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Hong Kong Talent Trends 2023
Unravelling the most profound transformation in work culture since the arrival of the Internet.
Get access to our Hong Kong, APAC and Global Talent Trends 2023 reports.
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Explore our Talent Trends 2023 Report, the world's most robust and extensive talent study. Uncover the new world of work where employees prioritise salary, flexibility, career progression, and company culture. Our data reveal a job market transformation, urging employers to rethink and recalibrate retention strategies for the changing workforce. They must get the fundamental building blocks right to build successful talent strategies in this new paradigm.
Our comprehensive Talent Trends 2023 study presents a profoundwork culture transformation in our lifetime
of employees are open to new job opportunities
Understanding the big change in loyalty
would choose work-life balance over career success
What sparked the Invisible Revolution?
Top 3 most influential drivers of talent attraction
Actioning 3 critical factors that will decide whether you thrive or merely survive
Mark TibbattsManaging Director,Hong Kong & TaiwanPageGroup
The Great Resignation, Quiet Quitting, and similar variations have defined the post-pandemic work environment in Hong Kong and across the region. These terms refer to a subtle yet transformative shift in workplace dynamics, resulting in what we call ‘The Invisible Revolution’, and have a seemingly gradual but significant impact on companies.
Page Insights is at the forefront of data and insight-led decision-making, leveraging talent intelligence and market data to equip our clients with invaluable insights into the motivations, attitudes, and values of talent. By understanding talent as humans better, we can provide a comprehensive solution that fosters better empathy, enabling our clients to make more informed and strategic recruitment decisions. With our robust and intelligent talent strategy platform, you can elevate your recruitment process to a whole new level of efficiency and effectiveness.
In fact, our data shows that people are still quitting their jobs, even though COVID restrictions have been lifted. Employees who have not resigned plan to do so in coming months and are on the lookout for better opportunities.
Work-life balance is generally considered very valuable to employees as it can impact their overall well-being, job satisfaction, and productivity.
Employers who recognise and support work-life balance may benefit from increased employee engagement and retention. Employees and employers should communicate openly and find ways to create a work-life balance that aligns with individual needs and job requirements.
Flexibility has become an integral part of work-life balance, and therefore companies must adapt their ways of thinking about the employee experience to reflect this reality.
Job hopping refers to the practice of changing jobs frequently, typically within a short period of time. There can be various reasons why people engage in job hopping:
Better pay: Some individuals may switch jobs in pursuit of better compensation and benefits, including higher salaries, bonuses, or other financial incentives.
Flexibility: Work-life balance and flexibility have become increasingly important to many employees. Some individuals may job hop to find roles that offer more flexibility in terms of remote work options, flexible schedules, or other work arrangements that better suit their lifestyle.
Career progression: Job hopping can be a strategy for career advancement, especially for those seeking faster career growth or better opportunities for professional development. Switching jobs may allow individuals to gain new skills, experiences, and responsibilities that can accelerate their career progression.
Dissatisfaction with current job: Individuals may job hop if they are dissatisfied with their current job due to various reasons such as lack of job satisfaction, poor work environment, lack of growth opportunities, or conflicts with colleagues or supervisors.
Changing vocational interests: Some individuals may choose to change their vocation entirely, exploring different career paths or industries to pursue their passions or interests.
For employers, this trend presents an opportunity to differentiate and compete for talent on a more qualitative, cultural level. Pay is an area where employers need to align with the industry, but career progression offers an opportunity to differentiate and compete on a more qualitative, cultural level.
Candidates prioritise working for a company that invests in their professional development.
Career development is considered a critical factor that employees consider when evaluating job opportunities. It encompasses various aspects, such as opportunities for skill development, advancement, and growth within an organisation. Here are some reasons why career development should be a priority for job seekers when choosing between jobs:
Long-term career growth: Career development opportunities can provide a clear path for job seekers to advance in their chosen field, acquire new skills, and achieve their long-term career goals. Having a plan for career development can help individuals shape their career trajectory and progress in their chosen profession.
Increased job satisfaction: Individuals are more likely to be engaged, motivated, and satisfied at work when they can access career development opportunities. This can lead to higher productivity, job performance, and overall job satisfaction.
Enhanced marketability: Continuous skill development and career advancement can make job seekers more marketable in a competitive job market. Acquiring new skills, certifications, or experiences can help individuals stand out among other candidates and increase their chances of securing desirable job opportunities in the future.
Personal growth and fulfilment: Career development is not just about professional growth but also personal growth. It allows individuals to challenge themselves, learn new things, and fulfil their potential. It can also provide a sense of accomplishment and fulfilment, contributing to overall life satisfaction.
Retention and loyalty: Organisations that prioritise career development are more likely to attract and retain top talent. Job seekers are often attracted to organisations that invest in their employees' professional growth and offer opportunities for advancement, which can result in increased loyalty and commitment to the organisation.
In addition to enhancing employee retention and loyalty, career development opportunities can lead to long-term career growth, increased job satisfaction, enhanced marketability, and personal growth. The job seeker may thus benefit from prioritising career development opportunities when evaluating them and making informed career decisions.
Research and anecdotal evidence suggest that a 4-day workweek, when implemented effectively, can positively impact employee performance. Here are some potential ways in which a 4-day workweek could improve employee performance:
Increased work-life balance: Having an extra day off each week can provide employees with more time for rest, relaxation, and personal activities. This improved work-life balance can reduce stress, increase job satisfaction, and improve overall well-being, which may positively impact employee performance.
Higher motivation and engagement: Employees may be more motivated and engaged during their working days because they have a shorter workweek and more time for personal pursuits. They may be more focused, productive, and committed to delivering results within a compressed work schedule.
Enhanced creativity and innovation: A day off from work can give employees more time for hobbies, interests, and activities outside of work. This can stimulate creativity and innovation, as employees may have the opportunity to engage in new experiences, learn new skills, and gain fresh perspectives, which can positively impact their work performance.
Improved work-life integration: A 4-day workweek can help employees integrate their work and personal life more effectively. They may have more time to attend to personal responsibilities or pursue personal interests. This can result in a better balance between work and personal life, leading to increased job satisfaction and improved performance.
It’s important to note that the actual impact of a 4-day workweek on employee performance may vary depending on various factors, including the organisation’s culture, industry, and specific job roles. Implementing a 4-day workweek requires careful planning, communication, and consideration of potential challenges and adjustments.
In its inaugural year, the Page Insights Global Talent Trends report represents the most comprehensive and robust study of skilled professionals across all industries. This report combines data-driven talent trends with actionable insights into the 2023 job market to help businesses navigate the shifting labour market and shape talent strategies for their organisations.
A total of 69,532 participants were surveyed across 37 markets in Africa, Asia Pacific, Europe, North America, South America, and the Middle East over Q4 2022 and Q1 2023.
The report also provides an end-to-end and complete understanding of talent to reveal their motivations, attitudes, perceptions, beliefs, and values and the drivers within the hyper-local and global talent landscapes in key areas such as salary, culture, and values, work-life balance, DE&I and talent development. Available in global, regional and local editions.
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