Nearly three quarters (72%) of all Hong Kong employees have no intention of changing their current employer within the next six to twelve months, said recruitment firm Randstad.
The number of Hong Kong employees willing to stay in their job was higher than their counterparts in Singapore, with only 58% of employees from the island republic stating they had no plans to change jobs.
The findings were revealed in the Randstad Award 2016 research report which shows that Hong Kong employees seem to be content with their jobs; this is despite over-time being commonplace and growing concerns around better work-life balance.
Nearly half of all employees, 46%, stated that they work more than 45 hours per week. Men were more likely to work over-time with 51% stating they work longer hours compared to 40% of women.
Long working hours has not reduced employee motivation as more than half of Hong Kong talent, 52%, are willing to work more for higher or equal pay. Men were more motivated than women, with 56% willing to work more compared to 47% of women. Men cited promotions and growing influence in their workplace as the primary factors.
Millennials, despite their global reputation for wanting flexible work schedules and good work-life balance, were the most willing to work even longer hours, with 60% stating they would be willing to work more for higher or equal pay.
The importance of work-life balance has been increasing in Hong Kong over the past years. As an attractiveness factor, a facet of an employer brand that potential employees are interested in is, work-life balance has risen significantly in terms of ranking.
Between 2014 and 2016 it has risen from 35% to 50% to tie in second place with pleasant working atmosphere. Interestingly, Hong Kongers still prefer to work in an office every day. 36% stated that they wish to work in the office every day in place of telecommuting, compared to 26% in Singapore.
Natellie Sun, Managing Director of Randstad Hong Kong noted, “It has long been known that working hours in Hong Kong are some of the longest in the world. With increasing numbers of Millennials entering the workforce and the growing importance of work-life balance, it would have been expected to see more and more discontent amongst employees. Surprisingly, our research has shown that Hong Kong employees are more or less happy with the status quo. It will be interesting to see how this will evolve in the coming years.”
The Randstad Award is based on the outcome of the world’s largest survey into employer branding and is the only award which is truly representing ‘the people’s choice’. This extensive research surveys over 200,000+ respondents across different age groups, genders and educational levels, and covers 75% of the global economy.