HR & EDUCATION | Staff Reporter, Singapore

More active workforce relaxes labour market

But their talents are being strained by changing business models.

A higher number of people that are active in the workforce or are fit for their job roles are easing pressures on Hong Kong's labour market, Hays Plc said.

Hong Kong's score in the Hays Global Skills Index reached 4.3, similar to Singapore and just right next to China, which has the lowest score in the Asia region.

Since the release of Hay's report in 2012, Hong Kong’s score has increased from 3.7 to a high of 4.5 in three consecutive years from 2014 to 2016.

An index score below 5.0 indicates a looser labour market, whilst a score above 5.0 indicates a tighter labour market.

Hays Plc said these factors counteract its shrinking working age population.

Hays Hong Kong managing director Dean Stallard commented, "The pace of change in Hong Kong's financial services sector is increasing, and along with the emergence of new business models such as Hong Kong banks and other financial institutions entering into partnerships with FinTech businesses, this is putting an enormous strain on the pool of available talent. The upside is that financial institutions will be able to achieve their goals without major capital expenditure, which will also help to cement Hong Kong's profile as one of the world's top digital technology hubs."

According to the report, the key skills in demand are related to cybersecurity experts, compliance professionals, digital marketing professionals, developers, and sales professionals.

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