It’s not just about the money

HRM 24 Feb 2014

Money has traditionally ranked as the top decision-making factor for most Asian jobseekers considering a new job opportunity. According to the latest Michael Page Salary & Employment Forecasts released in China and Hong Kong, it is still the highest motivator. Just over a third of employers in both countries expect the main reason staff will leave their current role this year is to improve their salary (39%).

While some professionals are solely focused on financial rewards and seek better remuneration by changing jobs, there is an increasing number of professionals who believe that doing something they enjoy is as important as the overall salary and job package. A number of employers report that jobseekers have increasingly sophisticated attitudes towards changing jobs and note non-financial rewards also feature highly in professionals’ motivations to leave their current role. For hiring employers, offering non-financial rewards and incentives would be the best way to cater to what these jobseekers are looking for in a new role.

Across China and Hong Kong, surveyed employers believe the second most important factor that will influence employees to consider a new role is the chance to broaden their experience and opportunity to learn (21% and 25%, respectively). Of the employers surveyed for the latest Michael Page Salary & Employment Forecast in Taiwan, 26% said this is the primary reason employees will leave their role this year.

Professionals are also placing more value on a broader range of other non-monetary factors when looking to switch roles. These include:

• working preferences like job scope, daily duties and KPIs;
• long-term career progression (which 35% of employers in both China and Taiwan note is the most popular option they offer to attract and retain staff);
• internal role rotation opportunities;
• gaining new skill sets (which is the second most popular option 21% of employers in Taiwan said they offer to attract and retain staff through training and mentoring partnerships);
• people, corporate culture, and physical and non-physical working environment; and
• work-life balance such as flexible working hours, extended leave and comprehensive medical benefits (where according to employers surveyed in China, Hong Kong and Taiwan, flexible working arrangements, team building and offsite activities and sabbaticals are the top three most popular options offered to support work-life balance).

While financial rewards will always weigh heavily on an individual’s decision to change jobs, the opportunity for career development and progression, as well as having a balanced lifestyle also has a place.

Rupert Forster is Managing Director for Michael Page, Northern China based in Beijing. The Beijing office has several specialist divisions including Accounting & Finance, Financial Services, IT and Technology, Legal, Human Resources, Sales, Marketing, Retail, Manufacturing, Procurement & Supply Chain and Property & Construction.  Rupert has more than 13 years’ experience in recruitment working at PageGroup.