What businesses expect from their employees hasn’t changed all that much over the years. In essence, they want them to be engaged, loyal and as productive as possible. However, the needle has moved quite significantly in the way members of the younger generation now look at their jobs and careers. In particular, basic financial incentives built around the promise of higher salaries and bigger bonuses no longer hold quite the same sway among millennials, many of whom have other priorities.
“They don’t necessarily choose different careers, but what they want from them is different,” says Tim Carey, an industrial/organisational psychologist and professional consultant at the Chinese University of Hong Kong (CUHK).
As a result, many employers are taking a fresh look at the types of benefits and rewards needed to attract, motivate and retain young, well-qualified workers. And a fair number of those relate to health and wellness.
Evidence such as the decline in smoking and increased participation in sports and outdoor activities clearly points to the greater emphasis many people now place on physical fitness and mental well-being. Logically, this is also reflected in the type of benefits companies are willing to offer staff.
According to Carey, organisations now run a wide range of health and wellness programmes, which often include perks like free gym membership. Some companies also promote “positive psychology”, arranging things like meditation and shoulder massages in the office. And, in parallel, there is a general move to introduce policies which allow for better work-life balance.
“Even some of the Big Four accounting firms, who were famous for long hours and brutal schedules, are getting into this,” he says. “A notable example is EY, which now has strict policies around how late staff can work.”
Carey believes such developments are something Hong Kong sorely needs. It may be difficult to measure or prove statistically how all-round productivity improves when staff are under less stress and take better care of themselves. There are, though, plenty of clear correlations that help to make the case.
For Yat Siu, chief executive Outblaze and co-founder of Animoca Brands, it is now essential to provide a staff wellness programme. His companies offer digital products and services, games and online transaction systems, and he makes a point of encouraging work-life balance, exercise, continuous learning, involvement in community activities - and providing adequate medical insurance.
“Our insurance cover for staff now includes hospitalisation, emergency assistance services and outpatient care, as well as treatment by a physiotherapist, chiropractor, or Chinese medicine practitioner,” says Siu, who recognises that prevention is as important as cure. “Wellness also requires a comprehensive range of stress reduction strategies, which must include regular exercise.”
To that end, the company arranges non-work activities, such as hikes and cinema visits, even during office hours. It also supports remote working and discourages overtime after 6.30pm, a rarity among Hong Kong-based tech firms.
In similar vein, the Jardine Matheson Group, which employs more than 400,000 people, mainly in Greater China and Southeast Asia, has been looking at innovative ways of enhancing employee well-being. Hayly Leung, general manager of group HR services, notes that these tend to focus on health and personal development. For instance, a series of monthly “Monday Energiser” seminars features experts addressing different aspects of physical, emotional, social and financial wellness.
In the workplace and the wider community, the group also makes special efforts to promote mental health. An in-house philanthropic initiative, MINDSET, looks to raise awareness, and employees can sign up for a mental health first aid course where they learn how to identify, understand and help someone who may be encountering problems.
“We also hold ‘mindfulness’ workshops and our colleagues volunteer to help people in recovery,” Leung says.
In general terms, CUHK”s Carey notes the research shows employers in Hong Kong are becoming more flexible with regard to working hours and locations, provided assignments are completed on time and meet the required standards. This latitude obviously helps parents and others with family responsibilities, but it also appeals to millennials who prefer not to feel stuck in an office or desk-bound. As importantly, the flexible work practices generally have no negative impact on overall productivity.
“In fact, we have seen that people are more energised and, as a result, can often get at least as much done in less time,” says Carey noting that the field of industrial/organisational psychology makes a clear distinction between average and maximum effort. “Average effort is what you do day in, day out. But before a deadline or an important presentation, people put in maximum effort.”
It is impossible to achieve this all the time, but with flexible work schemes, people seem to hit their maximum level more often, thereby being more efficient and more productive.
This also contributes to enhanced job satisfaction and improved retention rates. And those factors help when it comes to passing on experience, avoiding pitfalls and solving problems more effectively.
“But companies must take care to be fair,” Carey says. “If some people, such as admin staff, have to be in the office, and others do not, that can sometimes lead to bitterness.”
Leung of Jardine Matheson adds that the millennial generation tends to expect faster promotion and has clear goals.
“They want to know that there will be career progress, but with an emphasis on personal development and work-life balance,” she says. The group therefore has a graduate trainee scheme designed to help young executives fulfil their potential and take up senior positions within the business.
In rewarding achievement, the employees of Siu’s tech companies can see their efforts directly recognised with an equity stake in the business. Other benefits are sometimes available in the form of crypto-currencies or crypto-tokens associated with blockchain projects the firms are launching.
Overall, Siu believes employees from overseas, or locals with international exposure, better understand and appreciate the latest workplace initiatives and benefits.
“Age is less of a determining factor; culture appears to be far more important,” he says, adding that staff now attach greater importance to work-life balance and open communication with management. “Job satisfaction is at least as important as salary. That holds true across the board, from our oldest employees to the youngest.”
