- 44% of employers report an increased need for companies to retain older employees in the workforce.
- 34% of employers provide additional support to employees regarding retirement options and financial well-being.
HONG KONG SAR – Media outreach – November 8, 2022 – Aon plc (NYSE: AON), one of the world’s leading professional services companies, today released information about its 2022 Older Workforce Study. The study, a first of its kind in Hong Kong, focuses on critical HR practices and data on employee benefits and pension plans to help organizations create an attractive benefits package for older workers and to differentiate themselves from the competition to address the growing talent shortage.
The study found that 44% of Hong Kong employers see an increased business need to retain older employees in the workforce and expect this to be a key objective over the next five years. Among employers who have increased or are considering increasing the retirement age, the majority (56%) cited the need to retain employee experience in their Hong Kong workforce and are monitoring trends in retirement age in the public sector.
Ashley Palm Tree, Regional Managing Partner and Head of Wealth Solutions, Asia Pacific at Aon, said, “Aon’s research reveals that Hong Kong is in the midst of a talent shortage, with the size of the workforce having dropped to the lowest level in a decade given net emigration and continued restrictions following the COVID-19 pandemic. Organizations need to be more proactive in retaining and engaging the talent they already have. Investing in purpose-built benefits with flexible retirement options and financial wellness support demonstrates that organizations value more seasoned talent. Employers with an effective older workforce strategy are able to drive agile succession planning, retain key skills, and provide a smooth exit through flexible retirement options. All of this is essential to further accelerate talent pools and organizational people goals, such as increasing diversity and gender representation in leadership roles.
The survey also found that 34% of Hong Kong employers provide employees with additional support regarding retirement options and financial well-being. Additionally, 17% of employers show their appreciation to retiring employees by offering them a complimentary “golden handshake”, which can include a cash bonus, gold, gift certificates and festive meals.
Stella Ho, Head of Wealth Solutions, Hong Kong at Aon, said: “An organization’s long-term success depends on its investment in creating a more flexible, engaged and resilient workforce. The results of the study underscore that employers need to place greater emphasis on communication and ensure sufficient work/retirement flexibilities within competitive benefits and retirement practices in order to optimize their older talent. Business leaders generally underestimate the wellness needs of employees, especially for retirement and financial well-being. Financial stress is not based on income or age, but is closely linked to mental health, and in times of rising costs of living, helping employees make better financial decisions has never been equally important in boosting workforce resilience and productivity.
More information about the study is available here.
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