Over 30% of businesses struggle with talent shortage: CPA

This is holding back companies’ digital transformation strategies.

A total of 35% of Hong Kong businesses struggle to find the talent necessary for their digital transformation, a report found. 

In a recent survey, CPA Australia reported that 73% of accounting and finance professionals in the city said their companies implemented a digital transformation strategy, which is held back by the lack of staff with the necessary skills.

Despite this, the majority of the 199 respondents surveyed in Hong Kong express optimism over their companies’ plan to address this. 

In particular, more than 90% of the respondents said they expect their companies to take steps to improve its technology adoption in the next 12 months. 

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In addition, 33% expect their employers to increase investment of upgrade technology; whilst 39% sought to tackle the lack of skills through upskilling or reskilling. Almost 35% opted to outsource work and 24% hired contractors.

“Many have intentions to increase their investment or upgrade the technology they’re using,” Albert Wong, member of CPA Australia’s Greater Bat Area Committee, said. 

“Over the past two years, travel restrictions have been a driving force for digitalisation. Many are motivated to undertake more technology upgrades and to transform newly created data into valuable business insights.”

The report also found that 44% of businesses use data-driven technologies, such as data analytics and visualisation.

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