shifted. The culture of long-term service to a single company is becoming an obsolete concept. People are increasingly open to exploring new opportunities, and job hopping has become the norm.
According to the data, 40% of employees have changed roles since the pandemic started. Furthermore, one-third of people (32%) are currently looking for a new job.
In light of that, the report highlighted that, for employers, recruitment will need to be continuous, rather than on-demand, to keep up with higher attrition rates.
So what are the most influential drivers of talent attraction?
The study has identified the top three most influential drivers of talent attraction:
- Salary
- Flexibility
- Career growth
The importance of pay is even more evident amidst a period of turbulence. Three in ten employees reported feeling impacted by the cost-of-living crisis, and 19% have not received a pay rise in the last two years. Therefore, 56% of people will actively seek new jobs to look for better opportunities and conditions even in the face of worsening economic conditions.
On par with pay, work-life balance is also the most significant influencer of job satisfaction across all walks of life – 44% of parents reported work-life balance being the most important influence on job satisfaction, while 57% of people without children said the same. Furthermore, 60% of people would choose work-life balance over career success.
The report also underscored the importance of a clearly articulated employee value proposition (EVP) that goes beyond pay and flexibility. It suggested that reflecting worker priorities in an EVP could be a great differentiator when it comes to hiring new staff or retaining existing talent.
In response to these findings, the report recommends that employers should empathise more with talent's newly empowered position and clearly define training, career development, and the resulting compensation to minimise attrition for new joiners.
Lead image / Shutterstock
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