Positive Job Confidence Contrasts Negative Economic Outlook
63% of Mid-Senior North Asian Financial Services Professionals
are Still Confident About Their Job Security
Hong Kong – Immediate release – New Selby Jennings research reveals 6 in 10 employees foresee a worse economic situation for the next 12 months. This negative outlook is in direct contrast with a more positive one: almost two thirds (63%) of respondents are still confident about their job security over the next six months.
Survey during Covid-19
When the Asian workforce was back from Chinese New Year in late January, the workforce was disrupted with Covid-19. Selby Jennings hence conducted a Job Confidence Index survey to understand financial services professionals’ views on:
Perceived job security
Current job satisfaction
Satisfaction with compensation
The survey was conducted during February and March 2020 by Selby Jennings consultants through email and telephone conversations with over 140 financial services professional across North Asia. The majority of the sample are middle to senior levels professionals.
Most finance professionals still receiving bonuses
Despite the background of an uncertain economic environment and the pandemic, the research shows the majority are still receiving bonuses, while 40% of respondents still believe that they are likely or very likely to receive increased compensation in the next 12 months. Furthermore, close to 60% of respondents are receiving or have received an increased bonus this year compared to last year.
Failure to address employee satisfaction leads to loss of valuable talent
Our survey shows that just over half of the respondents (55.5%) are satisfied or highly satisfied with their current jobs. That is a very slim majority, with 44.5% of employees not fully
satisfied. HR managers should take note – with a challenging year ahead, failure to address employee satisfaction could result in loss of valuable talent.
“Asia is an important market for banks, financial institutions are not pulling out and they are in for the long haul. They also know they need good people – those who can demonstrate the ability to add value in either a bull or bear market – to take them through whatever challenges lie ahead,” said Mr Abimanu Jeyakumar, Head of Selby Jennings, North Asia.
According to our survey, only 31% of respondents feel confident or very confident that the job market will improve. While this may result in less willingness to change jobs at the moment, many respondents still believe in themselves and their ability to find work. Our survey shows that if made redundant, close to half of the current employees are confident in their ability to find a new role within three months.
“Volatility means opportunity. We’re all expecting a bounce-back in activity, and this means we now need the right people in the right seats for when that happens. So we’re still getting
headcount approved for hiring in Hong Kong banking,” said Mr. Jeyakumar.
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About Selby Jennings
Selby Jennings is a leading specialist recruitment agency for banking and financial services. For more than 15 years, we have given clients and candidates peace of mind that the
recruitment process is in expert hands. Our continual investment in best-in-class technologies and consultant training enables us to recruit with speed, precision and accuracy. Today, Selby Jennings provides permanent, contract and multi-hire recruitment from our global hubs all over the world.
We pride ourselves in keeping our professional network up-to-date with any changes that will shape the future of work or affect the hiring process. Visit our website www.selbyjennings.hk to discover more invaluable insights, including exclusive research, salary guides and market trends.
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