An international financial centre is built on human capital, and all IFCs are competing for talent in a global marketplace for professionals. Hong Kong is part of this competition, and its unique strengths as a place to both life and work put it in a strong position to attract the people it needs to thrive in the post-pandemic world.

In light of the Hong Kong SAR government’s talent drive, the Financial Services Development Council (FSDC) spoke to several of the city’s leading figures in executive search to get their views on talent-related issues for both employers and employees.

Why Hong Kong?

For many years, Hong Kong has been a place where financial professionals, from all over the world, can fast track their careers. Some come for a short stint before returning home, while others end up spending most of their career in the city. The end result is the same: an opportunity to work in the heart of Asia.

“Asia is a growing market,” said Serina Wong, Managing Partner, Dresden Green Consulting, and member of the FSDC’s Market Development Committee. “If you move here, you will be able to make use of your international connections back home and build a base in Asia. This increases the chance of being promoted to a more senior role.”

In addition to the opportunities to work in an ecosystem that contains many of the world’s market-leading professionals, Hong Kong offers exceptional lifestyle benefits. For a start, income tax is lower than in some other IFCs, while its geographical position makes it easy to travel to destinations all over Asia. And although Hong Kong is famous for being a densely populated city, nature is always nearby, with hills, mountains, and beaches readily accessible from the city centre.

That said, housing in Hong Kong is expensive, and the human capital experts the FSDC spoke to said that people interested in moving to the city should budget accordingly. Rental costs will likely be felt more by younger professionals, rather than their senior counterparts, who might get support from their employers.

Moving to Hong Kong

Perhaps the easiest way to come to Hong Kong is via an internal transfer in one’s current employer or by finding a role before moving. Another option is to take advantage of Hong Kong’s recently launched Top Talent Pass Scheme, which allows eligible individuals to move to the city and explore employment opportunities.

For young professionals, it is better to come with your current employer, said Louisa Wong, Executive Chairperson, Global Sage, and member of the FSDC’s Human Capital Committee. Those who do come with an intention to find a job should have realistic expectations about their starting point. Career progression, however, can be rapid.

“Hong Kong is a place where you can advance very quickly if you perform well compared to other places,” she said.

In demand roles include sales and marketing, compliance, and investment professionals with expertise in private markets. The increased focus on sustainability in the financial sector has created strong demand for people with ESG experience.

And looking to the future, there will be likely more opportunities related to the Greater Bay Area, as Hong Kong is a perfect launchpad for the rest of the city cluster. There are also growing connections with the Middle East, which will need people with the right skills to facilitate further links.

Attracting talent

A key part of Hong Kong’s talent drive is the Top Talent Pass Scheme, which aims to attract professionals to come to the city by offering a 24-month visa to those eligible. There is no requirement for applicants to have a job lined up before they arrive. Instead, they should meet a high-income requirement, or have graduated from one of the world’s top 100 universities. Applications can be made online.

The programme has received more than 20,000 applications. Around 12,000 applications have been approved, with nearly 80% of the visa holders under 40 years old¹.

“The government is very efficient in processing the applications, and overseas talent gets an admission ticket to come to Hong Kong,” said Armstrong Lee, Managing Director, Worldwide Consulting and member of the FSDC’s Human Capital Committee.

He suggested that the scheme could be made more efficient by making it easier for employers to find people who have arrived with a talent visa – perhaps via an online platform that shares information about the qualifications and experience of new arrivals.

The full details of the Top Talent Pass Scheme can be found on the Hong Kong SAR Immigration Department website.

[1] The Standard