Industry reports

Bridging the Expectation Gap: How employers and employees can match their priorities in 2024

Simone Wu — Tue, 30 Jul 2024 12:12:40 +0000

Bridging the Expectation Gap: How employers and employees can match their priorities in 2024 Simone Wu

The gap between what employers expect and what employees aspire to has long existed. However, recent trends highlighted in Michael Page Hong Kong’s Talent Trends 2024 report show that this divide has become more pronounced, leading to a growing ‘Expectation Gap’.”

The post-pandemic shift

The COVID-19 pandemic triggered a profound shift in how people view work-life balance and personal priorities, leading to significant changes in the talent market.

As a result, job seekers and employees have emerged with renewed confidence in advocating for their preferences. They realised that work, while necessary, is just one facet of a fulfilling life. Employees are more empowered than ever to seek environments aligned with their values and lifestyle choices.

"On the one hand, workers have a growing list of expectations stretching beyond competitive salaries and flexibility. On the other hand, employers face significant pressures in a rapidly evolving business environment, making it harder for both sides to meet in the middle," says Rupert Forster, Senior Managing Director at Michael Page Greater China.

For employers and hiring managers in Hong Kong, understanding and addressing this amplified expectation gap has become crucial for developing effective talent strategies to attract and retain top professionals in an increasingly competitive global talent market.

Hong Kong’s talent acquisition landscape presents distinct challenges, influenced by broader regional trends

Recruiting talent in Hong Kong has grown more complex, with employers facing a range of challenges that underscore a widening gap between what job seekers expect and what employers offer.

According to our Talent Trends 2024 report, 65% of organisations in Hong Kong struggle to find the right talent, while 49% grapple with retaining employees.

These figures are higher than the APAC averages of 40% and 33%, respectively, underscoring the pervasive nature of these challenges across the region. This annual Talent Trends 2024 report reveals that employers face three primary hurdles in their hiring efforts, contributing to the expectation gap:

Skills shortages
Matching salary expectations
Lack of applicants

These obstacles highlight the intricate balance employers must strike between competitive compensation, skills-based recruitment, and cultural fit in today's dynamic job market.

To navigate the complexities of this job market effectively, organisations need to consider adopting holistic talent strategies that address immediate hiring needs and long-term talent development strategies.

Interestingly, while matching salary expectations is challenging for most organisations, competitive salaries are no longer the sole deciding factor for job seekers when it comes to accepting a job offer, further emphasising the multifaceted nature of the expectation gap in recruitment.

Flexible work arrangements: Balancing employee preferences and business needs

In Hong Kong, 30% of respondents would turn down a promotion to focus on their wellbeing, down from 43% in 2023.

Flexibility has become a significant point of contention in workplaces across Hong Kong, where 42% of respondents now work in a hybrid arrangement, reflecting an important shift in work culture.

Flexibility in working arrangements ranks as the third most important factor for job seekers. This trend is mirrored across APAC, emphasising the need for employers to look beyond monetary compensation to attract and retain top talent.

Some 46% of employees are now required to increase their in-office presence as compared to 12 months ago. This transition has its challenges.

One in two employees actively looking for a new job was required to return to the office more than 12 months ago due to a change in company policy, highlighting the potential risk of losing top talent due to the implementation of rigid attendance policies.

Interestingly, our Talent Trends 2024 report uncovers a striking disconnect in how organisations perceive and implement flexibility.

Managing the multigenerational workforce

Adding another layer of complexity to the equation of talent strategies is the need for employers to cater to a multigenerational workforce.

Our Talent Trends 2024 report reveals that work-life balance and competitive salaries are universally prioritised across all age groups. However, subsequent priorities vary significantly.

For instance, employees in their 20s highly value relationships with colleagues and managers, while those in their 40s and above place greater emphasis on management style and employee recognition.

This diversity in preferences underscores the need for organisations to implement multifaceted engagement strategies that can accommodate the distinct priorities of each generation, from Baby Boomers to Generation Z.

The DE&I Disconnect: A call for authentic inclusion

In recent years, Diversity, Equity, and Inclusion (DE&I) initiatives have taken centre stage in discussions about workplace culture. However, our Talent Trends 2024 report reveals a significant expectation gap between intentions and reality.

In Hong Kong, 76% of employees believe their workplace lacks inclusivity, higher than the APAC average of 71%. Moreover, 84% of respondents in Hong Kong perceive a lack of diversity in senior leadership, also higher than the APAC average of 77%.

These statistics highlight an urgent need for organisations to move beyond surface-level DE&I initiatives and foster genuinely inclusive environments. Understanding key trends can help employers address systemic issues like discrimination and bias to create workplaces where all employees feel valued, thus bridging the expectation gap.

One particularly concerning aspect of workplace discrimination highlighted in the report is ageism. In Hong Kong, racial bias topped the list of workplace discrimination, with 50% of affected employees reporting race-related incidents. Age discrimination follows closely behind at 47%.

AI in the workplace: Transforming the future of work in 2024 and beyond

Artificial Intelligence (AI) is no longer a futuristic concept but a present reality reshaping the workplace. In Hong Kong, 31% of employees already use AI in their current roles, lower than the APAC average of 41%.

More significantly, 59% of respondents in Hong Kong believe AI will impact their long-term career plans, compared to 60% across APAC.

This data indicates that Hong Kong is trailing behind in workplace AI adoption in the region. To keep pace with the regional and global workforce, employees in Hong Kong must adapt to this new reality and embrace the opportunities presented by AI.

Moreover, developing clear guidelines for the ethical use of AI technology is crucial to mitigate potential risks and ensure alignment with organisational values and goals in this rapidly evolving business environment.

Talent acquisition strategies for business success

Companies that successfully bridge these expectation gaps can gain a competitive advantage by aligning with the values and aspirations of modern employees.

To address these expectation gaps and create a workplace that attracts and retains top talent, employers and hiring managers could consider the following actionable insights and strategies:

1. Redefine employee retention and acquisition strategies

Move beyond traditional approaches to career growth and employee satisfaction. Develop a deeper understanding of the factors influencing employee retention and acquisition, and adopt a more nuanced, personalised approach that acknowledges each employee's unique needs and aspirations.

2. Enhance employee readiness

Assess and improve your current learning and development programs to adequately prepare your team for evolving roles. Actively discuss AI and its implications for fostering a forward-thinking environment.

3. Adopt radical candour

Foster a culture of transparent and constructive dialogue within your organisation. Encourage leaders and team members to address issues directly and bring concerns to the forefront in a mutually respectful manner.

4. Embrace flexibility with purpose

Implement flexibility in work arrangements that balance business needs with employee preferences. Regularly assess and adjust these policies based on feedback and productivity metrics.

5. Prioritise authentic inclusion

Move beyond surface-level DE&I initiatives to get deeper insights and address systemic issues in your organisation. Foster an environment where all employees feel valued and respected and can contribute their unique perspectives.

6. Invest in AI integration

Provide comprehensive training and support to help employees integrate AI into their workflows effectively. Develop guidelines for the ethical use of AI technology to ensure alignment with organisational values and goals.

The expectation gap presents both challenges and opportunities for employers in Hong Kong. By understanding and addressing key trends in the rapidly evolving business environment, needs and aspirations of the modern workforce, organisations can create talent strategies and workplaces that attract top talent, and foster long-term engagement and success.

Understanding global talent landscapes is crucial for developing strategies that attract and retain top professionals in Hong Kong and across regions. As you navigate this new landscape, the ability to bridge the expectation gap will be a crucial differentiator for companies seeking to thrive in an increasingly competitive global market.

Bridge the expectation gap: Get more insights on 2024 talent trends

Discover the latest in workforce trends in our latest Michael Page Hong Kong Talent Trends 2024 report: The Expectation Gap. This survey report findings are based on responses from 12,940 job seekers, employees and employers across Asia Pacific, of which 464 are from Hong Kong.

It covers career insights that talent leaders and hiring professionals need to know to attract and retain talent. Download our report or use our interactive online tool to gain deeper, up-to-date insights into the current talent market.

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Simone Wu

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The Healthcare & Life Sciences sector in China is booming

willchin — Tue, 08 Jun 2021 02:40:35 +0000

The Healthcare & Life Sciences sector in China is booming willchin

China's domestic Healthcare & Life Sciences (HLS) sector has experienced unprecedented growth in the last five years, especially in terms of investments, innovation acceleration and business expansion.

Just some 15 years ago, the Chinese domestic pharmaceutical sector was focused primarily on generic drugs, replicating the success of global off-patent medicines and driving commercial success. In recent years, however, the approach has changed to pharmaceutical innovation, therapies and breakthrough advancements ‘in China, for China’ to ‘in China, for global.’

Recently, we saw Eli Lilly in a licensing agreement regarding a pre-clinical asset from Fosun pharma. Among the global list of the top biotech IPOs in 2020, six were Chinese biotech companies, which raised a total of over US$2.7 billion. Considering what we know of the market, we should expect more exciting news in 2021.

These sector trends have resulted in high talent mobility among domestic pharmaceutical players and multinational corporations alike. According to PageGroup's Talent Healthcare Survey 2020, which was conducted among senior leaders with over 15 years of industry experience, over 80% of our respondents considered joining a domestic company in the healthcare field.

Already one of the largest healthcare markets in the world, China is now set to become one of the key drivers for global pharmaceutical innovation. Driven by favourable government policies towards the healthcare sector and the abundance of capital market investment resources, this rapid development has resulted in talent gaps and emerging jobs that have never existed in China before.

Coupled with the rapid augmentation of new technologies, such as gene and cell therapies and mRNA vaccines, these have led to massive talent deficits in China’s HLS market, especially for drug discovery, clinical development, Chemistry, Manufacturing and Controls, as well as the biomanufacturing scope. As such, the global talent pool becomes a significant source of candidates for some jobs, and mobility is essential.

When it comes to the Chinese pharma and biotech market, I have noticed several trends, specifically in the HLS sector:

Overseas Chinese with long-time careers abroad are coming home to participate in fast-growing innovations within the biotech sector. Companies are preferentially hiring candidates with a Chinese background to ensure a cultural fit
Senior-level talents, both locally and globally, are leaving multinational pharma companies, where they have reached a career ceiling, for a more dynamic domestic pharma and biotech environment.
The contracting model is relatively new, and some overseas returnees on temporary assignments in China are subject to regulations from authorities. With that said, the overall market has the potential to grow in the coming years.
As Covid-19 lockdowns minimally impacted China in early 2020, employees returned to offices between April and May at full capacity. However, some multinational companies adopted flexible working arrangements in accordance with their global policies.

When it comes to internal talent mobility — or cross-functional mobility within the company — we have seen such examples in the pharma and biotech sector here in China, but more among middle- to senior-level roles. Possible transition happens between research and business development or the sales and marketing functions.

However, as the HLS sector is highly science- and technology-driven, some jobs are being created following business scale up (the company moving from the clinical to the market stage) and industry development (launching a cell therapy line). These roles cannot be filled by internal mobility, so hires must come from outside the market.

For overseas Chinese talents, especially for those who moved to the US in the late 1980s or early 1990s and have been developing their careers in big multinational pharma or leading academic institutions, moving back to China in a senior leadership role equates to new career prospects.

They go from being an employee to becoming a business leader and entrepreneur. They also take on more prominent positions within a multinational team. Another critical factor for this type of move would be a passion for joining the ‘innovation in China for Global’ trend.

Due to a lack of qualified candidates based in China, our clients have had to reach out to overseas Chinese talents to fill skill gaps in the biotech industry.

A candidate-driven biotech market

The vibrant Chinese biotech industry is lacking talent for innovative therapies. Due to gaps in the domestic training system and a lack of qualified candidates based in China, our clients have had to reach out to overseas Chinese talents to fill these skill gaps.

As a result, China’s HLS sector has become a highly candidate-driven market. Companies wishing to attract high-calibre talents, both from locally and abroad, are offering competitive compensation packages. Attractive cash and equity offer act as incentives for professionals to join the biotech industry.

For our candidate pool, the HLS sector is an exciting field for prospecting talent. However, it also comes with various unseen challenges. In our daily practice, we focus on not only checking off boxes against a candidate’s CV or aligning industry-level compensation, but we also look at the candidate's culture fit with the future employer.

For talents making the first move from established pharma to the biotech industry, we put extra effort to provide professional guidance on understanding the equity part of the package. We also evaluate the long-term stability of the biotech startup and analyse values and culture fit with the founding team and style of the leading investor. This is especially relevant for scientific and medical background talents whose value system is different from other professionals.

For our clients, this emphasises the importance of engaging with a trusted professional. The candidate will act as an extension of the business team, represent the business and employer’s brand correctly in this highly competitive market. In addition, a recruitment partner should be able to explain the company’s story and future goals, distinguish its pipeline from competitors, and motivate the right candidate to fit.

According to PageGroup's Talent Healthcare Survey 2020, which was conducted among senior leaders with over 15 years of industry experience, over 80% of our respondents considered joining a domestic company in the healthcare field.

Return to the home country

Understanding the Chinese culture and being proficient in the language is crucial to developing the Chinese biotech and pharma market. Therefore, unlike five to 10 years ago, pharma and local biotech companies now prefer ethnically Chinese talent. These candidates include both local and overseas Chinese who are proficient in the language and familiar with the culture.

One big trend in the last five years has been returning Chinese professionals living overseas to drive local innovation. They are moving back to China for leadership roles in the fast-growing healthcare sector, bringing their global expertise with them. Considering the fact that many of our clients are developing new therapies ‘in China for global,’ hiring senior leaders with international clinical and regulatory experience is critical for their business success. Therefore, this shift is especially prevalent for Chief Science Officer or Chief Medical Officer positions.

It is crucial to understand that the industry is still facing challenges related to international relocation to China because of travel and visa restrictions. For instance, it may take a senior professional with a non-Chinese passport in the healthcare industry, whose necessity for business advancement is critical and verified, up to six months to get all the documents prepared and have a work visa issued.

Even after all that, the possibility of getting the work visa rejected is still high. With the global effort to accelerate vaccinations, we stay updated on the Chinese government’s step-by-step relaxation rules for incoming business travel. As an interim solution, some of our clients hire remotely for functions like Clinical Development, Regulatory and Business Development with a commitment to relocate once the borders open.

Change is coming

Despite challenges in global mobility caused by the Covid-19 pandemic, candidates interested in careers in China should network with qualified healthcare-dedicated recruiters. Mobility to China has never looked better with its highly advanced industry and multitude of opportunities.

Ultimately, the authorities will lift the restrictions. Therefore, it is vital to have valuable industry insights from a trusted recruitment partner to find the right opportunities beforehand. Also, it would be wise for junior and middle-level talents to accumulate experience and develop a robust professional foundation with global multinational companies before moving into the fast-growing biotech sector in China.

As China’s healthcare market is talent-driven, we have fewer candidates than available jobs. Thus, clients need to cooperate and compromise on some of the requirements for hard-to-find talents. We recommend that clients provide flexible solutions to engage suitable candidates coming back to China from overseas while it is still challenging to enter China due to Covid-19 restrictions.

For more insights on the Healthcare & Life Sciences industry, download our exclusive Talent Mobility E-book today.

Looking to hire? Get in touch with our recruitment consultants here.

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Maria Karp

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Industry reports

Bridging the Expectation Gap: How employers and employees can match their priorities in 2024

The post-pandemic shift

Hong Kong’s talent acquisition landscape presents distinct challenges, influenced by broader regional trends

Flexible work arrangements: Balancing employee preferences and business needs

Managing the multigenerational workforce

The DE&I Disconnect: A call for authentic inclusion

AI in the workplace: Transforming the future of work in 2024 and beyond

Talent acquisition strategies for business success

1. Redefine employee retention and acquisition strategies

2. Enhance employee readiness

3. Adopt radical candour

4. Embrace flexibility with purpose

5. Prioritise authentic inclusion

6. Invest in AI integration

Bridge the expectation gap: Get more insights on 2024 talent trends

I need to hire

Popular articles

Advertise Your Role With Us

The Healthcare & Life Sciences sector in China is booming

A candidate-driven biotech market

Return to the home country

Change is coming

I need to hire

Popular articles

Advertise Your Role With Us

Industry reports

Bridging the Expectation Gap: How employers and employees can match their priorities in 2024​

The post-pandemic shift

Hong Kong’s talent acquisition landscape presents distinct challenges, influenced by broader regional trends

Flexible work arrangements: Balancing employee preferences and business needs

Managing the multigenerational workforce

The DE&I Disconnect: A call for authentic inclusion

AI in the workplace: Transforming the future of work in 2024 and beyond

Talent acquisition strategies for business success

1. Redefine employee retention and acquisition strategies

2. Enhance employee readiness

3. Adopt radical candour

4. Embrace flexibility with purpose

5. Prioritise authentic inclusion

6. Invest in AI integration

Bridge the expectation gap: Get more insights on 2024 talent trends

I need to hire

Popular articles

Advertise Your Role With Us

The Healthcare & Life Sciences sector in China is booming

A candidate-driven biotech market

Return to the home country

Change is coming

I need to hire

Popular articles

Advertise Your Role With Us

Bridging the Expectation Gap: How employers and employees can match their priorities in 2024