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Is Hong Kong facing an acute fintech talent shortage?
Michael Page recently conducted an employment survey within Hong Kong’s fintech ecosystem. Here, Natalie Lau, a Managing Consultant of Michael Page Hong Kong, summarises the report and shares how businesses can secure the best talent in the field.
What did the survey reveal?
Hong Kong is one of the world’s most influential and active financial centres in the region, what with its location at the intersection of China, Asia and the rest of the world. As such, it’s only fitting that, in recent years, a broad and diverse fintech ecosystem has been established here. In general, the surveyed businesses predict that fintech will play a key role in Hong Kong’s economic future, with a staggering 91% anticipating a positive impact. Furthermore, Hong Kong’s fintech ecosystem is expected to grow significantly over the next three years, spurred by local regulators’ efforts to attract fintech-related investments to the region.
Are Hong Kong’s fintech companies facing an acute shortage of professional talent?
According to the report, 95% of fintech companies say that they are, in fact, facing a major shortage of fintech talent. About 34% of the companies also view government policy as the crucial driver for sustained success in the industry.
Furthermore, the survey finds that enlisting fintech talent is a challenge, with 64% of employers expressing difficulties. About 47% of respondents say that the biggest obstacle for them is the lack of professional skills available. Keeping these skilled employees is no easy task either, with 36% of those surveyed sharing that they have switched jobs in the last 12 months.
With that said, we expect to see a large and sustained increase in demand for talent. This is good news for professionals in the region, but it also has the potential to create a large talent gap, as there is currently a talent shortage within Hong Kong’s fintech ecosystem.
How do you secure the best fintech professionals?
Candidates in this space state that their key motivators are a clear career path (24%), technological capabilities and future adoption (23%), as well as company culture fit (19%). Also, 34% of those surveyed say that they expect their salary to rise between 12–20% when securing a new role.
Download the Michael Page Hong Kong Fintech Employment 2019 Guide here.