Hong Kong's Talent Pool: Need for Effective Retention Strategies Amidst Challenges

Addressing Talent Attraction in Hong Kong

In his third policy address, Chief Executive John Lee Ka-chiu announced new measures aimed at attracting talent to Hong Kong. The initiatives include an admission scheme for mainland talents and professionals and enhancements to the city's General Employment Policy. Since the introduction of the Hong Kong Top Talent Pass Scheme in 2022, the city has seen over 380,000 applications, with about 160,000 admitted.

Housing Market Pressures

While the measures are commendable, they primarily focus on attracting talented individuals without addressing housing prices and the high cost of living, which significantly affect newcomers. According to a recent survey, 86% of new arrivals are renting homes, revealing a critical gap in the market. The government must prioritize retention by improving housing affordability.

Challenges to Talent Retention

• Hong Kong's Covid-19 pandemic aftermath and US-China tensions have shifted its housing market.
• Severe competition from global cities for talented individuals poses a challenge to retention.
• Fast-rising property values outpace potential salaries for many, limiting homeownership.

To enhance the talent pool, the government needs to engage more with the current realities faced by new residents. Initiatives to increase awareness of visa options and job matching are important but insufficient without a structural plan for affordable housing.

Concluding Thoughts

While the right policies will attract top talent, mere expansion of the Talent List will not suffice to mitigate the social and economic stresses newcomers face. If Hong Kong wishes to keep its hard-won talents, it must provide meaningful support to ensure they feel at home once they arrive.