Hong Kong strives to stanch brain drain

More employers expect a worse skills shortage this year.

Employers continue to focus on retaining professionals as they expect a worse skills shortage compared to 2012, said the 2013 Michael Page Salary & Employment Forecast, Hong Kong.

Of those surveyed, 39% expect a professional skills shortage during 2013, or an increase of 27% from the previous year's survey. In addition, 50% of all employers surveyed expect their business to experience some staff turnover during the year.

Employers are designing different strategies to retain staff. Besides implementing talent attraction and retention strategies, managers are also trying to understand individual career aspirations.

Of the employers surveyed, 95% are offering healthcare/health insurance as an employee benefit while 58% provide team building/offsite activities to help create work-life balance in employees' lives.

Forty-five percent of employers will focus on recognition and reward and 69% will award salary increases based on performance. Of those intending to raise salaries, 48% are likely to award an average salary increase between 4% to 6%.

The stubborn skills shortage means the Hong Kong employment market continues to offer opportunities for experienced and talented professionals, particularly those with multiple language skills.