New independent research commissioned by specialised recruiter Robert Half reveals an increase in staff turnover in Hong Kong in the past three years. According to the research, which surveyed 150 Hong Kong CFOs, almost one in 10 (9%) employees are likely to change jobs this year, the equivalent to more than 20,000 Hong Kong workers based on the current employed workforce within finance in Hong Kong.
More than half (53%) of Hong Kong CFOs say they have seen an increase in staff turnover – defined as employees freely resigning – in the past three years with the average turnover currently standing at 9%. And despite the fact 98% of CFOs currently have in place measures to avoid staff turnover, almost half (44%) say turnover within their organisation is expected to increase over the next 12 months.
Hong Kong’s finance employers are missing out on valuable insights from their departing employees, as the vast majority (96%) fail to undertake exit interviews. When looking at the measures companies take to retain their employees, little over one in three (38%) have employee wellness programs, whilst less than one in three (31%) regularly review salaries or offer training and development programs (29%).
Voluntary employee turnover is highest within accounting (33%), compliance (31%), credit management (29%), financial management (28%) and business/financial analysis (17%).
|Employee retention initiative||% of Hong Kong finance employers|
|Employee wellness programs||38%|
|Flexible and/or remote working opportunities||38%|
|Regular salary reviews||31%|
|Training and professional development programs||29%|
|Employee appreciation initiatives||25%|
|Regular performance reviews/feedback||24%|
|Employee engagement initiatives||22%|
|Clear communication of company purpose/goals||15%|
Adam Johnston, managing director of Robert Half Hong Kong said: “Businesses can suffer significant setbacks from staff turnover, which can impact everything from productivity, customer loyalty, company credibility and even low staff morale as workloads inevitably increase for remaining staff. This is why it’s essential for companies to reward and recognise their employee’s efforts and amplify their staff retention policies to avoid having them leave the organisation.”
“Companies should not assume their staff are content in their job, rather there should be ongoing conversations between manager and employee to understand what motivates them and ways to address any underlying concerns that may prompt them to leave the organisation prematurely,” continued Johnston.