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(5 January 2023, Hong Kong) Close to a third of employees with small and medium-sized enterprises (SMEs) in Hong Kong are considering a change of job, while employee benefits are cited as key to talent retention, according to the latest Employee Satisfaction Survey released by Prudential Hong Kong Limited ("Prudential").
The online survey of 600 Hong Kong SME employees and 300 corporate employees conducted by Prudential between September and October 2022 aims to gauge local employees’ job satisfaction and benefits expectations to help employers better understand the needs of their employees so as to provide appropriate health and wealth solutions for talent acquisition and retention.
The survey found that while 65% of SME employees were satisfied with their current employers, 32% were open to or were actively seeking new opportunities elsewhere. Additionally, a quarter of respondents (24%) prefer to work at large corporations. They cited the strong financial position of the company (42%), better medical benefits (41%), more comprehensive employee benefits (39%) and established pension plans (30%) as the main reasons.
When considering whether to stay in a job or not, 77% of the SME employees surveyed said that employee benefits are their main consideration. For them, the most attractive benefits include:
However, fewer than two thirds (62%) of the SME employees surveyed said that their employers offered medical benefits, well below the 83% of corporate employees. At the same time, less than half (47%) of SME employees said they were covered by their employers’ insurance policies, such as life insurance and critical illness insurance. In general, they ranked medical benefits offered by their employers as particularly unsatisfactory on account of the low claim value and limited coverage.
Among those SME respondents who attended financial management workshops organised by their employers, the sessions on financial management and financial literacy (41%), MPF performance and management (40%) and retirement planning (33%) were considered the most appealing. Interestingly, nearly 90% of SME employees (88%) expressed interest in being offered more than one MPF provider by their employers from which to make their selection.
Reflecting its commitment to meeting its customers’ MPF needs, Prudential distributes two different types of MPF scheme in Hong Kong: one offering low-fee funds1 and another covering most of the major global stock markets.
"There are currently more than 350,000 SMEs in Hong Kong, accounting for approximately 45% of private sector employees2, which makes these businesses particularly important to the city's economy. With employees being a valuable asset to every company, talent retention is essential for the SMEs’ sustainable development," said Priscilla Ng, Chief Marketing and Partnership Distribution Officer of Prudential. "To support local SMEs in enhancing their competitiveness and managing the challenge of talent retention, Prudential launched bespoke and one-stop enterprise solutions with our 'We DO' spirit that give SME employees more autonomy on their MPF providers and schemes, while offering benefits and protection for their physical and mental wellbeing."
As a trusted insurance provider for close to six decades in Hong Kong, Prudential’s previous releases of timely and relevant SME solutions have been met with positive responses including its second MPF scheme solution that was launched in November last year. Other SME solutions include:
Prudential’s comprehensive MPF Intermediaries Portal (MPFI Portal) enables MPF consultants to conduct regular reviews of their customers’ MPF accounts and offer the latest relevant information. Customers can now enjoy an enhanced experience with greater speed and precision, making it easier for them to make informed decisions best suited their particular needs.
1 Low-fee Funds are funds with Fund Expense Ratio (FER) ≦1.3% or management fees (plus guarantee charges if applicable) ≦1%.
2 According to statistics released by the Hong Kong Trade and Industry Department of the HKSAR Government (2022 Nov) https://www.tid.gov.hk/english/smes_industry/smes/smes_content.html
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About Prudential Hong Kong Limited
Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits.
Prudential plc provides life and health insurance and asset management in 23 markets across Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion. Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has more than 19 million life customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York. It is also a constituent of the Hang Seng Composite Index.
Prudential is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
Please visit www.prudential.com.hk for more information.
Priscilla Ng, Chief Marketing and Partnership Distribution Officer, Prudential Hong Kong Limited announced findings of Prudential “Employee Satisfaction Survey” and introduced brand new one-stop enterprise solutions.
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