The world’s largest talent company, Randstad, today released the 2023 Employer Brand Research report. The report, now in its 11th edition, disclosed that 42% of respondents have resigned or contemplated leaving their jobs to improve work-life balance.
This makes it the top reason that would motivate workers in Hong Kong SAR to resign.
The Randstad study, which captures the voice of the local workforce in Hong Kong SAR, is a reflection of shifting talent expectations with changes in the economy and labour markets. The results reveal that while salaries and job security remain vital, employees’ expectations now extend beyond traditional remuneration.
Following work-life balance, 28% of respondents indicated they would quit their jobs for higher pay, while the same proportion cited a lack of career growth opportunities as a motivating factor for leaving.
Benjamin Elms, Managing Director at Randstad Hong Kong, commented, “The changes to today’s economy and labour markets have added new dimensions to worker priorities. People are actively seeking companies that provide a positive experience and make them feel good.”
The report suggested that work-life balance, once considered a perk, is now a necessity for many workers. Elms continued, “Striking the right balance between work and life is critical for companies aiming to attract top talent.”
Data from the Employer Brand Research indicates that companies are responding to this need. The gap between talent expectations and employer offerings for work-life balance has decreased from 8 to 5 points.
Despite these changes, the report suggested that companies need to continue focusing on improving the perception of their employer brand. Elms added, “As the world’s largest talent company, we remain committed to our objective in helping businesses attract the best talent in Hong Kong.”
The 2023 Randstad Employer Brand Research reached out to over 163,000 respondents across 32 markets. It gives employers a unique opportunity to discover new talent insights and improve their workforce strategies, focusing on meeting and exceeding the changing expectations of their workforce.