- Money Speaks Louder Than Words For Job Seekers In Current Economy
As we enter the second half of 2010, finance professionals are looking for new career opportunities within the industry. According to Robert Half’s 2010 Workplace Survey, 73% of Hong Kong finance professionals consider higher pay THE most important factor when considering a job switch in the current market. Opportunity for career development is also a key consideration for employees looking to switch jobs (69%).
Robert Half’s Workplace Survey conducted in Hong Kong, Singapore, Australia and New Zealand also revealed findings regarding standard remuneration packages in Hong Kong and non-cash benefits in addition to salary and bonuses. Currently, 66% of Hong Kong employees receive health benefits and 41% also receive life insurance as part of their compensation packages. Other perks that Hong Kong employees enjoy include paid maternity leave (42%) and professional development courses (36%).
In light of the Workplace Survey findings Robert Half urges employers to consider whether their current non-cash benefits address their staff’s personal and career development needs. For example, while employers attempt to build morale through team building exercises and off-sites, only 8% of Hong Kong respondents see this type of training as beneficial to their professional disposition.
Andrew Morris, Director of Robert Half Hong Kong claims that, “Clearly, cash is still king in the current economy. According to the Robert Half Workplace 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.”
“Employers must consider whether their benefits package is giving them the rewards they deserve in increased employee appreciation and satisfaction. To remain competitive, employers must start to reintroduce cash benefits and improve non-cash perks in order to attract as well as to retain talent.”
Hong Kong finance professionals who are planning to switch careers will be carefully considering their benefit and pay package options. Additionally, they will also assess opportunities for promotion which is considered the most important means of recognising top performers (64%) in the local market.
Robert Half’s Workplace Survey is a quarterly survey which illustrates industry opinion on issues relating to the economy, hiring trends and workplace habits in the accounting and finance sector. The survey was developed by Robert Half in conjunction with an independent research organisation. The survey was conducted between January and February 2010, and included 1281 HR, finance and accounting professional in Hong Kong Singapore, Australia and New Zealand. A total of 310 professionals were interviewed in Hong Kong.