Report | VTC Manpower Survey

Banking and Finance Industry - 2024 Manpower Update Report Image

Banking and Finance
2024 Manpower Update Report

Hong Kong's banking and finance industry stands at a critical juncture of transformation. While the industry maintains its position as one of the leading international financial centres, it faces some challenges in adapting to rapid changes in the global financial landscape. Major influences shaping the industry include economic cycles, persistent talent shortages, evolving government policies, and accelerating technological advancement. The industry particularly struggles to meet growing demands for specialised talents in emerging areas such as fintech, ESG, analytics, wealth management, and risk management. Beyond immediate talent needs, the industry must address fundamental challenges in digital capabilities development, cross-functional compliance integration, and Greater Bay Area expertise. This report examines these challenges and presents strategic recommendations to facilitate digital and sustainable transition, strengthen employer branding for youth attraction, and develop future-ready banking and finance education programmes.

Accountancy Sector - 2024 Manpower Update Report Image

Accountancy
2024 Manpower Update Report

The accountancy sector faces significant workforce transformation amidst rapid technological advancement and evolving market dynamics. The sector confronts challenges in attracting young talent and maintaining a skilled workforce as market demands evolve. The profession increasingly demands expertise in artificial intelligence, data analytics, cloud computing and automation tools, alongside traditional accounting competencies. Moreover, changing regulatory frameworks, sustainability reporting requirements and advisory service demands are reshaping job roles and skill requirements. This report presents comprehensive recommendations addressing talent development initiatives, strategies for sector image revitalisation, requirements for technological adaptation and professional growth, and approaches to modernise education and training to meet evolving industry demands in an increasingly digitalised business landscape.

Innovation and Technology Sector - 2024 Manpower Update Report Image

Innovation and Technology
2024 Manpower Update Report

In the contemporary landscape marked by rapid technological evolution, technological advancements are reshaping industries at an unprecedented pace. The significance of national strategies and government initiatives is paramount in nurturing talent and ensuring competitiveness within the global technology arena. As the digital realm continues to evolve, industries must proactively embrace emerging technologies to remain pertinent and resilient in an ever-changing environment. There exists a surging demand for tech-savvy professionals in fields such as artificial intelligence, cloud infrastructure, data analytics, and cybersecurity, resulting in heightened competition for talent acquisition. To navigate this competitive landscape, companies must implement effective strategies to attract and retain skilled employees capable of leveraging emerging technologies. By investing in reskilling and upskilling training programmes, and by fostering a culture of lifelong learning, companies can maintain their position at the forefront of innovation and continue to excel in a competitive global market. Furthermore, leveraging Hong Kong’s distinctive advantages—including its competitive educational institutions and strategic geographical location—can bolster the region’s innovation ecosystem. This proactive approach not only addresses current manpower challenges but also prepares the workforce for forthcoming technological shifts.

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.