Hong Kong Workers Would Forgo FWAs For A Raise


Can you give up working in hybrid arrangements? On the condition that a raise is in place, employees in Hong Kong say.

According to the findings of a survey that was carried out by Bloomberg Intelligence, that questioned 350 people in Hong Kong to share their perspectives on the topic of flexible work arrangements (FWA), these are some of the feelings that were stated by those who participated in the survey. For the purpose of the survey, the respondents were selected based on a set of criteria that enabled the construction of a sample size that was representative of age, area, and gender. The survey was conducted in the United States.

Over a quarter of those who participated in the study (27%) expressed a desire for a raise of at least six percent in the event that their employers mandated that they work five days per week in the office. Another 24% of respondents stated that they would shift jobs in order to obtain more flexible working arrangements.

More organisations are adopting flexible work arrangements (FWAs) to attract talent, but cutting floor space and leading to rents in Hong Kong falling by at least 6% this year, according to analysts from Bloomberg Intelligence led by Patrick Wong this week. This presents a dilemma that is expected to prompt more organisations and firms to reduce space and dampen office rents.

Related link: Hong Kong Surging Salaries Higher Than In Guangdong Province

Over the course of the past three years, office rentals have experienced a decline at rates that are comparable to one another on an annual basis, as reported by Bloomberg Intelligence. At the end of December of the previous year, the percentage of unoccupied office space in Hong Kong reached an all-time high of 16.4%, as reported by CBRE Group. This was the highest percentage ever recorded.

According to the findings of a survey that was carried out by Bloomberg, twenty percent of the 650 individuals who were surveyed in Tokyo claimed that they would continue to work in their current position if they were offered a wage raise, while sixteen percent of them would consider moving jobs.

This was a significant factor that contributed to the unemployment rate reaching an all-time high of 3.9% in November, despite the fact that employment increased by a substantial 35,600.

The small easing in the market has served to contain wage growth and decreases the pressure for yet another hike in interest rates from the Reserve Bank of Australia (RBA), which has already raised rates by 425 basis points to a 12-year high of 4.35%. The latest increase in interest rates is expected to take effect in December.

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