More than half (53%) of Hong Kong CFOs say they have seen an increase in staff turnover – defined as employees freely resigning – in the past three years with the average turnover currently standing at 9%. And despite the fact 98% of CFOs currently have in place measures to avoid staff turnover, almost half (44%) say turnover within their organisation is expected to increase over the next 12 months.
Hong Kong’s finance employers are missing out on valuable insights from their departing employees, as the vast majority (96%) fail to undertake exit interviews. When looking at the measures companies take to retain their employees, little over one in three (38%) have employee wellness programs, whilst less than one in three (31%) regularly review salaries or offer training and development programs (29%).
Voluntary employee turnover is highest within accounting (33%), compliance (31%), credit management (29%), financial management (28%) and business/financial analysis (17%).
|Employee retention initiative||% of Hong Kong finance employers|
|Employee wellness programs||38%|
|Flexible and/or remote working opportunities||38%|
|Regular salary reviews||31%|
|Training and professional development programs||29%|
|Employee appreciation initiatives||25%|
|Regular performance reviews/feedback||24%|
|Employee engagement initiatives||22%|
|Clear communication of company purpose/goals||15%|
“Companies should not assume their staff are content in their job, rather there should be ongoing conversations between manager and employee to understand what motivates them and ways to address any underlying concerns that may prompt them to leave the organisation prematurely,” continued Johnston.