VTC Manpower Survey – Accountancy

Electronics and Telecommunications Industries - 2024 Manpower Update Report Image

Electronics and Telecommunications
2024 Manpower Update Report

Artificial intelligence (AI) and big data analytics technologies have driven the digital transformation of businesses as well as creating new business opportunities and services, and improving the business operational efficiency and effectiveness. For the electronics and telecommunications (EC) industries, AI is a tool with immense potential and its applications are not to substitute existing processes but to explore new business opportunities and create new job positions. Big data will contribute to business operations enhancement through data-driven analysis and forecasting. Its applications can extend to provide data analytics services and solutions to other sectors and industries. The EC industries are one of the leading industries to drive innovation & technology (I&T) development in Hong Kong and support the I&T development of other sectors.

Building, Civil Engineering and Built Environment Industry - 2024 Manpower Update Report Image

Building, Civil Engineering and Built Environment
2024 Manpower Update Report

The industries would face the dilemma of insufficient manpower due to the heavy construction volume in the coming decade. It was anticipated that the manpower shortage would become increasingly acute at all skilled worker, technician and professional levels. Leveraging innovative construction technologies has been proven to uplift the productivity and efficiency of construction works, improving the effectiveness of work supervision, as well as enhancing site safety performance. The scope of advanced technologies implementation in the industries has been extended in recent years. Nevertheless, the industries were still in the transition period to gradually adapt and implement such technologies into construction practices. Efforts and time had to be put into equipping industry practitioners from front-line workers to senior managerial members with relevant skills and knowledge.

Electrical and Mechanical Services Industry - 2024 Manpower Survey Report Image

Electrical and Mechanical Services
2024 Manpower Update Report

In the post-Covid-19 era, construction projects have hurried to make up for lost time during the pandemic, alongside government large-scale construction initiatives and the renovation of many old buildings, aiming to replace or modernize building facilities. This has led to increased demand for manpower in E&M engineering services. Hong Kong's railway has resumed normal schedules after the pandemic, resulting in greater wear and tear on its E&M components, thus sparking high demand for skilled maintenance workers. Despite the stable demand for electricity and natural gas before and after the pandemic, household consumption rose due to lifestyle changes, particularly in peak hours. Expectations of government initiatives for housing and infrastructure suggest continued sector growth. The aviation industry has gradually resumed after the pandemic, with airport traffic reaching 80% of pre-pandemic levels. As a result, there is an increased demand for aircraft maintenance services, especially with the opening of the third runway at the Hong Kong Airport by the end of 2024. Employers emphasise the importance of mastering BIM drawing for students in E&M engineering programs. Technologies like Modular Integrated Construction (MiC), Design for Manufacture and Assembly (DfMA), and Multi-trade Integrated Mechanical, Electrical, and Plumbing (MiMEP) have gained popularity in recent years. These technologies, which involve factory assembly and on-site installation, shorten construction timelines. These require E&M professionals to adapt to and continuously learn relevant skills. As climate change drives the transition towards renewable energy, mechanical and electrical engineers must possess relevant skills. Adaptability to evolving technologies and environmental standards is crucial for professionals in the E&M Services industry.

Hotel Industry - 2022 Manpower Survey Report Image

Hotel
2022 Manpower Survey Report

Notwithstanding the recession that Hong Kong’s economy has fallen into since the pandemic outbreak, many economic indicators, including “Quarterly business indices of accommodation service” from the Census and Statistics Department, and “Provisional visitor arrivals”, “Overnight visitor arrivals by country / region of residence”, and “Hotel Room Occupancy” announced by the Hong Kong Tourism Board, have shown that Hong Kong has returned to normalcy and the Hotel industry has been gradually on the road to recovery.

Catering Industry - 2022 Manpower Survey Report Image

Catering
2022 Manpower Survey Report

Hong Kong has returned to normalcy in the post-COVID 19 era. The fast and convenient links with the Mainland and the rest of the world have resumed and different businesses in the city are gradually reviving. The Government has also launched the "Happy Hong Kong" campaign, which features a wide range of fun and interesting activities across Hong Kong for citizens to enjoy happy moments together. It is hoped that the campaign can help stimulate local consumption and boost the economy.

Insurance Industry - 2023 Manpower Update Report Image

Insurance
2023 Manpower Update Report

The insurance industry in Hong Kong is navigating both opportunities and challenges in the global business landscape. The Government has set its sights on establishing the city as a regional insurance hub. Although the COVID-19 pandemic initially caused a decline in gross premiums, the reopening of borders in 2023 sparked robust demand for long-term insurance from mainland customers. Regulatory measures like IFRS 17 and the forthcoming RBC regime are enhancing transparency and bolstering financial stability. Technological advancements, including digitalization, AI, and big data, are streamlining processes and broadening the customer base through personalized services. Insurance agents are adapting by providing consultancy services and tailored solutions, setting themselves apart from online platforms. The industry also recognises the increasing necessity for skilled professionals who possess expertise in insurance knowledge, commercial acumen, digital skills, risk management, compliance, actuarial proficiency, and innovation. It is imperative to invest in upskilling and reskilling existing staff to meet the evolving demands of the industry.

Accountancy Sector - 2023 Manpower Update Report Image

Accountancy
2023 Manpower Update Report

Hong Kong's economic recovery after gradual resumption to post-pandemic normalcy are anticipated to stimulate growth in the accounting sector, despite potential obstacles like declining global demand and high interest rates. Recent regulatory changes have aligned the accounting profession with international standards, compelling it to consistently elevate the level of quality among professional accountants and, in turn, safeguard the public interest. COVID-19 pandemic has accelerated the shift of accountants into strategic advisory roles, requiring a more diverse skill set. The Greater Bay Area's growth, amplified by increased business opportunities, cross-border collaboration, and technological advancements, is expected to boost demand for professional accounting services. The report also emphasises the industry's clerical staff shortage and the need for skilled mid-tier personnel, discussing the impact of emigration trends and the rising demand for accountants in burgeoning areas like ESG initiatives and innovative financial products.

Beauty Care and Hairdressing Industry - 2023 Manpower Update Report Image

Beauty Care and Hairdressing
2023 Manpower Update Report

In the post-pandemic era, the application of digital and information technology in the beauty care and hairdressing industries has accelerated. Companies have to restructure their business strategies and promote digitalisation of their operations. In order to effectively promote and sell products and services, industry practitioners are required to master digital marketing, video production, and social media skills. For example, the beauty care industry should introduce high-value cross-industry projects to provide more diverse services and products, in order to meet the needs of different consumers. Additionally, to enhance the competitiveness of the hairdressing industry, the industry should optimise the process of existing hairdressing services.

Timepiece and Optical Industries - 2023 Manpower Update Report Image

Jewellery and Timepiece
2023 Manpower Update Report

The Timepiece Industry has a strong demand for after-sales services and watch repairing professionals. Considering that most serving watch technicians are in advanced age, there is a pressing need for new blood to join the industry. Owing to the increasing myopia and ageing population, the Optical Industry also has a growing demand for optometrists. Insufficient supply of frontline salespersons and middle-level management personnel is also noticed in both industries. To attract and retain talents, the industries may need to develop a certification system to recognise practitioners’ qualifications, and attract young people to join the industries through the provision of more career exploratory activities. The Government may also consider moderately subsidising training institutions to offer relevant programmes and enhancing the existing “Earn and Learn Scheme”.

Banking and Finance Industry - 2023 Manpower Update Report Image

Banking and Finance
2023 Manpower Update Report

Hong Kong's banking and finance industry recovered due to its strategic position as an International Financial Centre and favorable tax system, despite challenges like banking stress, higher interest rates, and geopolitical tensions. Emerging sectors, including green finance, fintech, and virtual assets, along with the global family offices initiatives, are positioning Hong Kong as a pivotal hub for capital flows. Technological advancements, especially in fintech, reshaped banking operations through AI, blockchain, cloud computing, and big data. However, talent shortage prompted measures to attract and retain skilled professionals. Collaborative efforts between Hong Kong and Mainland offices enhanced operational efficiency. Although overall manpower demand increased modestly, there was a continuous need for skilled individuals, particularly in compliance and risk management roles. Practitioners were urged to acquire cross-disciplinary skills combining banking and IT expertise. With ESG and green finance driving change, proficiency in sustainable investment strategies, climate risk assessment, ESG compliance, and green financing was crucial. Adapting to digital asset trends was also vital for competitiveness in the evolving industry landscape.