Lack of career progression main reason for job exits: Survey

Salary is no longer a top factor in leaving work, reflecting a shift in priorities for employees.

Nearly eight in 10 workers (78%) in Hong Kong expect to receive salary increases, whilst 81% of employers are considering doing so. However, salary is no longer the primary factor influencing employees’ decisions about whether to leave or stay with their current company, the 2024 Hays Asia Salary Guide revealed.

The main reason why workers leave their jobs is because of the lack of career progression. This was followed by seeking new challenges and low salary packages.

Comparing this with 2023 results, the salary was the top consideration for employees, followed by better benefits, and seeking new challenges. 

Of the workers surveyed, 42% said they are considering switching organisations or exploring alternative careers. Meanwhile, 35% said they plan to stay in the same role or be promoted, or find a new role within the same organisation.

Around 28% of organisations are looking to increase their number of permanent employees.

Hay Asia also forecasts permanent staff level to increase by 27.8% in 2024, lower than the 28.9% record in 2023. When it comes to the level of contract staff, it is projected to increase by 15.5% this year, lower than the 17.1% logged last year.

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Hays Asia also listed the top reasons for workers to stay with their current employer in 2024. First on the list was work-life balance, followed by salary package, and fitting in with manager/colleagues, and salary package. Notably, salary once again fell on the priority list since it was the top factor in 2023, followed by work-life balance, and flexible working options.

"Work-life balance and employee fit are important considerations for Hong Kong employers looking to retain quality talent. Be sure to provide sufficient opportunities for the workforce to manage workload and integrate themselves with colleagues and managers,” the report read.

“A healthy working environment, positive values and a sufficiently challenging role will go a long way towards winning the hearts of employees in Hong Kong SAR,” Hays Asia Managing Director Marc Burrage said.

He noted collaboration is vital to survival, urging leaders to have discussions with their people, and employees need to examine how they can enhance their value in this period of disruption.

This year's report surveyed 690 skilled professionals and 256 employers from various industries and economies.