According to a Workplace Survey, 94% of employers in Hong Kong are concerned with losing top performers to other job opportunities following the payout of bonuses in the first half of the year 2011. This percentage is well above the regional Asia Pacific average of 75%.
The Workplace Survey is conducted by a financial recruitment firm, Robert Half International, in Hong Kong, Singapore, Australia, and New Zealand. It reveals a hiring boom across the Asia Pacific with a net 32% of employers across the region planning to add staff. In Hong Kong, a net 38% of employers said they plan to hire full-time finance and accounting professionals during the first half of this year.
Andrew Morris, Managing Director of Greater China, Robert Half International, commented on the research findings, “As hiring activity in the finance industry heats up, employees have more employment options. To prevent top performers from jumping ship, companies may need to enhance their staff retention efforts, particularly if bonus payouts did not match staff expectations.”
Morris added that offering competitive pay, setting realistic bonus expectations and outlining career paths for key players can help foster loyalty and prevent turnover, which can be costly to a company. “There’s a high price to turnover, both in terms of losing skills and institutional knowledge, as well as the time, effort and resources required to replace employees,” he said.
According to the survey, it takes employers in Hong Kong an average of seven weeks to fill entry-level finance and accounting positions, and nine to 12 weeks to fill middle and senior management positions.
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