Key survey findings: (Source: 2013 Michael Page Salary & Employment Forecast, Hong Kong)
- 39% of surveyed employers expect a professional skills shortage during 2013, an increase on 27% in the previous year’s survey
- Recognition and reward is considered the most important attraction and retention strategy in 2013 by 45% of employers.
- Most respondents (48%) are likely to award an average salary increase between 4% and 6%
25 February 2013: The attraction and retention of quality professionals will be an ongoing focus over 2013 for employers in Hong Kong as a greater number of them expect a skills shortage compared with the previous year.
According to the findings of the 2013 Michael Page Salary & Employment Forecast for Hong Kong, half of all employers surveyed (50%) expect their business will experience some staff turnover during the year and 39% believe there will be a professional skills shortage. This is an increase on the 27% of surveyed employers expecting a skills shortage in 2012 and positions the attraction and retention of talented professionals as an ongoing business focus and challenge for many employers.
“The key challenge for employers during 2013 will be talent attraction and retention due to the continued shortage of quality professionals in Hong Kong,” says Mr. Andy Bentote, Senior Managing Director of PageGroup in Hong Kong and Southern China. “In addition to implementing talent attraction and retention strategies, managers should be proactive about talking to their teams and understanding individual career aspirations.”
When it comes to attraction and retention strategies, nearly half of the employers surveyed (45%) will focus on recognition and reward. Many employers (69%) indicate they will award salary increases based on performance, and most of the respondents (48%) are likely to award an average salary increase between 4% and 6%. This is a slight increase on the previous year’s survey findings when 42% of employers indicated they would award average salary increases in this range.
“The Hong Kong employment market continues to offer opportunities for experienced and talented professionals, particularly those with multiple language skills,” says Mr Bentote. “In light of this, employers need to consider the spectrum of attraction and retention strategies – both financial and non-financial – to entice new employees to their business and key staff to stay.”
Based on the survey findings, work-life balance options and employee benefits will be offered by some employers during 2013 to secure staff. A significant 95% of employers surveyed indicate they will offer healthcare/health insurance as an employee benefit while 58% will provide team building/offsite activities to facilitate work-life balance.