As the business landscape in Hong Kong continues to evolve, HR professionals are being urged to stay ahead of the curve by adapting to the latest global talent trends highlighted in Mercer’s Global Talent Trends 2024 report. With the city facing unique challenges and opportunities, understanding these trends is crucial for organisations aiming to attract, retain, and develop top talent.

The report emphasises the importance of aligning workplace strategies with generational trends, particularly the expectations of Gen Z, who are set to become the largest generation in the workforce by 2035. Gary Chin, Head of Career Consulting at Mercer (Hong Kong and Macau), states, “To attract and retain talent, organisations must understand generational trends, focusing on flexibility, well-being, and technological engagement.” This demographic shift necessitates a workplace that aligns with the values of younger employees, who prioritize a supportive and engaging work environment.

A key concern highlighted in the report is the issue of productivity. While improving productivity is a priority for executives, many employees report feeling burdened by “too much busy work with no value,” which detracts from their overall productivity. The report suggests that organisations should focus on human-centric productivity, leveraging talent intelligence to better match work to individuals' skills and motivations. This approach not only enhances efficiency but also fosters a more engaged workforce.

Employee well-being is another critical area of focus. The report underscores the need for companies to enhance employee health, trust, and productivity to boost growth and talent retention. In Hong Kong’s high-pressure work environment, many employees report experiencing burnout, making it essential for organisations to invest in wellness programmes and promote a healthy work-life balance. By prioritising employee well-being, organisations can cultivate a more motivated workforce, ultimately leading to improved performance and reduced turnover rates.

Diversity, equity, and inclusion (DEI) initiatives are also highlighted as vital components of effective talent management. Mercer’s insights reveal that organisations in Hong Kong are striving to create diverse workplaces that reflect the city’s rich cultural tapestry. HR professionals are encouraged to revise hiring practices and foster inclusive cultures where all employees feel valued and respected. Embracing DEI initiatives can enhance innovation, creativity, and overall employee satisfaction, which is crucial in a competitive market.

As the demand for new skills continues to grow, upskilling and reskilling have become essential for organisations looking to remain competitive. Mercer’s report emphasises the importance of continuous learning and development, urging HR professionals to create training programmes that align with both organisational goals and employee career aspirations. By fostering a culture of learning, companies can enhance employee satisfaction and retention while ensuring they have the skills needed for future success.

The integration of technology in HR processes is transforming talent management in Hong Kong. While many executives believe that investing in artificial intelligence (AI) will provide the biggest productivity boost for their businesses, there is a notable gap between technology adoption and the necessary changes in work processes. Chin notes, “While AI can enhance efficiency, organisations must also redesign work to ensure that the time saved is redirected towards more productive tasks.” This holistic approach is vital for fostering a supportive work environment that prioritises employee health, trust, and productivity.

Moreover, the report reveals a significant decline in trust within organisations, with many employees feeling that their needs are not being met. To address this, companies must communicate clear corporate values and ensure they live up to the promises made during the hiring process. This focus on cultivating a rewarding employee experience is crucial for talent attraction and retention.

Benchmarking Against Global Standards

To effectively navigate these trends, HR professionals in Hong Kong should also consider benchmarking their practices against global standards. This involves assessing their talent and rewards management strategies in relation to industry best practices and performance metrics. By doing so, organisations can identify gaps in their current approaches and implement targeted improvements. Benchmarking not only helps in measuring progress but also provides insights into innovative practices that can enhance employee engagement and satisfaction.

As Hong Kong’s workforce continues to evolve, staying informed about global talent trends will be essential for HR professionals. By understanding and adapting to these trends, organisations can create a more resilient and engaged workforce, positioning themselves for success in the years to come.

In conclusion, the insights from Mercer’s Global Talent Trends report provide important considerations for HR leaders in Hong Kong. By prioritising employee well-being, diversity and inclusion, continuous learning, and leveraging technology, organisations can navigate the complexities of the modern workforce and thrive in an increasingly competitive environment. For more information on global talent trends, please visit: Adapting Hong Kong’s Workforce for Tomorrow and we look forward to sharing more insights from Mercer and details about our upcoming events with you.