THE RETENTION RECIPE TO HONG KONG’S INCREASING TECH TALENT
Hays, the world’s leading provider of workforce solutions and specialist recruitment, has recently published the Future of Technology Report 2022 spotlighting the technology industry in Asia. The report comprises 394 technology professionals and leaders responses across China, Hong Kong SAR, Japan, Malaysia, and Singapore, highlighting their sentiments and approaches to business future-proofing, upskilling, and purpose finding.
The report surveyed multiple areas such as the skill gap as technology advances as well as digitalisation trends that are set to accelerate. The main key themes that arose from technology professionals’ feedback were lack confidence in their organisations’ future-readiness, eagerness to upskill with more support from employers and having a purpose driven working environment.
“Recent trends that dominated conversations about work, such as the Great Resignation or quiet quitting, all indicate the growing trend – that working professionals are re-evaluating their priorities and redefining work for themselves,” commented Marc Burrage, Managing Director at Hays Asia. “The onus is on employers to understand these new priorities and adapt workforce strategies to them, especially in an industry where skilled talent is increasingly challenging to find.”
“Recent trends that dominated conversations about work, such as the Great Resignation or quiet quitting, all indicate the growing trend – that working professionals are re-evaluating their priorities and redefining work for themselves,” commented Marc Burrage, Managing Director at Hays Asia. “The onus is on employers to understand these new priorities and adapt workforce strategies to them, especially in an industry where skilled talent is increasingly challenging to find.”
The lack of confidence in organisations’ future-readiness stemmed from the 41% of respondents in Asia that believed their organisations could do more in the way of adopting new business models and refining customer engagement strategies while 37% believed their organisations can embrace digitalisation. In Hong Kong, technology professionals aligned with the regional findings.
Career development and growth has become the top driver for technology professionals to leave their jobs.
Nearly 60% across Asia said that their hard and soft skills could be improved. Among the Hong Kong respondents, 53% believe that their hard skills needed progress while 58% stated that their soft skills needed developing. However, technology professionals face various obstacles on their upskilling journey, including lack of time, high cost, and finding adequate training resources.
Nearly 60% across Asia said that their hard and soft skills could be improved. Among the Hong Kong respondents, 53% believe that their hard skills needed progress while 58% stated that their soft skills needed developing. However, technology professionals face various obstacles on their upskilling journey, including lack of time, high cost, and finding adequate training resources.
The report findings show that 84% in Asia indicated that purpose was important for their performance. Whereas, 93% of respondents in Hong Kong said a purpose-driven work environment is a priority. This point is further exemplified by Hong Kong’s confidence that companies will turn down profitable opportunities that conflict with purpose which is contrasting to the 50% in Asia.
“The survey reveals an apparent misalignment between available learning resources and the areas that technology professionals sought to improve. However, the favorable findings such as the confidence in Hong Kong’s tech companies cements its position to retain and attract top technology talent.” said Sue Wei, Managing Director at Hays Hong Kong SAR.
About Hays
Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2021 the Group employed c.12,100 staff operating from 254 offices in 33 countries across 20 specialisms. For the year ended 30 June 2021:
- the Group reported net fees of £918.1 million and operating profit of £95.1 million;
Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2021 the Group employed c.12,100 staff operating from 254 offices in 33 countries across 20 specialisms. For the year ended 30 June 2021:
- the Group reported net fees of £918.1 million and operating profit of £95.1 million;
- the Group placed around 60,000 candidates into permanent jobs and around 220,000 people into temporary roles;
- 17% of Group net fees were generated in Australia & New Zealand, 27% in Germany, 22% in United Kingdom & Ireland and 34% in Rest of World (RoW);
- the temporary placement business represented 61% of net fees and the permanent placement business represented 39% of net fees;
- Technology is the Group’s largest specialism, with 26% of net fees, while Accountancy & Finance (14%) and Construction & Property (12%), are the next largest
- Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA
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