3 out of 4 Hong Kong firms struggling to source talent ahead of 2024, despite slight uptick in availability of skilled workers: survey

A recent employment outlook survey conducted by ManpowerGroup Greater China has revealed that three out of four companies in Hong Kong are struggling to source talent for the first quarter of next year. This is despite a slight uptick in the availability of skilled professionals. The survey also indicated that some businesses in the city have resorted to offering higher wages to overcome their talent shortages, with workers expected to enjoy an average salary increase of 3. 3 per cent in 2024.

The quarterly employment outlook survey covered more than 40,000 employers across 41 countries, touching on topics such as short-term hiring priorities, talent shortages, and human resources targets. According to the latest poll, approximately 78 per cent of Hong Kong-based companies were struggling to locate talent as they head into next year, a decrease from the 17-year high of 85 per cent earlier this year.

The survey also found that 39 per cent of Hong Kong respondents had increased wages in an attempt to offset their talent shortages, with a third also providing more flexible working arrangements for staff. However, the human resources company described Hong Kong's overall hiring outlook as 'stable'. It noted that about 44 per cent of employers were looking to hire for the first quarter of 2024, only 3 percentage points lower than the previous quarter, but matching the levels for the same period last year.