Employers must embrace change and act now to prevent mass exodus of top talent

16 May 2010

Hong Kong, 17 May 2010 – According to Robert Half’s 2010 Workplace Survey, 90% of employers are currently concerned about a mass exodus of finance and accounting staff in light of the improving economy.  With these staff moves, employers face dramatic changes in the workplace. Following the survey results, Robert Half is now urging Hong Kong employers to embrace change and consider retention plans to reduce voluntary turnover which could affect the bottom line.

Robert Half’s Workplace Survey conducted in Hong Kong, Singapore, Australia and New Zealand, indicated that Hong Kong employers were more concerned than other leading financial cities in the Asia Pacific region about losing staff.

Commenting on the changes facing employers in the current market, Andrew Morris, Director of Robert Half Hong Kong, said, “Companies need to make a pre-emptive strike now to hang on to key staff.  Keeping top talent committed to the company requires a comprehensive retention strategy and tailored career development tactics that goes beyond financial rewards.” 

“Job advancement, recognition, leadership and support are key aspects in enhancing employees’ morale and overall job satisfaction which can in turn maximise their loyalty.  To stay competitive, companies must invest in training opportunities and take an interest in staff’s career goals.” added Morris.

The survey results illustrated that the majority of Hong Kong professionals believe that they will receive a better salary working at a different company (71%). 59% of respondents also believed that the most important factor to consider when changing jobs is opportunity for career development.

However, higher pay and better benefits are not the only reasons for voluntary staff turnover. According to the survey, one of the top reasons that drive employees to look for a new job is that they feel that there are no opportunities for progression at their existing firm (42%). 

The survey also indicated that over half of respondents who claimed not to be looking for a new job also stated that their company focused on their career development throughout the recession (54%) and that they felt well looked after by their company (60%).

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 four markets. A total of 310 professionals were interviewed in Hong Kong. 

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