Experienced employees key part of workforce strategy in Hong Kong

About 44% of employers see an increased need to retain older employees in the workforce and expect this to be a key trend over the next five years.
By: | November 9, 2022

This was according to the 2022 Older Age Workforce Study by Aon, which also showed that among employers that have increased or are considering increasing the retirement age, 56% cited the need to retain employees’ experience in their Hong Kong workforce and are monitoring public sector retirement age trends.

In addition, the survey found that 34% of Hong Kong employers are providing employees with additional support around retirement options and financial wellbeing. 17% of employers are demonstrating their appreciation to retiring employees by providing an ex-gratia “golden handshake,” which can include a cash bonus, gold, gift coupons and celebratory meals.

Ashley Palmer, regional managing partner and head of Wealth Solutions, Asia Pacific at Aon, said, “Employers with an effective older workforce strategy are able to drive agile succession planning, retain key skills, and provide a soft exit through flexible retirement options. These are all critical to further accelerating talent pipelines and organisational people objectives, such as to increase diversity and gender representation in leadership roles.”

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Aon’s 2022 Older Age Workforce Study focuses on critical human resources practices and employee benefit and retirement plan data to help organisations create a compelling benefit package for older workers and differentiate themselves from the competition to tackle the increasing talent shortage.