The survey -- conducted every 90 days -- found that 52 per cent of agencies in China and Hong Kong are likely to increase their headcount over the next three months. Staff turnover rates in Hong Kong showed 34 per cent have experienced a churn rate exceeding10 per cent, while the number was greater for China, at 47 per cent of agencies.
But with the mainland's economy continuing its rapid growth, Chinese agencies are finding more money to spend on hiring staff, and are looking to Hong Kong. Local companies with international ambitions and multinationals are increasingly viewing Hong Kong executives as a preferred option compared with Western candidates, because of their familiarity with the Chinese language and culture. "A lot of companies are entering China, and the issue is where you get talent from," said Gary Lazzarotto, CEO, Hudson Asia. "They're pulling it out of Hong Kong, because those are culturally-favoured candidates."
Lazzarotto said companies needed to more adequately address personal and career development in order to ensure staff retention.
HK talent gains favour in China's staff crunch
Hong Kong agencies are facing an increasingly difficult battle to retain staff in the face of growing employee poaching by China, according to the latest employment trend survey released by Hudson Asia.
