More and more Hong Kong executives are keen to head north and land plum jobs in the Guangdong-Hong Kong-Macao Greater Bay Area – in the quest for better career and industry prospects.
Shenzhen, in particular, is a magnet for these talents, according to accounting firm KPMG’s latest annual Hong Kong Executive Salary Outlook survey.
Shenzhen will stand as the biggest winner, with more and more Hong Kong talents looking for greener pastures in the Bay Area
Murray Sarelius, head of people services at KPMG China
Higher incomes have long been the most important factor for Hong Kong people seeking new job opportunities in the Bay Area. But the new study reveals it is no longer the main reason.
Some 66 percent of Hong Kong executives cited better career and industry prospects as their primary motive, while 60 percent and 59 percent of respondents said they were attracted by travel convenience and broader work exposure, respectively.
However, 58 percent of respondents were still seeking more competitive salary packages.
“Shenzhen will stand as the biggest winner, with more and more Hong Kong talents looking for greener pastures in the Bay Area,” said Murray Sarelius, head of people services at KPMG China.
The study was conducted from December to early January when the Asia’s financial center was suffering from months of violent protests and the protracted Sino-US trade war.
It surveyed 569 business executives across many sectors – including consumer markets, financial services, innovation and technology, professional services, the public sector and real estate.
Of these, 497 respondents were based in Hong Kong and 86 percent of respondents held C-level, departmental head or managerial positions.
The findings echo another new report by KPMG, which revealed that businesses have full confidence in the Bay Area’s prospects. More than half of the 747 surveyed business executives in Chinese mainland, Hong Kong and Macao are planning to expand geographically across the region before 2022.
Because protests and escalating Sino-US trade rows have rocked Hong Kong for months last year, hard-hit sectors like consumer markets and real estate are feeling mounting pressure to freeze recruitment plans and trim the workforce, said Michelle Hui, director of executive search and recruitment services at KPMG China.
According to the survey, 41 percent of respondents expect consumer markets to reduce hiring, while 27 percent said the same about the real estate industry.
In sharp contrast, the innovation and technology sector indicated a strong intention to hire new talents.
“The survey was conducted well before the novel coronavirus outbreak started dealing a heavy blow to Hong Kong’s already battered economy.
“If taking disruptions from the virus into consideration, we believe most of the big trends found in the survey will be intensified,” Sarelius said.
The novel coronavirus is forcing companies to send their employees home and work remotely.
Sarelius said the strong trend of hiring new talents equipped with technological skills will certainly not be seen only in the innovation and technology sector.
