To reduce the cost of operation, most corporations in Hong Kong reduced the number of headcount and the amount of bonuses.
According to the quarterly report of recruitment consultant Hudson, more than half of the corporations surveyed have implemented HR-related cost-cutting initiatives during the last six months. Respondents in banking & finance are recorded to have the highest percentage in implementing such initiatives, with 58% having done so.
Among the initiatives, headcount reduction is the most widely used. Across all job sectors, 43% of the respondents have implemented this in the last six months, followed by decreased bonus payments (29%).
During the current poor economy, corporations are taking various measures to maintain staff morale. The report shows that open communication between managers and staff is considered the most important, as mentioned by 26% of the respondents, followed by reinforcement messages from CEO / senior management (21%).
|
