SALARY NO LONGER TOP REASON EMPLOYEES LEAVE
The 2024 Hays Asia Salary Guide which surveyed 1,621 skilled professionals and 526 employers from China revealed that salary packages were no longer the top reason employees chose to stay with a company.
The survey, conducted across six weeks in late 2023, asked employees looking for new opportunities within the next twelve months to list the top three reasons they wanted to leave their current place of employment. The survey found that a lack of career progression and a desire to seek new challenges had surpassed low salary packages as the main reason across Asia. A similar survey conducted in 2022 identified low salary packages as the primary reason employees were choosing to leave their current job.
Additionally, respondents who expressed their commitment to their current place of employment did so due to good work-life balance offered by employers. Good job security was also found to be a large motivator for many employees to stay, tying into conservative estimates regarding the economy and job stability in the time to come.
“A healthy working environment, positive values and a sufficiently challenging role will go a long way towards winning the hearts of employees in China.” said Marc Burrage, Managing Director at Hays Asia. “Leaders need to have these discussions with their workforce, and employees need to examine how they can enhance their value in this period of disruption. Collaboration is the key to survival, and both parties will need to face these challenges with open minds and a willingness to adapt.”
Hays, the global leader in workforce solutions and specialist recruitment released the 2024 Hays Asia Salary Guide which compiles salary and sector overviews based on real data and a survey of skilled professionals across China, Hong Kong SAR, Japan, Malaysia, Singapore, and Thailand.
For more of the latest recruitment trends and insights, download the 2024 Hays Asia Salary Guide.
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About Hays
Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK, Germany and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2023, the Group employed over 12,300 staff operating from 249 offices in 33 countries. For the year ended 30 June 2023:
– the Group reported net fees of £1,294.6 million and operating profit of £197.0 million;
– the Group placed around 76,800 candidates into permanent jobs and around 245,000 people into temporary roles;
– 15% of Group net fees were generated in Australia & New Zealand, 30% in Germany, 21% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 57% of net fees and the permanent placement business represented 43% of net fees;
– Technology is the Group’s largest division, with 26% of net fees, while Accountancy & Finance (15%) and Engineering (10%), are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK and the USA
– the Group placed around 76,800 candidates into permanent jobs and around 245,000 people into temporary roles;
– 15% of Group net fees were generated in Australia & New Zealand, 30% in Germany, 21% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 57% of net fees and the permanent placement business represented 43% of net fees;
– Technology is the Group’s largest division, with 26% of net fees, while Accountancy & Finance (15%) and Engineering (10%), are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK and the USA
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