Yahoo Finance Hongkongers prioritise financial stability and seek equal growth opportunities: Randstad
Randstad Hong Kong shares talent analysis from 12th Employer Brand Research
"Attractive salary and benefits" tops "good work-life balance" as the most important EVP talent look for in an ideal employer
80% of Hongkongers feel the impact of AI on their jobs
43% of respondents consider themselves a minority at work, are 16% more likely to face career hurdles
HONG KONG, June 26, 2024 /PRNewswire/ -- "Attractive salary and benefits" has dethroned "good work-life balance" as the top employer value proposition (EVP) driver Hongkongers look for in ideal employers.
Randstad - the world's largest talent company - today revealed its complete findings of the 12th annual Employer Brand Research in Hong Kong SAR. Conducted by Kantar TNS in January 2024, the study surveyed 173,000 respondents around the world, including 2,689 individuals in Hong Kong SAR, making it the world's most comprehensive employer branding research based on general talent perceptions.
Benjamin Elms, Managing Director at Randstad Hong Kong said, "Our latest survey reveals that employees are laser-focused on their finances, as they ranked EVP factors like salary, benefits, company's financial stability and job security highly. This suggests that talent are re-prioritising their desires, and are highly-motivated by financial factors when evaluating their careers. To retain a productive workforce, companies will need to be more competitive on compensation and benefits in the coming years."
Facing inflation's bite, over half of survey respondents across generations received some form of salary adjustment from their employers. However, a disparity exists, as older generations (average 24 per cent) are more likely to not receive any kind of financial support from their employers as compared to their younger counterparts (average 15 per cent).
80% of Hongkongers feel the impact of AI on their jobs - are we ready for the future of work?
Using artificial intelligence (AI) regularly at work can help boost overall workplace efficiency and productivity. Approximately one in three respondents (32 per cent) are already using AI at work, especially the younger generations.
However, three in 10 respondents said that they have never used AI tools in their work. There are some gender and generational disparities when it comes to using AI at work as well.
Women are 6 per cent less likely to use AI as compared to their male counterparts. The adoption rate among Baby Boomers and Gen Xers is low too, with 36 per cent of them saying that they have never used AI at work.
In Hong Kong, 80 per cent of respondents said that AI has already impacted their jobs at varying levels. Millennials (82 per cent) are the most likely to feel the impact of AI, followed by Gen Xers (78 per cent), Baby Boomers (73 per cent) and Gen Zers (71 per cent).
How has AI impacted your job?
I expect to lose my job because of AI | 7 % |
AI has already impacted my job | 5 % |
AI has made a considerable impact on my job | 31 % |
AI has made a little impact on my job | 36 % |
AI has made no impact at all on my job | 16 % |
I don't know | 5 % |
Elms said, "AI is rapidly transforming workplaces in Hong Kong and already has a considerable impact on many jobs to either make them obsolete or greatly improve the outcomes in the near future. To achieve the latter, employers need to bridge the AI skills gap through more proactive AI literacy training and integrate it into employees' skills development roadmaps to ensure everyone feels empowered to use these tools in their jobs."
AI and the upskilling imperative: equipping the workforce for the future
AI comes hand-in-hand with skills development opportunities that employers offer. In 2024, 75 per cent of respondents said that re-skilling is important - an increase of 17 per cent from the previous year. Encouragingly, employers are also providing more opportunities, up 14 per cent from last year to 62 per cent in 2024.
However, the survey also found that 11 per cent of respondents continue to lack opportunities for advancements, with Gen Xers most likely to feel the pinch.
Equity in action: closing the gender gap for a fairer and more productive workplace
Hong Kong's unique cultural tapestry, where diverse individuals come together, fosters a vibrant and dynamic workforce. This rich blend of talent is drawn to companies that make efforts to strategically build a more cohesive workforce to drive both productivity and growth.
To reflect the expectations of the modern workforce, Randstad included "equity" in the list of EVP factors in the survey this year. It is defined as "offering employees equal opportunities regardless of age, gender, ethnicity, etc.". Interestingly, "equity" debuts as the top fifth EVP that is important to Hongkongers.
However, data from the 2024 Employer Brand Research indicates a gap between diversity and true inclusion, as 43 per cent of respondents consider themselves a minority at work due to varying reasons.
Approximately half of the respondents in Hong Kong said that they face career advancement barriers, with a surprising gender disparity. Males are more likely than females to feel that they face career roadblocks due to their identity, with 55 per cent reporting such experiences.
Furthermore, those who identify as a minority at work are 16 per cent more likely to struggle with career progression, highlighting a potential need for stronger inclusion initiatives alongside efforts promoting equal opportunity.
The biggest gender gaps are found in upskilling and re-skilling, job promotions and opportunities given to the most deserving employees.
female | male | gender gap | |
senior managers are fair when it comes to reskilling and upskilling opportunities of those that report to them | 52 % | 64 % | 12 % |
senior managers are fair when it comes to hiring or career advancements of those that report to them | 51 % | 62 % | 11 % |
at my organisation, the best opportunities go to the most deserving employees | 53 % | 64 % | 11 % |
my unique attributes, characteristics, skills, experience and background are valued in my organisation | 54 % | 65 % | 9 % |
my organisation provides equal pay for equal work | 55 % | 62 % | 7 % |
I have faced obstacles in my career progression in this organisation which I believe are due to who I am | 49 % | 55 % | 6 % |
"At Randstad, equity is a cornerstone of our commitment to the workforce. We recognise that it is a complex issue to tackle, especially unconscious bias. Our research and talent engagement have consistently emphasised the need to address this by driving inclusion alongside equal opportunity. This means open dialogues, skills-based hiring and talent development, and most importantly, transparency. Clear evaluation criteria and career paths are essential for a truly inclusive workplace where everyone can reach their full potential," Elms said.
The launch of the 2024 Employer Brand Research took place on the Clipper Stad Amsterdam
This year's Employer Brand Research was launched exclusively at a Randstad event that was held on the Clipper Stad Amsterdam - a three-masted tall ship affiliated to Randstad through its founder, Frits Goldschmeding.
The tall ship is currently on a two-year World Tour to spread the message of sustainability, equity and youth employment. During this period, the Clipper anchors at cities where Randstad has a local presence, partnering with Randstad to create opportunities for thought leaders and talent to connect with one another.
Elms shared, "We are very grateful to have this opportunity to launch this year's Employer Brand Research on the Clipper - a tall ship that shares the same mission as we do as the world's largest talent company. Every year, we conduct the survey with at least 2,500 locally-based employees and job seekers. This study aims to analyse trends that can guide employers towards developing more meaningful talent attraction and workforce management strategies to meet today's talent expectations in Hong Kong."
Download Randstad Hong Kong's 2024 Employer Brand Research digital report via this link: http://www.randstad.com.hk/hr-trends/employer-brand/randstad-hong-kong-2024-employer-brand-research
About Randstad Employer Brand Research
The Randstad Employer Brand Research is the most comprehensive, independent and in-depth employer brand research amongst working-age adults in the world, exploring talent insights into the perceptions and drivers that influence workers and identifying the most attractive employers. Initiated in 2000, the research is independently conducted by Kantar, Randstad's international research partner. Survey respondents were polled in January 2024.
About Randstad
Randstad is a global talent leader with the vision to be the world's most equitable and specialised talent company. As a partner for talent and through our four specialisations - Operational, Professional, Digital and Enterprise - we provide clients with the high-quality, diverse and agile workforces that they need to succeed in a talent scarce world. We help people secure meaningful roles, develop relevant skills and find purpose and belonging in their workplace. Through the value we create, we are committed to a better and more sustainable future for all.
Headquartered in the Netherlands, Randstad operates in 39 markets and has approximately 40,000 employees. In 2023, we supported 2 million talent to find work and generated a revenue of €25.4 billion. Randstad N.V. is listed on the Euronext Amsterdam. For more information, see www.randstad.com
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SOURCE Randstad Hong Kong
