Attracting and retaining talent has become one of Hong Kong’s biggest fights to stay competitive as we seek recovery at this critical time. As a global services economy, we must redouble our efforts to shore up human capital to boost growth and outpace our competitors.

In a positive move, the Government has announced a plan to import workers from outside the city in struggling sectors such as construction, aviation and transport. The measures will help to ease the city’s severe labour crunch and protect the jobs of the domestic workforce. I hope that in time, the scheme will also be expanded to other industries facing manpower shortfalls.

Last month, the Chamber’s Talent Shortage Survey 2023 showed that companies from various industries – including banking and finance, property, accounting, engineering, hospitality and manufacturing – are suffering. It is sobering to note that more than 80% of the respondents suffering from shortages had faced a labour crunch between one or more years.

Hong Kong’s workforce shrank by 210,000 between the start of 2019 and the end of 2022. Over 94,000 people left in 2022 alone. Significantly, while a desire for bigger salaries (nearly 80%) was still among the top reasons, emigration (70%) and a better work-life balance (51%), were two big factors contributing to people leaving the workforce. The survey also showed that there currently is a gaping chasm in junior- and mid-level management which needs to be addressed urgently. 

To address the brain drain, the Government launched several talent schemes that have received a positive response. These new and upgraded programmes received over 80,000 applications in the first five months of the year. The eligible categories have also been extended from 13 professions to 51 to effectively tackle the shortages across many sectors. Meanwhile, Hong Kong companies are doing their part to attract and retain talent. Of those surveyed, more than 80% are offering better remuneration packages, while over half are focusing on employee development. 

While many steps are being taken both by the authorities and businesses to mitigate the problem, it must be stressed that much more needs to be done to sustain Hong Kong’s long-term growth, and ensure that services to the public remain unaffected.

On a separate note, our CEO George Leung will be leaving the Chamber at the end of this month. I want to express my sincere gratitude to him for his hard work and service to the HKGCC as well as its members in these past three years, which were fraught with the challenges of the pandemic. Thanks to his unwavering dedication and effort, the Chamber went from strength to strength during this time. We wish him every success in his future endeavours.

I would also like to take this opportunity to welcome the Chamber’s incoming CEO Patrick Yeung, who worked with The Swire Group and Cathay Pacific Airways for more than three decades, and served as CEO of Dragon Airlines, among other high-profile roles. His broad commercial experience will undoubtedly be of great value to the growth and development of the Chamber. 

Betty Yuen
[email protected]