Salary, job security, hybrid work driving job switches: survey
One in two employees in Hong Kong will likely look for a new employer this year, with salary fuelling their decisions to switch jobs, according to a new report from recruitment firm Hudson.
Hudson's poll among 1,000 Hong Kong-based employees revealed that 51% are considering changing their jobs in 2024.
The top reason for this decision is salary, as cited by 63% of the respondents. This is followed by job security and then the desire for hybrid work arrangement.
The findings come as only 58% of employees in Hong Kong said their current compensation and benefits package is competitive in the market. Majority of employees (68%) also said they prefer hybrid working, while only 32% want to be fully onsite.
According to the report, fewer employees are citing working from home or flexibility as reason for changing jobs, moving the factor to third place.
"As a result, we will also see more businesses requiring their colleagues to work from the office in the new year," the report said.
Improving job market
Meanwhile, the report also said this year's job market in Hong Kong will be better in comparison to 2023 but cautioned that it might not yet return to full recovery.
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"We should see an overall improvement within Financial Services and Professional Services with the US-Fed rates all set to drop in 2024, that should drive liquidity in the market fuelling hiring," the report said.
Demand for FinTech and Crpyto talent is expected to continue in Hong Kong, while the Banking and Financial Services sector will see a larger supply of talent over demand.
In the business-to-consumer space, the entrance of mainland Chinese brands in Hong Kong will drive competition and encourage local hiring throughout the year, according to the report.
"Sales-focused job will continue to dominate pay equity and also hiring volume in 2024," the report said.
Labour and Welfare Secretary Chris Sun previously predicted that Hong Kong's labour market should "stay tight in the near term."
"Though the still unfavourable external environment may have some negative effects, the expected further recovery of inbound tourism and private consumption should continue to support labour demand," Sun said.
Hong Kong's latest unemployment rate is at 2.9% in the October to December period, according to the latest data from the Census and Statistics Department. Amid a tight competition for talent, however, 30% of employers previously said they will expand their full-time workforce this year.