Redefining Hong Kong’s workforce for the future
Mercer’s ‘Global Talent Trends 2024’ survey uncovers four trends shaping a people strategy that can help companies gain a competitive advantage
Every generation brings distinct qualities to the workplace. Baby boomers are known for their driving ambition and strong work ethic; Generation X is famed for its self-sufficiency and adaptability, and millennials are recognised for their technical savvy and team spirit. Gen Z, which strongly emphasises flexible work hours, physical and mental well-being, and jobs with a high degree of technological engagement, is poised to impact the future of the corporate workplace significantly.
In response to generational socio-economic change, companies in Asia are evolving to build more sustainable, more inspiring and less exhausting workplace models. To navigate the challenges and opportunities of 2024 and beyond, business leaders and human resource (HR) professionals can help foster a work environment that aligns with employees’ values – with particular attention to the influence of Gen Z, which is expected to be the largest generation in the workforce by 2035 – thereby improving workplace solidarity, productivity and job satisfaction.
For employers, understanding generational trends is critical to managing talent attraction and retention. Mercer’s “Global Talent Trends 2024” survey shines a light on what leaders are focusing on and what matters to their talent.
Gary Chin, head of career consulting at Mercer (Hong Kong and Macau), says the use of robust data can be vital when benchmarking people policies and practices to attract and retain talent.
“How do you differentiate yourself from your competitors?” he asks. “Benchmarking is a must. Mercer has a rich database which helps to ensure that companies get the baseline right so they can maintain competitiveness in the market. But each organisation is unique and should create a total rewards strategy that fits their particular goals and objectives,” he adds, referring to more nuanced, personalised people programmes that consider the preferences of a diverse, multigenerational workforce.
“This is something employers need to think more deeply about,” Chin continues. “Beyond benchmarking, leading companies should leverage strategic total rewards and talent programmes to support the creation of a unique employee value proposition that helps drive talent attraction and retention.”
