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How Hong Kong’s finance industry is adapting to a changing workforce
There’s no shortage of articles, studies, and reports on the rise of the Millennial worker. Predicted to make up 50% of the global workforce by 2020, their sheer number may seem a little daunting. Luckily, while there’s no denying this generation is impacting your workplace, a lot of this impact is positive.
A recent Robert Half survey among CFOs and finance directors working in Hong Kong’s financial services industry found that increased flexibility (53%), a greater emphasis on soft skills (49%), and an increased emphasis on collaboration and transparency (48%) are the top three qualities Millennials bring to the workplace.
Additionally, they can bring digital knowledge to the table, Adam Johnston, managing director of Robert Half Hong Kong, points out.
“Having grown up with technology constantly at their fingertips, Millennials are well-equipped to help companies transform into more agile and digitally-minded enterprises,” Johnston says.
“With all of today’s industries vulnerable to the impact of innovation disruptors, companies need to be able to attract and further develop the necessary tech-savvy talent to tackle today’s business challenges.”
Whether you consider these ‘Millennials qualities’ a good thing or not, as the workforce becomes increasingly multi-generational, it’s important for companies to adapt.
Johnston advices companies to focus on collaboration and (reverse) mentoring programmes in order to leverage the benefits every generation brings to the workforce.
“Demonstrating a consideration for the drivers and expectations of employees will be a major factor in managing this multi-generational workforce,” he says.
When asked what measures they have taken to adapt to an increasingly multi-generational workforce, 63% of Hong Kong CFOs said they have adapted their hiring processes to attract top candidates. Over half (55%) have increased their level of collaboration among all generations in the workplace – which includes a greater focus on teamwork, brainstorming and relationship building across all company teams.
Other measures include (reverse) mentoring programs (39%), open lines of communication (34%) and tailored retention and professional development programs (23%).
“Hong Kong employers will need to adapt (fast) in order to attract and retain millennial professionals. By refining their hiring practices, and specifically tailoring their talent management programs, Hong Kong companies can ensure they successfully attract the workforce of the future,” Johnston concludes.
This article was first published in Human Resources and is reproduced with permission. Original article can be found at http://www.humanresourcesonline.net/how-hong-kongs-finance-industry-is-adapting-to-a-changing-workforce/