The annual Hong Kong Employment Trends Survey and Salary Outlook of KMPG has shown that 53% of respondents would consider working in Greater Bay Area cities, with Macau included in the top three choices.
The third edition of the survey showed that aside from Macau, Shenzhen and Guangdong are also amongst the top choices due to higher pay, better career and industry prospects, broader work exposure and travel convenience.
The top four industries in which respondents thought the GBA development would create more jobs were innovation and technology, financial services, professional services and trade and logistics, as cited in a press release.
“The GBA is well-positioned to become a major economy and mega-metropolis, which will create significant opportunities for businesses across all sectors in particular in finance, trade and professional services, for which Hong Kong is renowned,” said Felix Lee, head of KPMG Executive Search and Recruitment Services.
“The free flow of talent should improve existing synergies and create greater opportunities,” he added.
The survey also showed that global economic uncertainty is having a limited impact on the city’s employment market, which is buoyed by the development of the GBA, government incentives for innovation and technology, and the completion of key infrastructure projects.
37% of respondents working in financial services and 45% in innovation and technology said they would increase the existing headcount.
“The dip in prospective headcount increases in the financial services sector may relate to accelerating digital transformation and the application of artificial intelligence in engaging customers and dealing with risk management,” said Lee.
Respondents believed that the most attractive sectors in which to join a start-up were financial technology and e-commerce, yet respondents at C-level appear much more risk-averse than those working at other levels.
Respondents at C-level were more likely to opt for organizations in the charity/social wellbeing or healthcare and life sciences sectors.
“A number of initiatives by the Hong Kong government should go some way to alleviating concerns people have in establishing or joining a start-up,” Lee said. “And beyond Hong Kong, the GBA is an ideal stepping stone for these businesses to expand across the region,” he added.
Overall, salary and compensation was by far the top incentive when looking for a new job, followed by career progression and promotion and work flexibility and work-life balance.
Meanwhile, recent KPMG analysis found tax incentives to be instrumental in facilitating the free movement of people within the GBA, especially for high-income individuals working within the region.
Earlier this year, various exemptions from China’s new personal income tax were introduced, allaying Hong Kong residents’ concerns over a reduction in post-tax income when working on the mainland. LV