How Hong Kong employers can get the upper hand in the war for talent

In Hong Kong today, many businesses find it difficult to recruit the people they need to grow and achieve success. A recent survey found that three quarters of employers in the city struggled to attract new employees at the beginning of this year. The current economic situation isn’t helping matters. Geopolitical tensions and tightened financial conditions have slowed the pace of the city’s recovery as it strives to bounce back from the pandemic. As you’d expect, this situation has affected sentiment in the business sector. And although many businesses still raised salaries this year while attempting to navigate the economic fog that obscures the future, companies in the city were plagued by a high turnover of staff.

Hong Kong undoubtedly faces hurdles as it continues to recover. So how can businesses in the city ensure they attract and keep the right people? It isn’t all down to offering higher salaries – indeed, for smaller enterprises, this may not even be possible given the difficult operating environment.

Many employees today prioritise their health and wellbeing, and take these into consideration when looking for a new role. Ideas for employers include providing incentives that contribute to good physical health, such as gym memberships or yoga classes. Just as important is maintaining mental wellbeing, perhaps through mediation sessions and even sound saunas.

And if the dark days of the pandemic taught us anything, it was that many people enjoyed the flexibility that working from home provided. While working from home may not be the answer for everyone, providing your teams with a hybrid working style can be a real selling point.

Another way to instil wellbeing in your teams is to provide the opportunity for them to give back to their communities. Consider organising monthly volunteering activities that benefit society, such as preparing meals for the homeless and vulnerable, delivering food parcels to the elderly, or even beach clean-ups to benefit the environment. Not only does volunteering make people feel good by doing good, it also helps strengthen team bonds and develops friendships.

People are happier at work when they feel they are on a structured career journey; one where they can developing their knowledge and abilities. But in times of economic uncertainty, like the present, there might not be a clear path to promotion. Instead, provide opportunities for self-improvement, such as management training or learning new skills, so that your staff feel fulfilled and that they are getting extra value through their own development.

Group medical insurance has an important role to play in helping to retain staff. If people feel that a current or prospective employer is prepared to contribute to their medical wellbeing, they may be more willing to stick with that employer. MSIG’s SME Group Medical Insurance plan offers comprehensive benefits, six levels of hospitalisation and surgical coverage, and employers can opt for optional Outpatient, Dental and Personal Accident benefits to meet the different medical needs of the employees.

When people are looking to change jobs in Hong Kong, their prospective salary is the main driving force behind their decision – there is no doubt about that. But what might make them stay is the extra benefits you can provide – benefits that are of genuine value in and of themselves. So don’t get left on the sidelines in the war for talent. Broaden the packages you can offer. Doing so will help you find, develop and, crucially, retain the people who will make your business thrive.

To find out more about MSIG’s SME Group Medical Insurance plan, please click here.

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Read more:
Why good mental health and business success go hand in hand
Using Group Medical Insurance to attract talent to SMEs
Deflect stress in the workplace before it affects your business