Job Market, Employment, & Foreign Labour in Hong Kong
How do current employment trends impact Hong Kong employers, employees and job seekers?
How do current employment trends impact Hong Kong employers, employees and job seekers? Based on the “Executive Salary Outlook 2023”, a survey by KPMG, the labour market is tight, and organisations need to broaden their talent pools to access and engage talent proactively, especially in respect of experienced tech talent.
As a measure to attract foreign labour and high-profile talent into the city, the Hong Kong government launched the Top Talent Pass Scheme. According to government statistics, 95% of applicants approved in the program were from mainland China. On the other side of the spectrum, the Hong Kong government is encouraging local graduates to explore the job market in the GBA. Employers are subsidised with the “Greater Bay Area Youth Employment Scheme” under the condition that they place young people in company premises in the GBA (excl. HK) and pay a minimum salary of HKD 18,000 per month. As raised about keeping local talent while welcoming foreign labour.
Apart from the supply/demand management of the labour market, questions remain in respect of future-proofing employment in Hong Kong.
The recently released Future of Jobs Report 2023 by the World Economic Forum (“WEF”) anticipates disruption through further digitization, automation and AI. The impact on clerical roles and data manipulation roles in professional services and banking is expected to be substantial. The WEF predicts substantial upheaval unless governments actively support the re-skilling and up-skilling of employees and job seekers.
Welcome to join an upcoming meeting of The Economic Club of Hong Kong "Job Market, Employment, & Foreign Labour in Hong Kong", which will be held on May 23rd from 20:00 till 21:30 (doors open at 19:30) at Social Room (3/F, 74-78 Stanley Street, Central).
Register via Eventbrite: https://www.eventbrite.com/e/employment-foreign-labour-in-hong-kong-tickets-632691135217
Date/Time: Tues, May 23rd, 19:30-21:30
Location: Social Room (3/F, Won Hing Building, 74-78 Stanley St, Central)
Fee: It's FREE to attend, but we buy a drink as a courtesy to the venue.
Recommended materials to read:
1. Bloomberg - China Applicants Make Up 95% of Hong Kong Talent Visa Approvals
https://archive.is/kG47Q
2. SCMP - Survey finds 70 per cent of Hongkongers in Greater Bay Area job scheme have quit, plan to resign or had no return offers
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3217134/survey-reveals-70-cent-polled-hongkongers-greater-bay-area-jobs-scheme-have-quit-or-plan-resign
3. MWYO Report - “Greater Bay Area Youth Employment Scheme” Impact Study Phase 3 Report
https://mwyo.org/en/life_planning_research_details.php?id=161
4. Channel News Asia - Hong Kong risks an irreversible tech brain drain https://www.channelnewsasia.com/commentary/hong-kong-talent-exodus-brain-drain-tech-sector-uk-immigration-3301831
5. SCMP Young Post - All about Hong Kong’s exodus of teachers – how students are affected, what the government is doing about it
https://www.scmp.com/yp/discover/news/hong-kong/article/3210513/hot-topics-all-about-hong-kongs-exodus-teachers-how-students-are-affected-what-government-doing
Sign up: Press "Going" on our Facebook event page, or register through Eventbrite.
Format: All attendees are expected to come prepared and actually read suggested material and/or self-educate on the topic from our sources of their choice. We will split into small sub-groups of 4 people each to have a free-flow discussion on the theme of the evening.
The Economic Club is a community of intellectually curious people in Hong Kong. Events are run by passionate volunteers.