Hong Kong is a dynamic economy with low unemployment, but staff turnover is the negative flipside of this
As outlined in StrategicRISK’s new Hong Kong Risk Report, companies based in the territory must compete internationally for the best talent at all levels and not only rely on homegrown expertise in many areas.
This is limiting Hong Kong’s capabilities and analysts predict that this situation will worsen, particularly if there is continuing and significant construction expenditure in the medium and long term.
Hong Kong-based companies seeking to decrease reliance on expatriate senior and middle management must develop appropriate training and retention strategies to ensure local, trilingual managers advance into senior management positions.
How these companies grow and build internal talent to take on these leadership positions, locally and regionally, will be one of the biggest people risks facing Hong Kong.
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