Hong Kong businesses are collectively losing as much as HK$39 billion a year, or 3% of our GDP, due to poor hiring and management practices, a survey by The Future Foundation shows. And there is more bad news: out of the seven economies surveyed, Hong Kong managers waste almost twice as much time as their overseas peers patching up mistakes made by other team members, compared to 9% in the U.K., 13% in the U.S. and 16% in India. Peter Finch, SHL's Managing Director for Greater China, which commissioned the survey, sums it up: "It's a staggering figure. To put it in perspective it is near what Hong Kong spends on education every year!" Failure to match the right people to the right type of job is widespread. According to the survey, one in four Hong Kong employees leave their job before becoming competent. With an average time of six months or more to attain the required performance level, a mismatch proves costly for the employee as well as the company. Time as well as money is lost.
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According to a study by TDC, over 570,000 private enterprises set up in the Mainland during 2003, or 1,500 enterprises per day. The report identifies three major problems Mainland enterprises have in fulfilling their capital need:

• Savings (US1.4 trillion) are still sitting in banks and are not channelled to fund enterprise development efficiently;

• Insufficient channels for Mainland enterprises to get in touch with overseas investors;

• Insufficient financial products and services to fulfil Mainland enterprises' capital needs.
  
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All Work & No Play ...

A survey released by the University of Hong Kong and the non-profit organisation Community Business, has confirmed what many of us already know. We are working longer and harder, and getting less satisfaction out of our jobs for doing so to the detriment of our physical and emotional wellbeing. More >>