Traditionally, the Chinese New Year is the time when job-hopping peaks. Hirers should be cautious that more people are planning for job movement for better opportunities after this festivity. The challenge for human resources management will be how to attract top candidates.
Full employment with booming markets foster competition for talent
The global demand has been recovering gradually and bolstering a strong market sentiment where high quality talents remain sought-after in all industries. Thanks to the steady economic growth, Hong Kong has maintained a full employment status in the labour market with an unemployment rate remaining at a low 3.2%.
More than half of employees tend to change jobs in 2015
With the prevalence of mobile devices and popularity of social networks, the job seeking processes have become more convenient than ever. The increasingly mobile workforce will be a key issue for employers to deal with in their human capital strategies.
The incentives to switch job are driven by a combination of factors:
- A good salary package remains a golden rule of attraction
Employees have an optimistic anticipation of a 5% salary increase in average. More than 30% of candidates look for salary increment in which 35% expect a rise of over 15%. Increased pay and a more competitive package are seen as the top attributes for candidates. To fight in the stiff war of talent, hirers should be prepared to offer a competitive wage slightly above market expectation to attract top candidates.
- Non–monetary rewards also counts
Beyond an attractive remuneration, non-monetary benefit is also part of the retention/attraction device that could not be discounted. Candidates associate longevity in a position with growth opportunities; a clear pathway to career progression; provision of training; corporate culture that stresses integrity and open communication and level of autonomy to execute their work and job satisfaction deriving from trust and recognition.
This article was originally published on Mclaren Consultancy Limited.