Hong Kong businesses are experiencing a concerning departure of mid-level professionals, witnessing an alarming turnover rate exceeding 20%, according to George Leung, CEO of the Hong Kong General Chamber of Commerce (HKGCC). This mass exodus, attributed to a wave of emigration, predominantly involves the workforce’s mid-level segment – a vital pool of future management talent and key contributors to productivity.
Leung, during a Commercial Radio Hong Kong program, outlined that this rising trend is exerting significant pressure on business operations. While the government’s statistics revealed a 2.4% decrease in the total workforce from the previous year, this talent deficiency hints at more profound issues.
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In light of international competition for talent, Leung stated that the Hong Kong government’s strategies to attract overseas professionals must be more robust. He proposed that attracting mainland talents to Hong Kong could be a practical long-term solution to address the local talent shortage.
He emphasized that a comprehensive support system, encompassing housing and education, is crucial for recruitment strategies. Raising wages alone, he warned, could lead to a detrimental cycle without addressing the root cause.
The urgent need for talent, Leung noted, cannot be entirely addressed through increased digitalization investment, as some roles demand a human touch. To tackle this, Hong Kong recently broadened its talent list to entice professionals like artificial intelligence specialists, extending its reach from 13 to 51 professions across nine industries.
This news is based on insights from Marketing Interactive.