Staff Retention the Top Priority

Employers in Hong Kong are concerned about losing top finance talents in the next 12 months.

According to the 2010/2011 Asia Pacific “Finance & Accounting Salary Guide” and “Banking & Financial Services Salary Guide”, released by recruitment consultant Robert Half International, a significant number of surveyed banking, finance and accounting professionals have received pay rise and bonuses, but some of them are not satisfied with their current pay package. More than half (65% of finance & accounting, 82% of banking & financial services professionals) of the respondents think that it is necessary to switch jobs to get a better pay.

The salary guides have also shown that more than half of the finance professionals tend to work overtime (more than 46 hours per week). Hence, lots of them prefer more flexible working arrangements such as flexible working hours and working from home in order that they can maintain work-life balance.

It is reported that the recruitment market is now shifting to favour job seekers, and Andrew Morris, Director of Robert Half International, commented, “The candidate-driven market has come back and employers should act fast to introduce new retention strategies.” He said that during recession, employers usually cut bonuses, training and promotion. These have to be implemented again if corporations want to retain staff.

According to the salary guides, talent shortage in financial services is found in accounting, finance, compliance, operational support and audit.

Surveys have been conducted for the “Finance & Accounting Salary Guide” and “Banking and Financial Services Salary Guide”, respectively covering 546 and 172 professionals in Hong Kong.

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