Compensation issue

What's more, nearly half of employees work overtime without compensation.

The department's study showed 23.4 percent of all employees did overtime in 2011. Of these, 51.8 percent were compensated through extra pay or time off in lieu, but 48.2 percent received no compensation at all.

CPA Australia's survey showed 65.1 percent of respondents believed the government should regulate working hours in Hong Kong, but most of these were junior and young employees. A vast majority, 84 percent, of executive-level respondents said the government should not regulate working hours.

Three quarters of respondents believe standard working hours can improve their work-life balance, but half of the respondents think they would increase companies' operating costs, and as many as 39 percent of respondents think their work could be transferred to cheaper locations.

"What are the standard working hours? What are maximum working hours? How do we calculate it? How do we compensate for extra hours? We need more discussion with the public on these concepts and questions," Shuen said.

Despite the emphasis on work-life balance from employees, compensation also remains a key issue.

According to Hong Kong's Census and Statistics Department, the median monthly wage for employees in Hong Kong from May to June last year was HK$14,000 ($1,800), which was 5.2 percent higher than the year before.

"For example, a salary for an entry-level employee in Australia is higher than that in Hong Kong," said Shuen. "But with ten years experience, the salary in Hong Kong is much higher than Australia. But there is also a question of taxation. There are a lot of different considerations for people to relocate from Hong Kong."