Opinion

Singapore has its own talent development policy. It’s high time Hong Kong had something similar

Amid a global talent shortage, Hong Kong must find a way to address a manpower crunch caused by changing skill demands in a post-pandemic economy

In this way, everyone can play a part in ensuring the sustainable and inclusive development of our society

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John C. Tsang, a former financial secretary in the Hong Kong SAR government, is the founder of the non-profit initiative Esperanza.

Published: 8:15am, 12 Dec 2022Updated: 9:46am, 12 Dec 2022

Global talent shortages have reached an all-time high, exacerbated by the Covid-19 pandemic. Most developed economies with ageing populations already suffer from a shrinking workforce, while millennial and Gen Z workers have different career goals and aspirations.

The pandemic has accelerated the pace of digital transformation, leaving organisations struggling to build information technology capability, and more people – not just the younger generation – reassessing the meaning of work and life.

In Hong Kong, the talent crunch is more pronounced due to other factors. According to JobsDB’s Hiring, Compensation & Benefits Report 2023, 68 per cent of companies surveyed feel recruitment has been harder in the past 12 months than the last five years. Employers report difficulties in finding people with the right experience and skills in almost all industries and at all levels, from financial services and marketing to engineering and merchandising.