According to a recent report, a growing number of executives in Hong Kong and Singapore expect significant disruption in the next three years.
According to the Global Talent Trends study by the world’s largest human resources consulting firm, 82% of executives in Hong Kong and 94% of executives in Singapore think significant disruption will take place in the said time frame, compared to 73% of the global pool of respondents.
It was noted that the report studied insights from more than 7,300 senior business executives, HR leaders, and employees from nine key industries and 16 geographies around the world.
The increase of respondents having the same prediction rises significantly this year. Last year, only 25% of respondents in Singapore, 6% of those in Hong Kong, and 26% globally thought so in 2018.
- 54% of Hong Kong companies and 60% of all company surveyed plan to automate more work in the next 12 months
- In Hong Kong, the C-suite names job redesign as one of the top five areas of talent investment with sizeable potential for return on investment, and 67% of employees prefer more clearly defined responsibilities
- Globally, the C-suite names job redesign as the area of talent investment with the highest potential for return on investment, and 65% of employees are asking for more clearly defined responsibilities
The 2019-20 HK Budget
According to the 2019-2020 Budget, the Hong Kong Government, it was noted that the Policy Address (by the region’s Chief Executive) proposed allocating an additional $2 billion for the HKSTPC to build dedicated facilities required by the advanced manufacturing sector in industrial estates to facilitate more manufacturers to set up operations in Hong Kong.
The Government also plans to inject $2 billion into the ITF for launching a Re‑industrialisation Funding Scheme to subsidise manufacturers on a matching basis to help them set up smart production lines in Hong Kong.
These initiatives for developing real high-end production will help reduce our economy’s over-reliance on service industries. The Innovation and Technology Bureau (ITB) will seek funding approval from the Legislative Council (LegCo) as soon as possible, with a view to implementing these initiatives in the second half of this year.
Hong is pursuing the commercialisation of R&D results and technology transfer in areas such as advanced materials, nanotechnology, microelectronics, etc., with immense focus. This is expected to boost the development of industries and re-industrialisation.
Moreover, the Committee on Innovation, Technology and Re-industrialisation will explore appropriate measures for promoting the development in this regard.
Perfect conditions for innovation
The Budget also notes that Hong Kong is an excellent position to promote I&T development, and is presented with unprecedented opportunities arising from the Greater Bay Area development.
From the perspective of regional development, with its strong R&D capabilities, world-class universities, advantages as an international and market-oriented economy and robust intellectual property protection regime, Hong Kong serves as an I&T pioneer in the region.
On the other hand, with a sizeable market, the Greater Bay Area offers more cooperation opportunities for local I&T enterprises as well as capabilities in commercialising R&D results and advanced manufacturing.
Hong Kong can promote technological collaboration, interaction among industries and productisation of scientific and technological achievements, thereby facilitating the development of the Greater Bay Area into an international I&T hub.