Employers be warned: Your employees may be on the move soon

2023 is likely to remain a jobseekers’ market in South-East Asia and Hong Kong, with employees confident of finding alternative employment.
By: | March 2, 2023
Topics: Compensation and Benefits | Employee Experience | Hong Kong | Hybrid Working | News | Professional Development | Recruitment | Southeast Asia

(From left to right): Dawn Tan, CNA Presenter; Peter Bithos, CEO (Asia), SEEK; and Sagar Goel, Partner and Associate Director, BCG, discussing key findings of a new jobseekers report at a press event in Singapore.

When it comes to landing the job that they desire, confidence remains high among jobseekers in South-East Asia and Hong Kong.

74% of talent say they are approached multiple times per year about new job opportunities, with 70% feeling that they are in a strong negotiating position when looking for a job. More specifically, 34% of the 97,324 respondents to a recent survey by SEEK’s JobStreet and JobsDB, the Boston Consulting Group (BCG) and The Network say they are actively searching for a new job.

The top three motivations for searching for a new job include looking for a more interesting position or higher seniority (49%), lacking opportunities for upward career progress at current employer (30%) and dissatisfaction with salary and benefits at current job (27%).

Peter Bithos, CEO (Asia), SEEK, said, “While hiring growth may slow down during times of uncertainty, there is no doubt that it is still a jobseekers’ market right now, and so it’s important for employers to know how to attract, recruit and retain talent.”

Among the things employers can do, Bithos added, is to invest in people’s skills and help them advance in their careers.

READ: Creating a winning formula to retain your best talent

When it comes to priorities, 71% of the survey respondents say a stable job offering good work-life balance tops their list, as Sagar Goel, Partner and Associate Director at BCG, described, “Most jobseekers don’t want to live to work anymore – they want to work to live. Employers must understand that while a high salary may be a way to raise the attention of in-demand talent, money is enough to retain them in the long run.”

Both Goel and Bithos were also quick to caution against organisations compelling their employee back to the office. While less than 20% of employees want permanent work, only 27% want to work fully on site. Instead, the majority of employees (62%) are calling for their employers to offer them a hybrid work option, the survey revealed.