The pandemic has changed how people dress, as well as how the fashion and textile industry manage supply chain, design and production. During the pandemic, the fashion industry has become the largest e-commerce sector. The booming online fashion market has provided young people the opportunity to begin small business and has prompted sophisticated consumers who are concerned about climate change to practise fashion sharing economy. While new technology is further adopted in fashion industry, employees and young fashion graduates have to equip themselves with relevant updated skills and business mindset to grasp opportunities in the evolving industry.
In order to strive under the competitive global environment, it is critical for the construction industry in Hong Kong to promote efficiency and innovation by adopting modern construction methods and techniques, information technology and automation technology. To encourage innovative technologies in the sector, the Hong Kong government has set up the Construction Innovation and Technology Fund to help boost technology adoption and increase productivity via automation and digitisation, including funding support for Building Information Modeling, Modular Integrated Construction, etc.
The industrial competitiveness of Hong Kong’s manufacturing technology industry depends on the Industry 4.0 mindset nurtured from the top management to frontline staff, a tech-savvy team specialising in Industry 4.0 and data visualisation skills, and a pool of research and development talents in applied and industrial research. These ingredients blending together will bring out the co-innovate industrial image and career prospects of the manufacturing technology industry.
The Electrical and Mechanical (E&M) Engineering sector accounted for 90.2% of the manpower in the E&M Services Industry. The number of employees in this sector continued to increase, recording a growth of 3.3% compared with that of four years ago. On the other hand, the number of trainees and vacancies in the sector decreased by 13.5% and 20.2%, respectively.
To cope with the technology developments, vehicle servicing workers should equip themselves with basic knowledge of electrical engineering, electronics and preferably IT as well, and traditional mechanical skills which will remain to be most important as disassembly and assembly are inevitable procedures in vehicle servicing. At the same time, in-service practitioners should engage in lifelong learning to catch up with the technology advancement.
With the improvement of the economy and unemployment situation, many newly joined security personnel had left and returned to their original industries; therefore, the licensed security companies once again have faced the manpower shortage problem.
To stay competitive, real estate services companies need tech-savvy leaders and employees who can harness innovative thinking, form the right strategies and apply the systems and tools that best fit the needs of the business. Talents with advanced data analytics skills for insight generation, competence in applying property technologies for delivering business solutions and customer experiences with agility and creativity will be in strong demand. Effective interpersonal communication skills, attention to details, good people skills with clients are also essential for the industry. Given the increasing demand for transparency on sustainable and socially responsible practices, ESG (Environmental, Social and Governance) talents are sought-after in providing insights and creating long-term values for stakeholders of companies.
Digital transformation is no doubt bringing and accelerating a paradigm shift in business under the new normal. First and foremost, digital transformation requires talent. Talent development and training on emerging technologies areas like Artificial Intelligence, Blockchain, Cloud Computing, Cybersecurity and Compliance, Data Science, Extended Reality, Internet of Things, and methodology and approach involving Agile, DevOps, Docker and Containers are highly recommended. On another note, connecting opportunities in the Greater Bay Area could further support Hong Kong as an international innovation and technology hub.
Financial institutions should adopt FinTech and relevant technologies to better target different customer segments which results in enhanced customer experience. During the process of digital transformation, a new set of competencies is highly demanded. Practitioners need to reskill or upskill themselves in order to keep abreast of the latest development. In order to master the application of emerging technologies, the workforce needs to be tech-savvy. While FinTech is developing at a very fast pace, issues like data privacy and cybersecurity cannot be neglected.
The advancement in technology is impacting virtually all industries. New technologies are taking the accounting sector to new levels. Emerging technologies support the transitional role of accounting personnel into a more analytical one. Rapid advancement of technologies is giving new roles for accounting practitioners who require a new set of skills and competencies. Accounting practitioners need to reskill and upskill themselves to evolve with the changing environment. The future accountants will assume a more strategic and creative role in the business world.
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