Employers in Hong Kong prioritising employee retention in 2023

Introducing hybrid work policies and increasing investment in the upskilling of employees are some of the key strategies to retain talent in the new year.
By: | December 7, 2022
Topics: Compensation and Benefits | Employee Experience | Hong Kong | Learning and Development | News | Professional Development | Talent Management

Nearly 80% of employers in Hong Kong are concerned about skills and talent shortages, and 75% expect the most acute shortage will be among mid-to-senior level employees, a Robert Walters report revealed.

The company’s Salary Survey 2023 report found that post-pandemic talent shortage in the special administrative region has been compounded by accelerated demand for tech talent, global competition for skilled professionals, and an exodus of talent over the past few years.

For many employers, ensuring that their best talent stays will be a priority in 2023, with 95% of organisations expecting employee retention to be in issue in the new year. However, only 65% of organisations have taken proactive measures to improve employee retention.

Among the most adopted strategies identified in the report were hybrid work policies (60%), improved learning and development (50%), improved wellbeing initiatives (48%), promotion outside of the normal cycle (45%), and pay reviews outside of the normal cycle (38%).

Organisations are also looking at investing in upskilling their existing employees in agile methodologies and new technologies. To ease the skills gap and expand their talent pool, Robert Walters advised organisations to adopt a “skills first” talent strategy to ensure they find, develop, and retain qualified talent.

READ: Hong Kong provides support for businesses to retain and create jobs

Vacancies related to environmental, social, and governance (ESG) and diversity and inclusion have also increased in Hong Kong. With more organisations focusing on establishing sustainable, socially responsible, and environmentally aware business practices, Robert Walters expects hiring to increase for senior positions, demonstrating that these considerations are becoming increasingly important to operational strategy.