HONG KONG SAR – Media OutReach – August 3, 2023 – Amid fears of widespread layoffs and hiring freezes, career amortization has become a recent trend in the workplace. The term that designates
the process of being proactive about your career prospects to “soften the blow” if something goes wrong with your current job — is a phenomenon that, according to Robert Walters, the world’s leading professional recruitment consultancy, has grown in importance as Hong Kong struggles to maintain financial stability in the face of the global economic downturn.
According to a recent survey of professionals in Hong Kong about their career plans amid economic uncertainty, nearly three-quarters (74%) of professionals admitted to having taken steps to “prepare to look for another job”. 68% of professionals “career cushion” due to changes in the macroeconomic situation and workplace instability – reasons include internal changes within their company (29%), lack of job security their business (22%) and turbulent economic conditions (17%).
John Mullally, Managing Director of Robert Walters Hong Kong, said: “In light of the recent labor market downturn, employees are taking steps to protect their long-term professional interests and earning capacities. This usually involves actively or, at least, passively looking for opportunities in the market.”
Full throttle cushioning tactics
When asked what kind of tactics workers use to create a “career cushion,” applying (66%) and monitoring the job market (61%) came out on top.
|
The most common tactics to “cushion your career” |
|
|
Apply for jobs |
67% |
|
Job market monitoring |
61% |
|
CV preparation |
54% |
|
Networking more |
32% |
|
Development / Training |
30% |
|
Adopt side hustles |
28% |
The grass is not always greener.
It’s worth noting that more than 40% of professionals have realized the value of their employer after exploring the job market and assessing their own skills – a further 10% admitting they’ve discovered that their current employer pays better than the industry average. market. While “career amortization” doesn’t necessarily mean an employee will leave their current job, exploring opportunities elsewhere can serve as a reminder that the grass isn’t always greener on the other side.
Hustle for extra income
Besides their regular full-time jobs, 28% of professionals are adopting side hustles as a way to monetize their skills and expand their sources of income, according to the Robert Walters Hong Kong survey. When asked how the extra money was used, 33% of scammers needed the income to pay for living expenses, 22% put the extra income into their savings, 22% do the job out of passion while 11% use it for discretionary purposes. expenses.
John adds, “People spend time on entrepreneurial ventures that generate income in case their current employment situation is affected. This phenomenon is driven by their uncertainty about the short and medium term future, not only within their current organization, but also in the future. Hong Kong labor market in general.”
Hashtag: #RobertWaltersHongKong
The issuer is solely responsible for the content of this announcement.
