HR News & Trends: Oct Week 3

HR News & Trends: Oct Week 3

HR News & Trends: Oct Week 3

1. Key Takeaways from Hong Kong’s Policy Address

Hong Kong is enhancing its talent strategy with the goal of retaining at least 50,000 professionals annually over the next three years. Chief Executive John Lee announced this initiative during his recent policy address, highlighting the need for recruitment and retention. Some of the relevant initiatives include:

Talent Development

  • Workforce development:
    • The Employees Retraining Board (ERB) is revised to enhance training for low-skilled workers and facilitate lifelong learning.
    • Removal from the eligibility criteria the cap on the education level of service recipients.
    • At least 15,000 more training places will be added.
    • Collaboration with educational institutions and businesses will be enhanced.
    • Improvements will be made to the ERB’s career planning and job-matching services.
  • Support for women’s development: A new network led by influential women will launch a mentorship programme to connect female university students with senior management mentors.
  • Nurturing future talent:
    • Local students will be encouraged to pursue advanced studies by launching the Hong Kong Future Talents Scholarship Scheme for Advanced Studies in the 2025/26 academic year.
    • The government will develop the “Study in Hong Kong” brand by hosting international educational events and fostering collaborations between local institutions and global counterparts.
    • Student housing will be enhanced.
  • Nurturing vocational talent pool:
    • A Universities of Applied Sciences (UAS) will be established.
    • A campus for the new Hong Kong Institute of Information Technology will be established under the Vocational Training Council.
  • Training for legal talent:
    • The Intellectual Property Department (IPD) will work with the Qualifications Framework Secretariat to create practical teaching resources that training providers can use.
    • A specialised office and an expert committee within the Department of Justice (DoJ) will actively advance the Hong Kong International Legal Talents Training Academy.
  • Governance talent development:
    • The Governance Talents Development Programme will be introduced to enhance the governance skills of officers in leadership positions.

Talent Acquisition

  • Expanded talent pool: The three-year Re-employment Allowance Pilot Scheme will continue to encourage the re-employment of middle-aged and elderly individuals.
  • Talent attraction: Key reforms will include
    • Updating the Talent List to meet the needs of the “eight centres.”
    • Expanding the Top Talent Pass Scheme to include 198 universities by adding 13 top-tier universities from the Mainland and abroad.
    • Extending the validity of high-income talent visas from two to three years.
    • Enhancing the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals, creating new pathways for skilled workers in high-demand sectors.
    • Introducing a mechanism under the Quality Migrant Admission Scheme to actively recruit top talent to foster development in Hong Kong.
    • Extending the inclusion of graduates from the Greater Bay Area campuses of Hong Kong universities in non-local graduate immigration arrangements for an additional two years.
  • Support for working parents: Additional childcare centres will be established, increasing day childcare service capacity.

Employee Benefits

  • “Full Portability” for the Mandatory Provident Fund (MPF): Employees will be allowed to transfer benefits between schemes.
  • Enhanced employee protections: This includes the abolition of offsetting severance payments against MPF contributions.

Health & Safety

  • Enhanced occupational safety: Safety guidelines will be rolled out along with improvements to industry training, and the government will encourage the proper use of robotic technology.

 

2. Business: UOB Rolls Out Career Transition and Reskilling

UOB launched a career conversion initiative to reskill 500 employees in operations and administrative roles over the next two years. The 12-month Better U Pivot Programme focuses on upskilling employees for roles in risk, compliance, sales, and customer experience. Participants will receive mentorship from coaches and hiring managers and undergo training designed with Ngee Ann Polytechnic and other partners.

Beyond this, UOB also launched the AI and Data Analytics Centre of Excellence (Aida COE), a partnership with NUS and Infocomm Media Development Authority. This two-year programme will include hands-on business projects, specialised courses, and training across UOB’s departments.

Takeaway: The initiative is part of UOB’s broader workforce transformation to adapt to AI and technological changes in finance by expediting the development of AI and data analytics professionals for the sector.

 

3. Sentiments: APAC Gen Zs Most Anxious About AI; Upskilling Focus

A recent survey revealed significant anxiety among workers in the APAC region regarding AI’s impact on job security. Key findings include:

  • Generational Anxiety: Over 53% of respondents worry about job loss in the near term due to AI, with Gen Z expressing the highest anxiety.
  • Upskilling Needs: Only 23% feel adequately supported in their upskilling efforts, while just 9% believe their organisations are preparing them for AI changes. A proactive approach to upskilling is essential, with 62% of participants actively seeking training in data analysis and AI.
  • Support Gaps: Only 1% of employees feel their companies are genuinely supportive in preparing for AI-driven changes, emphasising the need for better corporate strategies to prepare employees effectively.
  • AI Tool Usage: About 24.8% of respondents use AI tools, and Gen Z leads in AI tool adoption.
  • Job Security Perceptions: Healthcare professionals and managerial roles are perceived as less likely to be replaced by AI, while customer service and creative roles are viewed as more vulnerable.

 

4. People Moves

SNEF: The Singapore National Employers Federation (SNEF) appointed Hao Shuo as its new CEO, effective December 1, 2024. Hao, currently a divisional director at the Ministry of Manpower (MOM), will succeed Sim Gim Guan, who is retiring. He has 15 years of public service experience and has collaborated extensively with labour unions and the National Trades Union Congress on employment issues, including those arising during the COVID-19 pandemic.

Apple: Apple’s HR team is experiencing high turnover, with recent departures from key roles, including Sjoerd Gehring, the top recruiting executive, who is leaving to join Citadel as Chief People Officer. Chief People Officer Carol Surface is also departing after 18 months. Gehring was well-respected and seen as a potential successor to Surface. Deirdre O’Brien, previously overseeing HR, will step back into the role to stabilise the department.

 

Discover More Industry Trends with JC

For the latest industry trends or to explore new career opportunities, connect with our HR recruitment consultants for a chat. With executive search firms in Singapore and China, and operations in key business hubs like Hong Kong, you can count on our team for timely access to regional insights that can create synergy for your career and operations.

For employers: Beyond the HR industry, we also have dedicated desks for several sectors that enables us to meet your varied recruitment needs:

Image Credits:

  • CFP
  • UOB