Personalised Information Sheet | Banking and Finance | Industry

Insurance Industry - 2024 Manpower Update Report Image

Insurance
2024 Manpower Update Report

The insurance industry is undergoing a dynamic evolution driven by three key factors: the expedite Greater Bay Area (GBA) integration, technological advancements and evolving regulatory frameworks. Market trends indicate a growing demand for talent across various domains, with the expanding GBA opportunities spurring recruitment for frontline sales professionals, while the industry simultaneously seeks back-end specialists in actuarial services, data analytics, and information technology roles. New regulatory initiatives, such as the Risk-based Capital (RBC) regime and the International Financial Reporting Standard (IFRS) 17, have created urgent needs for risk management and accounting professionals. Notable skill gaps have emerged in data analytics, cybersecurity, and cross-cultural communication, with training requirements primarily focusing on digital competencies for emerging technologies and insurtech applications, specialised knowledge for complex areas such as family office services and regulatory compliance, and enhanced customer service capabilities for an increasingly sophisticated market. These findings underscore the importance of developing targeted training programmes and industry-education collaboration to address current manpower development needs for the industry's digital transformation.

Media and Communications Industry - 2023 Manpower Survey Report Image

Media and Communications
2023 Manpower Survey Report

The media and communications industry in Hong Kong is navigating a landscape fraught with challenges and opportunities. A significant challenge lies in the shortage of qualified personnel, impacting recruitment efforts across journalism, advertising, and public relations sectors. The rapid integration of AI technologies poses risks and rewards, necessitating a delicate balance between innovation and risk mitigation. Despite these hurdles, numerous opportunities abound. Government initiatives like the Blueprint for Arts and Culture and the expansion of convention and exhibition facilities promise to bolster the industry's growth. The emergence of new media platforms and the adoption of generative AI present avenues for innovation and efficiency. Film and media production opportunities, coupled with the rising demand for ESG marketing, underscore the industry's potential for expansion and evolution in response to changing market dynamics and consumer preferences. There is a pressing need for targeted training programmes to address the talent shortages and skills gaps. Specialised training that encompasses AI integration, digital media platforms, ESG marketing, and industry-specific skills will be crucial to equip professionals with the capabilities needed to thrive in this dynamic industry.

Tourism Industry - 2023 Manpower Survey Report Image

Tourism
2023 Manpower Survey Report

The tourism industry and the stakeholders demonstrated resilience during the hard times after the unprecedented challenges. It is paramount for the industry to prepare to respond intelligently to potential challenges and avoid brutal attacks to stay in business. With substantial support from the Government and the operation of the Three-Runway System, the local tourism industry, related sectors and the entire society need to seize the opportunity to work together to tell the world the good stories of Hong Kong and welcome our guests worldwide. As a labour-intensive industry, the tourism sector requires a robust workforce to deliver exceptional visitor experiences. Bringing in skilled professionals is essential to help stabilise the workforce and elevate the overall service quality in the tourism industry. In addition, by tapping into a broader range of talent and cultural perspectives, tourism talents who are highly skilled, culturally sensitive, and adaptable to the industry’s evolving demands will be nurtured.

Maritime Services Industry - 2024 Manpower Update Report Image

Maritime Services
2024 Manpower Update Report

The need for mandatory training on the International Code of Safety for Ships using Gases or other Low-flashpoint Fuels (IGF Code) is growing very fast since the number of Liquefied Natural Gas (LNG) ships is rising rapidly. While local training is not available due to the lack of expertise, local training providers may consider offering relevant programmes in collaboration with Mainland/overseas institutes.
In the meantime, there have been growing concerns over sustainable shipping and responsible business practices within the industry. Investors, customers and insurers are integrating Environment, Social and Governance (ESG) risk factors into their decision-making processes. Maritime executives should be equipped with ESG concepts including ESG-related regulations, key ESG indicators applicable to the industry, as well ESG reporting framework, to assist their organisations in adopting appropriate ESG strategies.

Fashion and Textile Industry - 2023 Manpower Survey Report Image

Fashion and Textile
2023 Manpower Survey Report

The future of the fashion and textile industry will be characterised by sustainability, digital transformation, and technology integration. The industry will prioritise sustainable and ethical production practices while embracing digital technologies and e-commerce platforms to expand market reach, improve operational efficiency, and drive sales. The Government's support for arts, culture, and creative industries will create opportunities for eastern and western cultural integration. To fuel further growth in the industry and position Hong Kong as a global hub for artistic expression and creativity, it is essential to attract young creative talents who can bring fresh ideas, innovation, and energy. Additionally, engaging retired experienced artisans can help preserve valuable traditional craftsmanship and inspire young professionals to combine traditional techniques with modern practices.

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 Update 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.

Print Media and Publishing Industries - 2024 Manpower Update Report Image

Print Media and Publishing
2024 Manpower Update Report

Facing the rapid technological strides and evolving digital era, the print media and publishing industries have to formulate their business strategies to embrace digital transformation and cultivate multi-skilled talents specialising in digital and social media marketing. To support the manpower development of the industries, the Government, enterprises and training institutions should further collaborate and promote the professional image of the industries and provide incentives for talent development and retention. For employees and young people, it would be essential to have a global vision as well as stay open to explore new opportunities and develop their career beyond Hong Kong.

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.

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