Compensation Package Has to Meet Staff Needs

To attract and retain talent, employers have to find out if the compensation package they offer meets staff expectation.

According to recruitment consultant Robert Half’s 2010 workplace survey, 73% of finance professionals in Hong Kong consider higher pay the most important factor in changing jobs. It is followed by opportunity for career development (69%).

Andrew Morris, Director of Robert Half Hong Kong, commented, “Clearly, cash is still king in the current economy. In our survey, 71% of Hong Kong finance professionals confirmed that a pay rise is the best way to foster employee loyalty and maintain morale, and over half agreed that an improved benefits package is an effective means to heighten employee loyalty.”

Morris advised employers to retain talent by providing salaries and benefits employees deserve. He added that for non-cash benefits, they have to meet staff’s personal and career development needs. For example, some employers try to enhance staff morale by team-building exercises and off-sites, but only 8% of the survey respondents in Hong Kong consider such training beneficial to them.

The survey has found that 66% of the respondents receive health benefits and 41% have life insurance in their compensation packages. Other respondents enjoy paid maternity leave (42%) and professional development courses (36%).

The survey was conducted from January to February 2010, covering 1,281 HR, finance and accounting professionals in Hong Kong, Singapore, Australia and New Zealand. A total of 310 respondents were from Hong Kong.

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