Employees in Hong Kong would give up FWAs for a salary raise

Employees in Hong Kong are willing to give up their flexible working arrangements if their employers would agree to give them a pay rise to compensate.
By: | January 10, 2024
Topics: Compensation and Benefits | Hong Kong | Hybrid Working | News | Recruitment

Give up hybrid work arrangements? Only if a raise is in place, say employees in Hong Kong.

These are some of the sentiments echoed in a Bloomberg Intelligence survey, which had 350 respondents in Hong Kong weigh in on the topic of flexible work arrangements (FWA). These respondents were selected using criteria to create a representative sample size for age, geography, and gender for the survey.

Over a quarter of respondents in the survey (27%) requested a pay increase of 6% or more if their employers require them to work five days a week in the office. Another 24% said they would change jobs to secure flexible working arrangements.

This serves as a dilemma that is expected to prompt more organisations and firms to reduce space and dampen office rents, with more organisations adopting FWAs to attract talent, but cutting floor space and leading to rents in Hong Kong falling by at least 6% this year, said Bloomberg Intelligence analysts led by Patrick Wong this week.

Office rentals have in the past three years dropped at similar rates annually, explained Bloomberg Intelligence. The city of Hong Kong saw a record 16.4% of empty office space at the end of last year, according to CBRE Group.

READ MORE: Malaysia sees pay increases steadily rise in 2024

In Tokyo, 20% of 650 people surveyed said they would stay for a salary raise, while 16% would switch jobs, reported Bloomberg.