Nearly three quarters of Hong Kong firms are facing difficulty in securing the right talent and over 40 percent are suffering high employee turnover rate, a survey has shown.
More than 40 percent of respondent firms said a majority of their staff have been with the organization for less than three years, according to the survey conducted by the Hong Kong Baptist University’s Center for Human Resources Strategy and Development.
Interviewers questioned managerial staff from 268 corporations in fields such as finance, education, construction and tourism.
The results are in broadly line with a government study earlier this year that pointed to manpower problems in the city amid an aging population.
The survey, however, found that 86.4 percent of interviewed corporations had no plan to extend the retirement age of their staff.
More than a half said their senior staff were fit enough to handle their tasks and will not cause extra burden to the companies in terms of medical expense and welfare.
More than 40 percent of the firms questioned have set their retirement age at 60, while a quarter have set the age at 65. The rest do not have specific policy on retirement age.
Randy Chiu, who oversaw the survey, said corporations should put in place mentoring schemes to ensure smooth succession for senior staff.
According to the previous government study, Hong Kong’s labor market could face a shortage of about 118,000 workers by 2022, and that about 350,000 workers would retire in the coming decade.
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