Editorial | Combined effort needed to ensure Hong Kong has talent for future
Banks and insurers need to be proactive in cultivating specialists in AI, green finance, and Southeast Asian and Middle East markets
All these fields are potentially lucrative, but there might not be enough talent to meet demand in the next five years. That is according to a survey of 147 local banks led by the Hong Kong Monetary Authority.
The study warns banks against using high pay to poach one another’s staff as that would cause a vicious fight for talent without addressing the underlying shortage. Rather, there is an urgent need to train and promote local staff to fill the gap.
Almost all the banks said AI adoption was crucial. Nearly 90 per cent believe green finance – aimed at mitigating climate change and pollution – would become a major growth driver, while 64 per cent said the same about the Middle East and Southeast Asia.
Banks and insurers need to be proactive in cultivating talent, both from their own staff and the local workforce. They also need to work with local universities to educate and encourage students to join the new specialised fields.