Should firms continue to offer high pay raises?

Randstad advised that firms should offer alternative benefits.

With the ongoing war for talent, Hong Kong employers entered a price war to attract workers by offering high pay.

Amidst the inflationary pressures, Randstad said this should not be the case. Instead the employers should offer alternative benefits and promote the employer brand to look locally and globally.

“However, companies may not have a large budget to meet these expectations during a time of fears of recession and high inflation,” read the report.

There should be work-life balance by promoting good work conditions such as hybrid, remote work, health-focused benefits, and adequate staffing levels.

“To be effective, the employer brand strategy should involve providing comprehensive training, using modern equipment, practising empathy, and effectively marketing and communicating the brand across different channels,” read the report.

Adapted to health crisis

Companies in the market also adapted to changes due to COVID-19 by finding growth opportunities within the city to lure global talent, which include office for office for attracting strategic enterprises and top talent pass schemes to attract global businesses and talent.

Firms in Hong Kong will also continue to pursue digital transformation projects which will boost demand for tech-related roles, including cybersecurity engineers and software developers, as well as digital-led roles in data analytics, digital marketing, and performance management.