The existing human capital trends in Hong Kong are proving unsustainable in retaining and attracting talent, according to a study by CPA Australia released on Aug 25. 

The report highlighted staff retention difficulties, lack of quality employee training programs and insufficient staff skill as the three key areas requiring immediate attention in order to maintain the city's competitiveness. 

After speaking to a total of 332 professionals, CPA Australia found that 67.5 percent of the respondents said that current human resource policies implemented by their companies are insufficient in retaining staff. 

Among the respondents who regard the current policies as unsatisfactory, 23 percent of them said their companies should introduce work-life balance initiatives. Some 18 percent expect customized quality training programs and another 17 percent demand financial support for employees who continue their education. 

The top reasons that staff leave the company includes unattractive remuneration packages, lack of promotion opportunities and poor work-life balance, which appeared in over 70 percent of responses. 

But almost 80 percent of these respondents said they are likely to get pay raises in the next 12 months while three-quarters of them expect salary increases of below 6.5 percent. 

Bernard Poon, deputy president Greater China of CPA Australia, said the vast majority of participants also complain that their current training programs, if there are any offered by their respective companies, are also not good enough to retain the employees. 

Respondents believe that a majority of employees lack key skills including logical thinking and decision making, as well as management and leadership skills. Meanwhile both those above and below 35 years of age also regard English-language competency and a global perspective as major shortfalls. 

"It is clear that respondents believe training received at work adds value to both the company and supports career advancement, however, they are perceived as insufficient in retaining staff," Poon said. 

According to a survey released by Robert Half Workplace in April, Hong Kong employers are the most demanding in the Asia-Pacific region, where 68 percent of surveyed employers in the city said they expect their employees to be available or contactable while on annual leave or out of office hours - well above the regional average of 40 percent. This compares with 45 percent in Singapore and 22 percent in Australia. 

Another Robert Half Workplace survey released last week concluded that although 34 percent of Hong Kong employers are planning to increase their full-time staff in finance, accounting or banking in the second half of 2011, 93 percent of them, nevertheless reported challenges in finding qualified finance professionals. 

Alexa Chow, managing director of Centaline Human Resources Consultants Ltd, who has worked as a recruiter for more than 10 years, told China Daily that it is an indisputable fact that Hong Kong employees are very hard-working but they also very frequently job-hop. 

"The key reason that company cannot retain employees is that the current economy is thriving and shifting to another job can easily help a job-hunter increase their current pay by 20 to 30 percent," Chow said. "90 percent of companies are small and medium enterprises which lack funds and resources to support sustainable training. The remaining 10 percent are large institutions that may provide good training program when the economy is good but they will also cut this part when the situation reverses." 

Chow believes a frequent job-hopper is also less attractive to potential employers as they may question the candidate's character and loyalty. 

litao@chinadailyhk.com