Hong Kong’s large enterprises remain optimistic about the city’s ability to attract and hire talent, highlighting its attractiveness as an international hub, according to a survey released by Deel, a global digital human resources platform, on Thursday.
The survey — “Deel’s 2024 Hong Kong Enterprise Business Leader Pulse Check” — conducted in April, gathered responses from 250 business decision makers across various sectors in Hong Kong, representing large enterprises with over 1,000 employees each.
The Hong Kong SAR government’s talent policies have also instilled confidence among the city’s human resources practitioners, with 86 percent expressing a positive outlook as these initiatives have addressed the labor crunch
The majority of respondents, 83 percent, struck an upbeat note regarding the city’s talent landscape, citing Hong Kong’s global reputation, the feasibility of accessing a global talent pool through technology, and its unique opportunities as key factors that make it an appealing destination for top talent from around the world.
The Hong Kong SAR government’s talent policies have also instilled confidence among the city’s human resources practitioners, with 86 percent expressing a positive outlook as these initiatives have addressed the labor crunch.
ALSO READ: Sun: Over 40% of talent under trawl say they're staying in HK
Only 24 percent of respondents cited “finding the right talent” as their primary concern this year, marking a substantial 22 percent drop from last year.
While finding the right talent continues to be the top challenge, the pressure likely dropped due to 94 percent of business decision-makers being open to enticing the best talent overseas for their businesses, up from 85 percent in 2023, the survey reported.
Karen Ng, regional head of expansion and market lead for Hong Kong, Singapore, the Association of Southeast Asian Nations, and India at Deel, noted that large enterprises are becoming increasingly optimistic about the overall talent market, with decision-makers more willing to attract talent through cross-border recruitment models, reflecting the initial effectiveness of the Hong Kong government’s talent policies.
Liu Zihua, sales manager of Greater China at Deel, added that “Hong Kong enterprises hiring overseas are primarily seeking to supplement the shortage of local talent rather than replace existing employees”.
READ MORE: HK talent trawl attracted 90,000 in 2023, far exceeding govt target
An earlier survey by Deel found that Hong Kong companies most frequently hire professionals from the Philippines, the United Kingdom, Georgia, India, and Ukraine.
Regarding employee costs, 69 percent of respondents said they plan to implement cost-cutting measures, while 70 percent said they are considering using artificial intelligence (AI) and other technologies to automate some business processes.
However, only 26 percent are considering pay cuts and 34 percent are considering layoffs, indicating that large local enterprises are not replacing talent with AI but rather aiming to improve productivity through process automation, allowing talent to focus on more strategic work.
