Tech companies struggle to hire professionals skilled in emerging tech: report

Two in 10 tech talent are not on the lookout for new jobs.

The technology sector in Hong Kong is struggling to meet the surging demand for professionals with skills in emerging technologies, according to a report from recruitment firm Robert Walters.

The rapid growth of AI, machine learning, and data science has resulted in an urgent need for specialised talents, leaving companies grappling with a shortage of suitable candidates.

Professionals are also not keen to look for new jobs.

Data from Robert Walters showed that 24% of professionals are not actively seeking new job opportunities in 2024 due to growth opportunities and tailored workplace perks (70%), satisfaction with current roles (50%), and recent job switches (43%). 

The findings also suggested stability and contentment within the industry contributed to the observed talent shortage.

Moreover, hiring contractors has also emerged as a cost-effective approach. Organisations now offer higher hourly rates for short-term projects.

“It has been a norm for tech professionals to take contractor roles to gain exposure to new technologies and projects across the industry in a short time,” said Vivian Tsang, associate director of Robert Walters's Technology & Transformation.

“Whilst it can open the door to a new industry or type of work, contractors can enjoy higher flexibility to plan longer holidays and go for training to upgrade your skills,” she pointed out.

Tsang also said that clients pay around 20% to 25% for new contract candidates and 3% to 9% for renewals, indicating a drop compared to the previous year.