Labour policies announced in 2015 budget welcomed

Productive and sustainable workforce is hoped for.

Randstad Hong Kong has welcomed the labour policies laid out in the announcement of the Budget.

According to a release from Randstad, Mr. Peter Yu, Director of Randstad Hong Kong, believes these policies will help Hong Kong build a productive and sustainable workforce.

As Hong Kong looks to build on its position as a financial services hub in the midst of increasingly complex regulations and rising demand for workers with technical and digital skills, attracting new talent to accommodate the next phase of growth is the biggest human capital challenge for 37 percent of employers in Hong Kong. Meanwhile almost three quarters of employers are concerned about a lack of high potential employees, according to Randstad’s 2014 World of Work Report.

“At this time of talent shortage and critical skills gaps, the Government’s initiative to launch a three-year pilot scheme for insurance and asset and wealth management services is welcomed. The activities planned under this scheme are aimed at giving the community a better understanding of the sectors.

“This will help the industry’s efforts to address the manpower shortage, innovate in order to remain competitive and ensure the workforce is well trained to take advantage of the opportunities in the industry.

“At the same time, digital skills are increasingly important to our clients as technology continues to help innovate the banking and financial services and insurance sector. Employers are increasingly competing for talent that possess strong technical command and digital prowess,” Mr Yu said.

Here's more from Randstad:

On more exchange and internship programmes - “In today’s workforce, employers are looking beyond a graduate’s academic qualifications. They are also looking at any business-ready experience the new employee can bring to the table, and how it will help to develop and grow their organisation.

“With the world of work changing at a rapid rate, employers are actively seeking out graduates who can adapt to changing circumstances and environments, embrace new ideas, and who are enterprising, resourceful and adaptable.

“The Government’s support in allocating an additional $205 million in the next three years to encourage cross-border exchanges and internship programmes will go a long way in equipping the next generation of workers with the relevant vocational and business-ready skills that will broaden their exposure to jobs in the market and enhance their employability.

“The 250 internship places that will be made available over the next two years in ASEAN countries will encourage cross-cultural exposure which will also be a great benefit to developing talent,” Mr Yu said.

On manpower development for the retail industry - “In line with the Government’s efforts to promote Hong Kong as a prime tourist destination, developing manpower and increasing productivity in the retail industry is vital.

We see high demands in retail front line continue as clients in this sector struggle to find talent. Attrition and retention also pose a threat as, close to seven in 10 (66 percent) employees in Hong Kong said they will consider leaving their jobs if there is a lack of opportunity for growth and advancement, according to the 2014 Randstad World of Work Report.

“Given this, it is key that the industry look into ways to not only attract new talent, but also provide opportunities for existing employees to develop their skills. This can include providing them with access to leadership and management courses,” Mr Yu said.