The majority of professionals in Hong Kong (74%) have admitted to taking steps to ‘prepare to look for another job’, according to research by Robert Walters Hong Kong.

At the same time, the research found 68% of professionals ‘career cushion’ because of the changes in the macroeconomic situation and workplace instability. The term ‘career cushion’ refers to the process of being proactive about career prospects to ‘soften the blow’ should anything go wrong with your current job.

Among the reasons for the career cushion include internal changes within their business (29%), the lack of job security from their company (22%) and turbulent economic conditions (17%).

John Mullally, Managing Director of Robert Walters Hong Kong said, "In light of the recent downturn in the job market, employees are taking measures to protect their long-term career interests and earning capabilities. This typically involves actively or, at least, passively searching for opportunities in the market".

When asked what type of tactics workers were taking to create a ‘career cushion’, applying (66%) and monitoring jobs market (61%) came out on top. This was followed by CV prep (54%), networking more (32%), upskilling/training (30%) and adopting ‘side hustles (28%).

Robert Walters noted more than 40% of professionals have realised the value of their employer after exploring the job market and assessing their own skills, with a further 10% admitting that they have discovered their current employer pays better than the market average. 

Mullally added, “People are dedicating time to entrepreneurial endeavours that provide income in case their current employment situation is affected. This phenomenon is driven by their uncertainty about the short to medium-term future, not only within their current organisation, but also in the Hong Kong job market in general."