Report | VTC Manpower Survey

Timepiece and Optical Industries - 2024 Manpower Survey Report (English version will be uploaded later) Image

Jewellery and Timepiece
2024 Manpower Survey Report

The Jewellery, Timepiece and Optical Industries are encountering a range of challenges. In recent years, there has been a decline in manpower, but these industries are also grappling with the aging workforce and a shortage of younger employees. To sustain the long-term development of the industries, there is still a need for a stable influx of new talent. The industries should also put in efforts to explore and seize new opportunities. The government should cultivate young people’s artistic literacy, promote craftsmanship culture and vocational and professional education and training to attract talents. The industries should utilise government resources to develop new markets, seize ESG opportunities, and undergo green transformation. Educational institutions should also enhance students’ practical training, cultivate their global vision and digital marketing knowledge. (English version will be uploaded later)

Retail Trade - 2024 Manpower Survey Report Image

Retail Trade
2024 Manpower Survey Report

The retail industry is undergoing a significant transformation, driven by economic challenges and evolving consumer behaviors in the post pandemic era. This shift has accelerated the transition to e-commerce and underscored the need for effective omnichannel retail strategies. The industry faces a skilled labour shortage, which poses a substantial barrier to growth. To address these challenges, retailers and training institutions must collaborate closely to develop relevant training programmes that equip the workforce with essential skills for the future. Employers and employees are encouraged to leverage various government schemes for talent development and skills enhancement. Embracing advanced retail technologies and mastering omnichannel strategies will be crucial for the industry's long-term success and sustainability.

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.

Real Estate Services Industry - 2024 Manpower Update Report Image

Real Estate Services
2024 Manpower Update Report

The real estate services sector is undergoing significant transformation driven by demographic changes, technological advancements, and sustainability trends. In Hong Kong, the anticipated increase in the aging population presents opportunities for the development of age-appropriate housing and necessitates targeted workforce training in senior care. Concurrently, property technology (PropTech) is enhancing operational efficiency and tenant satisfaction, while also underscoring the importance of human interaction in fostering relationships. Furthermore, the growing adoption of environmentally sustainable practices, such as energy-efficient systems and green building certifications, is generating new job opportunities in the sustainability sector. To conclude, striking a balance between technology, human collaboration, and eco-friendly initiatives is essential for creating a responsive real estate 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.