2023 Future Workforce Study advances talent growth in Hong Kong
The Hong Kong Institute of Human Resource Management (HKIHRM) has commissioned the Hong Kong Hang Seng University to conduct “2023 Future Workforce Study” sponsored by Jobsdb by SEEK, the leading employment platform in Hong Kong. The study aims to identify the gaps in employers’ expectation regarding the reskilling and upskilling of employees, examine the significance of life-long learning in maintaining competitiveness in the era of technology, and generate valuable insights to inform government policy formulation.
Mr Lawrence Hung, President of HKIHRM, emphasised, “As we navigate the future of work, the Government should play a proactive role in shaping Hong Kong's population strategy. Our research findings highlight the need for a comprehensive vision for the future workforce, driven by centrally orchestrated policies and objectives encompassing birth-rate, imported labour, higher education, and lifelong learning.”
Mr Bill Lee, Managing Director of Jobsdb Hong Kong, supplemented, “As the future of work continues to evolve, it is imperative for employers and employees to thrive and adapt in this ever-changing workforce landscape. We encourage employers to implement more work-life balance policies, while suggesting employees and students embrace a mindset of lifelong learning. This is not only to remain competitive in the future job market but also to prepare for future positions that may not even exist yet.”
Conducted from June to August 2023, the data was collected from over 900 respondents, including HKIHRM database, Jobsdb database, business partners, industry associations and higher education institutions. The key findings are as follows –
1. Employers must maintain an open mindset to navigate the evolving talent landscape
With talent competition intensifying, 67% of employers actively recruit candidates from other industries with relevant experience and skills. In addition to competitive pay and compensation, over 50% of employers offer career development opportunities and staff wellness activities to attract and retain talent, while more than 40% provide flexible working hours and upskilling or reskilling programmes. The changing employment landscape has placed employers in a global red ocean of talent competition, demanding a shift in their talent attraction and retention strategies.
2. Employees seek skills in artificial intelligence (AI), machine learning, and big data for enhanced job performance
Both employees and students recognise the growing importance of technological skills for future job effectiveness. ‘Big Data Analysis and Management’ and ‘Artificial Intelligence and Machine Learning’ are identified by employees as the top skills needed in their roles over the next five years.
Big data analysis and management (34%)
Artificial intelligence and machine learning (33%)
Leadership and management skills (29%)
Creative problem-solving and critical thinking skills (27%)
Communication and collaboration skills, including cross-cultural communication (25%)
Similarly, students express a moderate willingness, with a rating of 6.6 out of 10 scores (on a scale of 1 to 10 where 1 represents very unlikely and 10 represents very likely), to pursue additional training in AI beyond their academic requirements. Recognising the inevitability of job churn resulting from technological advancements, it becomes crucial for employees to prioritise upskilling and reskilling efforts through continuous learning to adapt to evolving job landscapes and maintain a competitive edge in the market.
3. Both employees and students recognise that they will be entering industries in the future that may not exist today
As the future of work continues to evolve, employees and students anticipate substantial transformations in their career paths. A notable 40% of employees believe working in industries that have yet to emerge within the next five years. Furthermore, nearly half of the employees consider their current skill not competitive, prompting them to seek skill development through on-the-job training, self-initiated online learning, and participation in online courses. They recongise the importance of self-learning and enhancing essential soft skills applicable across diverse sectors.
4. Work-life balance plays a pivotal role in attracting and retaining talent
To effectively attract and retain talent, employers need to adopt a multi-pronged approach that encompasses hybrid work modes, flexible hours, wellness programmes, a caring culture, and thoughtful office layouts, all while maintaining a strong focus on work-life balance. Nearly 50% of employees rank work-life balance as the most important motivating factor for them to stay with an employer. With the increasing significance of staff wellness, an overwhelming 76% of employers believe that implementing such initiatives positively impacts talent attraction and retention. Over 50% of employers provide wellness activities, while over 40% offer flexible working hours to attract and retain talent.
Opportunities for career development (53%)
Staff wellness activities (51%)
Benefits packages, i.e. health insurance (48%)
Flexible working hours (44%)
Upskilling/reskilling programmes (41%)
Likewise, 44% of the students look for a full-time job with hybrid or remote working mode, highlighting the importance of wellness among Gen Z.
5. Internships are crucial for students in career exploration
Our survey revealed that a substantial majority of students prioritise the development of soft skills, such as language proficiency, communication, and collaboration, to enhance their adaptability and competitiveness in their desired fields of work.
Internships have proven to be beneficial and valuable experiences, with organisations increasingly engaging with universities to provide these opportunities. However, it is important to delve into the underlying reasons behind the lack of motivation among students in Hong Kong. By making internships widely available to all students, we can foster the growth of a skilled and capable workforce for the future.
6. Conclusions & Recommendations
Mr Lawrence Hung, President of HKIHRM, emphasised the importance of investing in training and development initiatives to upskill and reskill their employees, preparing them for the new era of advanced technology. He added, “Developing a strong Employer Value Proposition is vital to attract and retain top talent, with a particular focus on promoting work-life balance and employee well-being. Employers must be adaptable to the changing mindsets of employees, understanding the importance of "work-life balance" is a key to foster a positive work environment.”
Mr Bill Lee, Managing Director of Jobsdb Hong Kong, believed that motivating tertiary students to take internships by enhancing local internship experience is a crucial aspect of maintaining and improving Hong Kong's future workforce. He continued, “Employers and universities should work together to develop more structured internship programmes to enhance the internship experience for students. We also recommend the government to provide more support at the policy level, enabling employers to have more resources to improve their internship programmes. Through these measures, we hope to retain and develop the young workforce, injecting new vitality into the local job market.”
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