With the current mass exodus of expat professionals and families, local and multinational companies struggle to retain their talents. The phenomenon is widespread across all industries, but the finance and digital-asset industries are hard-hit and are responding by offering salary increase of up to 35% [1], along with bonuses and other incentives, for executives and employees who are willing to stay.

As the Chief Executive of Hong Kong has recently eased quarantine policies, such as putting the mass testing plan on hold and shortening the hotel quarantine period for inbound travelers to 7 days, the extent to which these new policies will retain the talents and safeguard Hong Kong’s competitiveness is yet to be seen, but new opportunities certainly arise for foreign talents who are curious about landing a job in Hong Kong.

Despite the political followed by sanitary twists Hong Kong has been experienced in the past few years, the city remains a multicultural, modern metropolis with an abundance of opportunities for talents around the world who look beyond the headlines.

So, what kind of talents and professionals does Hong Kong need?

Every year, the Hong Kong government create a list of economic and other objectives. In order to meet these objectives, the import of relevant abilities, knowledge and expertise of foreign talents and professionals is necessary. As such, this list of annual objectives in turn becomes the driving force of the in-demand employment areas and talent list that the Hong Kong government updates regularly.

The 2021 talent list is comprised of 13 professions. The listed talents or titles are those who Hong Kong needs the most in the immediate to medium term for the development of its economy, who will add values and diversities to its economy. Here are the following 13 professions:

1.

Dispute Resolution Professionals and Transactional Lawyers

• Dispute resolution professionals who specialize in resolving international financial and investor-state disputes.
• Arbitrators with expertise in rendering final and binding decision at the conclusion of arbitral proceedings.
• Mediators with expertise in assisting the parties to the dispute to reach a negotiated settlement.
• Transactional lawyers from outside Hong Kong possessing specialized knowledge of and experience in cross-border transactions from investing or host states.

2.

Asset Management Professionals

Rapid growth in Asia, financial market liberalization in the mainland and government policy to strengthen the sector.

There are great opportunities for experienced investment analysts and investment consultants with expertise in researching into investment opportunities and building investment portfolios in finance and investment banking industries.

There is also great demand for experienced fund managers with expertise in supervising administration of fund portfolios and implementing investment and distribution policies.

3.

Actuaries

A great demand for experienced professional actuaries to meet market development especially in insurance industry.

Opportunities are available for expertise who can carry out actuarial valuation related to insurance product pricing, assets and liabilities management and liabilities management and risk management and supervising the preparation of valuations and reports.

4.

Fintech Professionals

This is a fast-growing sector with numerous potentials. To maintain Hong Kong as an international financial centre, Hong Kong requires experienced professionals in Fintech with expertise in conducting a broad range of tasks related to application of technology to financial services and relevant research and development, including distributed ledger technologies, artificial intelligence, big data and cyber security, etc.

5.

Data Scientists and Cyber Security Specialists

There are two types of talents needed in Hong Kong Data scientists and cyber security specialists are crucial to the ICT development.

Experienced data scientists with expertise in working with large datasets and using machine learning and statistical methods to meet client business needs. To develop and implement statistical tools to build predictive models.

Also, experienced cyber security specialists with expertise in designing and maintaining information technology security, supporting the front-line defense and carrying out assessment for the security implementation.

6.

Naval Architects

Hong Kong is a leading international maritime centre and in needs of Naval Architects with expertise in studying and preparing specification for the building, conversion or repair of ships or offshore structures; supervising their overall design, construction, maintenance and advising on the certification and registration of vessels for the entities such as maritime consultancy firms, ship management companies or classification societies and local shipyards.

7.

Marine Insurance Professionals

To enhance Hong Kong’s position as an international Maritime Centre. The demand for experienced professionals in marine insurance with expertise in supervising the preparation of valuations and reports, management the formulation of insurance policies, running day-to-day underwriting team, covering new business, monitoring binder progress and claims management, finding ways to grow accounts through competitive pricing and excellent service.

8.

Marine Engineers and Superintendents of Ships

Opportunities are always available for Marine Engineers and Superintendents of Ships at ship management sector with expertise in the overall management and technical operations of assigned fleet in a safe and profitable manner, who may also work in the classification societies or as private surveyors to conduct statutory certification and surveys throughout the ship's life.

9.

Innovation and Technology Experts

Hong Kong is craving I&T experts related to research and development in relevant innovation fields, including pharmaceutical and life science/biotechnology; data engineering, artificial intelligence, robotics, distributed ledger technologies, biometric technologies, industrial/chemical engineering and materials science/nanotechnology.

10.

Creative Industries Professionals

• Recording Engineers with expertise in recording, editing and mixing audio
• Mastering Engineers with expertise in fine-tuning recorded music
• Cutting/pressing Engineers for vinyl LP with expertise in producing top quality records and Long Plate records
• Game development experts with expertise in various aspects of a game’s creation
• Game Producers with expertise in setting direction and strategy of the game, managing production team and assuring quality
• Professionals in film industry with expertise in various roles for film pre-production, production and or post-production and are winners of designated renowned international film festivals.

11.

Waste Treatment Specialists

The HKSAR Government unveiled the “Waste Blueprint for Hong Kong 2035” to realize the vision of “Waste Reduction. Resources Circulation. Zero Landfill” So, there are opportunities for experienced waste treatment specialists in planning, implementing, coordinating and evaluating comprehensive waste management systems that are designed to maximize waste prevention, reuse and recycling.

12.

Financial professionals in Environmental, Social and Governance (ESG)

13.

Professionals in compliance in asset management

Due to economic growth and wealth accumulation in Asia, financial market liberalization in the mainland, experienced compliance professionals in asset management is highly demanded with expertise in (i) compliance risk management; (ii) handling requests from regulators; and (iii) providing compliance advice and training to management and operational departments.

If you come from one of these professions, Hong Kong will be the perfect place for you to build your career. There are 3 types of Hong Kong visas that you can apply for:

1. If you have managed to secure an employment in Hong Kong, you can apply for the Hong Kong Employment Visa under the General Employment Policy. No annual quota exists for this visa scheme.
2. If you have not found a job yet in Hong Kong, you may apply for the Quality Migrant Admission Scheme (QMAS). This is a quota-based entrant scheme.
3. If you wish to set up your own business in Hong Kong, you may wish to consider the Investment as Entrepreneur Visa.

Reference:

1. Cathy Chan, Sarah Zheng & Zheping Huang. (2022, Mar 29). Bankers Who Stay in Hong Kong Are Rewarded With a Pay Bonanza. Bloomberg. https://www.bloomberg.com/news/articles/2022-03-28/bankers-who-stay-in-hong-kong-score-big-pay-raises-promotions
2. Government of the Hong Kong Special Administrative Region. (n.d.). Talent List Hong Kong. https://www.talentlist.gov.hk/en/

Related Topics: Hong Kong Qality Migrant Admission Scheme (QMAS) | Hong Kong New Capital Investment Entrance Scheme (CIES)

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