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Almost one in five employees feel undervalued in their current roles, and 60% do not believe their compensation is fair compared to their counterparts.
Competitive pay and meaningful benefits remain the top factors for retaining talent in Hong Kong, as 63% of workers in the city are either planning to switch jobs or considering switching jobs this year due to unsatisfactory rewards, according to a recent study by Aon.
The research revealed that nearly one in five employees (17%) in Hong Kong feel undervalued in their current roles, a higher percentage compared to their counterparts in Mainland China (7%) and globally (13%).
In addition, 60% of employees in Hong Kong believe their compensation is unfair compared to similar roles in the industry, significantly higher than the global benchmark of 37%.
Further exacerbating their dissatisfaction, more than one third of the workforce (35%) in Hong Kong is not confident there is adequate investment in their skills development – double the global average.
Talking about fairness and development, the study also highlighted the importance of equity in pay and career development practices. Nearly half (41%) of Hong Kong employees lack confidence in their employer regarding gender pay equality. Additionally, women are 11% more likely than men to seek career development and learning.
All these dissatisfactions, as the study indicated, may prompt the majority (63%) of Hong Kong workers to consider switching jobs this year.
What benefits do Hong Kong employees value?
The study has identified the top five benefits valued by employees in Hong Kong:
- Paid time off
- Medical coverage
- Work-life balance programmes
- Retirement savings
- Dental insurance
The rising cost of living and an ageing workforce have raised health and financial concerns. This, therefore, saw medical coverage emerge as the second most valued benefit across all generations, with Gen X and Gen Z rating it higher than Gen Y (Millennials).
To obtain a better choice of benefits, more than half of the employees (57%) would be willing to sacrifice existing benefits.
Meanwhile, three-fourths (75%) of employees in Hong Kong prefer office-based working arrangements, over 20% higher than the global average.
What do employees expect from their employers?
The study has identified the top expectations employees have of their employers:
- 33% said employers should help employees save for retirement/long-term needs.
- 28% said employers should support employee wellbeing.
- 20% said employers should support women's health (e.g., menstruation, menopause).
- 19% said employers should help them establish an emergency fund.
- 18% said employers should support with eldercare or family care.
"While organisations may perceive unmet salary expectations as the primary reason for employee turnover, employees evaluate all aspects of their roles and total rewards when deciding whether to remain with an organisation,” said Ernest Leung, head of Hong Kong for Aon.
Want to explore the best practices to attract, develop, and retain talent? Join us on 11 June for HRO's Transform Talent Hong Kong 2025. Register now to secure your spot and transform the future of talent with industry leaders.
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