Most of HK workers looking for a new job: Randstad

Employees in Hong Kong are increasingly concerned about their job security, and the majority of them are either actively looking for a new job or open to exploring opportunities that come their way, according to the findings of the latest pulse survey by Randstad Hong Kong.

Unsurprisingly, one of the top reasons for changing jobs is COVID-19, possibly because their industry has been affected and their employment is at risk. The other top reason respondents gave is because their current salary is unsatisfactory, and although the survey does not explore why, it's possible that this may be related to companies taking cost-cutting measures that affected employees' pay. Half of all the survey respondents said their employer had taken cost-cutting measures to mitigate losses, including unpaid leave, salary and bonus freezes, and salary cuts.

Natellie Sun, Managing Director of Search and Selection across Greater China at Randstad, predicted that these results will translate into more movements in the job market once the economy begins to recover. She said: “The employment statuses for many Hongkongers have changed as a result of months-long protests and COVID-19. A global event like the pandemic will also motivate some people to rethink their career choices. Some may want to join an industry that is seen to be recession-proof for better job security or to find a new purpose through their career.”

Hong Kong's job market has been upended by COVID-19, following on the heels of civil unrest and the Sino-US trade war. The unemployment rate is already at a 10-year high, and the median salary is expected to drop by 10-20 percent this year. While some industries, including technology and digitalization-related sectors, may continue to expand, it's uncertain whether the growth there can offset the troubles faced by the rest of the economy.