Job switch in frame for half the labor force

Judy Cui

Hong Kong's job market is shifting significantly, with over half of the workforce considering a change of employment within this year, according to a latest study.

This trend reflects a growing dissatisfaction among employees, as nearly one in five feel undervalued in their current roles.

Compensation remains a critical issue, with 60 percent of them believing their pay is unfair compared to similar positions in the industry - well above the global average of 37 percent.

Also, more than one third of employees doubt the adequacy of investment in the development of their skills, highlighting a disconnect between employer offerings and employee expectations.

"While organizations may view unmet salary expectations as the primary driver of employee turnover, workers consider all aspects of their roles and total rewards," according to Ernest Leung, head of Hong Kong for Aon, which conducted the survey.

He advocates innovative, data-driven compensation strategies to enhance talent retention.

The findings come from a recent Aon study that surveyed more than 9,000 employees across 23 countries, underscoring the urgent need for employers to implement customized benefits and transparent pay practices - particularly to attract and retain top female talent amid concerns over gender pay equality.