Workers hunkering down as jobs dwindle
Finance | Cici Cao and reuters 27 Nov 2024Cici Cao and Reuters
Twenty-five percent of Hong Kong professionals have decided to stay at their current jobs next year amid a decline in white-collar vacancies and economy headwinds, compared to 13 percent last year, a survey has found.
Local recruitment agency Robert Walters, which interviewed 400 employees and enterprises in September, also reported that 55 percent of employers will give their staff a pay rise next year, down 9 percent from the same period last year.
Also, 80 percent of employers who intend to raise pay will offer a rise between 1 percent and 5 percent, the survey showed.
Meanwhile, Citigroup is cutting the number of year-end promotions it awards as it seeks to hold costs down amid a long-term restructuring to shrink headcount, the Financial Times reported.
Managers have been told that as many as 2,000 Citi employees could get a pay hike and titles in the next month, down from about 8,000 in previous rounds, the Financial Times report said, citing four people familiar with the decisions.
In other news, Hong Kong's employee burnout rate has increased by 1.7 times compared to pre-pandemic levels, a survey conducted by HKU Business School found.
The Institute of Behavioural and Decision Science at HKU Business School and the Hong Kong Association for Customer Service Excellence interviewed 1,000 employees from the service industry across both the public and private sectors in Hong Kong.
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