Observations in Asia and Hong Kong
41% of executives believe that investing in AI is the biggest driver of business productivity.
62% of companies do not change their employees' work methods when adopting new technologies.
Only half of Hong Kong executives feel they have the talent models needed to capture growth in 2024.
45% of employees think that too much tedious work reduces productivity.
One in three Hong Kong employees plans to leave their job within the next 12 months.
49% of Hong Kong employees say their employers fail to meet their needs.
Analysis of These Data Highlights Several Trends and Challenges:
Investing in AI: Many executives recognize the potential of AI to boost productivity. However, this investment needs to be accompanied by changes in workflows to maximize its benefits.
Technology Adoption vs. Transformation: There is a gap between adopting new technologies and changing the way employees work. Without altering work methods, the full potential of these technologies is hard to realize.
Talent Models: Half of the executives feel unprepared to leverage talent for growth, indicating a skills gap and the need for better talent management strategies.
Productivity and Tedious Work: Many employees believe that tedious tasks drain productivity, highlighting the need for better task management and allocation to ensure employees engage in meaningful work.
Employee Retention: One-third of employees are considering leaving, showing issues with job satisfaction and retention rates. Employers need to address the factors leading to employee turnover.
Meeting Employee Needs: Nearly half of the employees feel their employers fail to meet their needs, indicating a disconnect between employee expectations and what is provided, which may involve benefits, work-life balance, career development, or workplace culture.
Recommendations:
To address these challenges, employers in Hong Kong should consider the following strategies:
Combine AI with Workflow Changes: Ensure AI investments are accompanied by changes in work methods, including training employees to work effectively with new technologies.
Enhance Talent Management: Develop strategic talent models, including upskilling, retraining, and attracting top talent to meet future growth demands.
Reduce Tedious Work: Implement task management systems and processes to minimize tedious work and focus on productivity-enhancing activities.
Boost Employee Engagement: Conduct regular surveys to understand employee needs and take actionable steps to address their concerns, thereby improving job satisfaction and retention rates.
Create a Positive Work Environment: Foster a supportive work culture that meets diverse employee needs, including flexible work arrangements, comprehensive benefits, and career growth opportunities.
By addressing these issues, employers in Hong Kong can better navigate the complexities of a technology-driven environment and build a more resilient and productive workforce.
Source :Mercer ( 2024) Future of work, Global Talent Trends 2024 | Hong Kong
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