Hong Kong bosses admit to struggling in new talent acquisition

And retaining top performers.

Hong Kong business leaders see the two biggest challenges as attracting new talent and retaining top performers in the next 12 months according to the latest Randstad World of Work report released yesterday.

The same report said that almost two-thirds (65 per cent) of Hong Kong employees intend to leave their jobs primarily due to lack of opportunity for growth and advancement (67 per cent), followed by non-competitive salary/remuneration (51 per cent).

Game-Changer #1 of the 2013/14 Randstad World of Work Report, part of a four-part talent strategy series, released today also reveals that less than 10 per cent of local HR managers and business leaders describe their talent strategy as world-class, highlighting the scale of the talent challenge for many organisations.

Peter Yu, General Manager and Director, Randstad Hong Kong said, “Skills shortages, combined with wage pressures and high employee mobility are all driving the need of local employers to develop better selection and development techniques.

Fortunately, the companies we surveyed strongly indicated that they are ready to invest in the talent management strategies and systems needed to unlock much sought-after productivity gains.”

The top three strategies companies will implement over the next five years include strengthening employee engagement and collaboration (64 per cent), improving middle management capabilities (51 per cent), and better aligning their workforce plan with business strategy (46 per cent).