In the Hong Kong budget announcement made on 25 February 2015 the Government set out several labour policies to help Hong Kong build a more productive and sustainable workforce.
Exchange and internship programmes
The Government’s support in allocating an additional HKD 205 million in the next three years to encourage cross-border exchanges and internship programmes will go a long way in equipping the next generation of workers with the relevant vocational and business-ready skills that will broaden their exposure to jobs in the market and enhance their employability.
Yu said, “The 250 internship places that will be made available over the next two years in ASEAN countries will encourage cross-cultural exposure which will also be a great benefit to developing talent.” He added, “Employers are looking beyond a graduate’s academic qualifications. They are also looking at any business-ready experience the new employee can bring to the table, and how it will help to develop and grow their organisation. With the world of work changing at a rapid rate, employers are actively seeking out graduates who can adapt to changing circumstances and environments, embrace new ideas, and who are enterprising, resourceful and adaptable.”
Manpower development for retail industry
In line with the Government’s efforts to promote Hong Kong as a prime tourist destination, developing manpower and increasing productivity in the retail industry is vital.
Yu explained, “We see high demands in retail front line continue as clients in this sector struggle to find talent. Attrition and retention also pose a threat as 66% of employees in Hong Kong said they would consider leaving their jobs if there is a lack of opportunity for growth and advancement.”
Given this, it is key that the industry look into ways to not only attract new talent, but also provide opportunities for existing employees to develop their skills. This can include providing them with access to leadership and management courses.
According to Randstad’s 2014 World of Work Report, almost three quarters of employers are concerned about a lack of high potential employees. Peter Yu, Director, Randstad Hong Kong commented, “At this time of talent shortage and critical skills gaps, the Government’s initiative to launch a three-year pilot scheme for insurance and asset and wealth management services is welcomed. This will help the industry’s efforts to address the manpower shortage, innovate in order to remain competitive and ensure the workforce is well trained to take advantage of the opportunities in the industry.”
Yu pointed out that digital skills are becoming increasingly important in today’s labour market, as technology continues to help innovate the banking and financial services and insurance sector. Consequently, employers are increasingly competing for talent that possess strong technical command and digital prowess. On developing quality personnel for financial services he added, “As Hong Kong looks to build on its position as a financial services hub in the midst of increasingly complex regulations and rising demand for workers with technical and digital skills, attracting new talent to accommodate the next phase of growth is the biggest human capital challenge for 37% of employers in Hong Kong.
Paul Arkwright
Publisher
