Employers in Hong Kong are continuing their focus on retaining professionals in 2013 as they expect a skills shortage as compared to the previous year.
Thirty-nine percent of surveyed employers expect a professional skills shortage during 2013, according to key survey findings from 2013 Michael Page Salary & Employment Forecast, Hong Kong.
This increase represents an increase of 27 percent from the previous year’s survey.
Fifty percent of all employers surveyed expect their business to experience some staff turnover during the year.Employers are designing different strategies to retain staff and few of them are offering work-life balance options and employee benefits to the professionals working in their organisations.
“In addition to implementing talent attraction and retention strategies, managers should be proactive about talking to their teams and understanding individual career aspirations,” said Andy Bentote, senior managing director of PageGroup in Hong Kong and Southern China.
Ninety-five percent of employers are offering healthcare/health insurance as an employee benefit and 58 percent provide team building/offsite activities to help create work-life balance in employees’ lives.
Forty-five percent of the employers surveyed have decided to focus on recognition and reward and 69 percent will award salary increases based on performance.
Forty-eight percent of the respondents are likely to award an average salary increase between four percent and six percent.
“The Hong Kong employment market continues to offer opportunities for experienced and talented professionals, particularly those with multiple language skills,” added 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.”