Money is the best way to keep contract professionals happy, at least according to survey by Robert Walters.
More than 500 professionals in Hong Kong who are contracting or have been in a contract position responded to the survey on the benefits and challenges of being a contract employee.
More than half (55%) said monetary incentives are the best ways to keep them engaged and motivated.
Additionally, 41% of respondents considered higher pay a key benefit of working as a contractor.
Matthew Bennett, managing director, Robert Walters, Greater China suggested organisations that are struggling to hire contractors to offer premium salaries and completion bonuses to attract and retain contractors.
“Organisations in Hong Kong have a growing need for contractors due to seasonal projects, the difficulty in securing permanent headcount and the greater flexibility contract hiring offers. Our survey indicates that a longer contract and higher salaries are the two most effective ways to entice candidates,” he said.
Indeed, job security was found to be another major concern for contract workers in the country.
Almost all (90%) of employees stated they preferred longer contracts of six months or more, while 46% of contractors considered the lack of job security the biggest challenge of working as a contractor.
“It is important that employers do not just treat contractors as a temporary solution. They should take the opportunity to assess the ability of the contractors who has the potential to be converted into a permanent staff when headcount opens up,” said Bennett.