https://www.michaelpage.com.hk/ en https://www.michaelpage.com.hk/advice/market-insights/market-updates/emerging-tech-roles The past decade has been a time of unprecedented technological change. The use of artificial intelligence (AI) has increased exponentially, and it is estimated that by 2025, the global artificial intelligence market will reach USD190.61 billion. AI is applied in a lot of fields, such as, in disease diagnosis in hospitals to increase efficacy and improve patient outcomes. Applications of blockchain, on the other hand, are also growing beyond cryptocurrencies. For example, 81 of the top 100 public companies now use blockchain, mainly in the financial sector, where smart contract languages and decentralised finance (DeFi) are transforming traditional models. While these, among other transformational emerging technologies, are growing in their adoption pace, they are changing industries in ways unlike ever before. Companies should consider keeping up with the rapidly changing tide of technology or risk falling behind. Emerging tech roles like AI engineers and blockchain developers are becoming crucial for innovation and maintaining a competitive edge. These new technology jobs are driving advancements in automation, data analysis, and secure digital transactions for businesses to stay ahead in an increasingly digital and competitive landscape. Discover Our Tech Recruitment Expertise Tech specialists reshaping business models Here are five key emerging tech roles, their importance, industry-specific applications, career pathways, and ways for organisations to position themselves for success in this evolving landscape. Related: How to start a career in tech with no experience AIGC (AI-Generated Content) Engineer AIGC engineers are responsible for developing and implementing AI systems that generate human-like content, transforming traditional content workflows. Key responsibilities: Design and implement AI models for content creation using machine learning frameworks, such as TensorFlow or PyTorch. Fine-tune the AI models to align with the brand’s voice, tone, and style across various platforms. Make transparency and the mitigation of bias a core part of all AI-assisted content creation. Collaborate with creative teams for the integration of AI systems into existing content management platforms (CMS) and tools. Required skills: Proficient in machine learning frameworks. Strong understanding of natural language processing (NLP), also known as understanding human language, and computer vision. Familiar with content management systems and brand communication strategies. Soft skills include creativity, collaboration, and the ability to explain technical concepts to non-technical stakeholders. Job challenges: AIGC engineers face the dual challenge of ensuring high-quality content aligned with the brand’s voice while mitigating biases inherent in AI-generated content. They need to strike a balance between automation and human oversight, ensuring ethical standards and transparency, especially for sensitive or regulated industries like healthcare and finance. Increased reliance on automation requires AIGC engineers to seamlessly blend AI-driven content with creative direction. This balance ensures content remains engaging and aligned with human creativity, even in highly automated workflows. Career trajectories: Typically, entry into this field requires a computer science, engineering, or machine learning background, with an exceptionally heavy emphasis on natural language processing and content strategy. Aspiring AIGC engineers will further benefit from training in creative and branding skills with the power to bridge technical ability and creative direction. Certifications in machine learning can help enhance job prospects, while hands-on experience with AI tools like GPT-4 or DALL-E can set candidates apart. Industry impact: AIGC engineers are transforming content-heavy industries like marketing, media, and e-commerce. Fashion retailers use AI to deliver personalised style recommendations, while media companies automate video creation for faster content production. Brands like Nike and Coca-Cola integrate AI tools to automate ad copy and visuals, boosting efficiency. BuzzFeed automates quizzes and personalised articles using AI-generated content, and Alibaba employs AI to generate product descriptions across its platform, saving time and maintaining brand consistency. What’s next for this role: As generative AI continues to evolve, new areas such as video content generation, virtual influencers, and AI-driven storytelling are expected to see significant growth. The role of AIGC engineers will likely expand to include the development of immersive AI experiences that blur the lines between digital and physical content creation. With the global adoption of AI in marketing and media sectors accelerating, companies must stay adaptable as new platforms emerge, such as deepfake detection tools and AI-based creative assistants. Related: 5 ways to advance your tech career Browse Tech Jobs AI Product Manager AI product managers guide the development of AI-powered solutions, ensuring they meet both business goals and customer needs while adhering to ethical standards. Key responsibilities: Define the AI product vision and strategy, aligning it with overall business goals. Collaborate with data scientists, engineers, and stakeholders to identify customer pain points and develop AI-driven solutions. Manage the end-to-end product lifecycle from ideation to deployment to ensure that AI features are delivered on time and within scope. Ensure ethical AI development, taking responsibility for reducing bias, data privacy, and transparency in AI models. Conduct market research to keep up with AI trends and identify opportunities for new AI features or improvements. Required skills: Proficiency in machine learning principles and an understanding of AI development processes. Ability to translate business problems into AI solutions and vice versa. Strong project management skills, with experience managing cross-functional teams. Excellent communication skills to liaise between technical and non-technical stakeholders. Knowledge of ethical AI standards and regulatory frameworks. Job challenges: AI product managers face the challenge of managing AI models’ complexity while ensuring they adhere to ethical guidelines. These managers must tackle bias in AI models, handle regulatory requirements, and ensure data privacy across various use cases. AI product managers also need to balance innovation against customer trust by being open about how AI makes decisions. They must also adapt to evolving technologies and market demands, adjusting product strategies to ensure AI solutions remain competitive and relevant. The ability to pivot in response to emerging trends is crucial for long-term success. Another problem is navigating cross-functional collaboration between data science teams and business departments, as most technical limitations need to be worded in simpler, not-so-technical non-terms to the leadership and stakeholders. Career trajectories: An AI product manager role typically requires a blend of technical expertise and business acumen. Most AI product managers come from product management backgrounds and supplement their technical skills with data science and machine-learning training. Completing certifications like AI product management or machine learning for product managers can help professionals transition into this role. AI product managers can progress to head-level positions, such as the Head of AI Products or Chief Product Officer, where they can manage more key strategic AI-driven portfolios within the company. Industry impact: AI product managers are crucial in industries like fintech and e-commerce, where they develop AI tools for tasks such as fraud detection, credit assessment, and personalisation engines that enhance customer experiences. Companies like Stripe, Amazon, and Spotify rely on AI product managers to create innovative solutions. Stripe has significantly reduced fraud rates with AI-powered detection systems, while Amazon continues to innovate with features like voice-activated shopping on Alexa, and Spotify refines recommendation algorithms to personalise user experiences. What’s next for this role: As AI continues to evolve, AI product managers will lead the integration of AI into mainstream products and services. The growing focus on AI ethics and algorithmic transparency will require them to stay updated on privacy laws and ethical standards. Their role is expected to expand into managing multi-modal AI systems that combine text, speech, and vision. The rise of AI in the Internet of Things (IoT) will present new opportunities for AI product managers to develop innovative, connected solutions. Related: How to identify resumes created by AI or ChatGPT Browse Jobs in IT Algorithm Engineer Algorithm engineers design and optimise algorithms for applications like recommendation engines. They bridge the gap between data science and software engineering. Key responsibilities: Design and implement algorithms to process, optimise, and analyse data. Collaborate with data scientists to turn statistical models into production-ready algorithms. Ensure algorithms are optimised for performance and scalability, especially when dealing with large datasets. Conduct algorithm testing and debugging to improve accuracy and reduce computational costs. Work across teams to integrate algorithms into existing software platforms and systems. Required skills: Strong understanding of algorithms and data structures. Expertise in programming languages such as Python, Java, or C++. Familiarity with machine learning models and optimisation techniques. Deal with massive data sets and make the algorithm more efficient. Experience working with cloud computing platforms for algorithm deployment. Job challenges: Algorithm engineers face data privacy and security challenges, particularly in industries like finance and healthcare, where sensitive data is involved. Another key challenge is ensuring algorithms can scale to handle growing datasets without sacrificing performance. Balancing the trade-offs between algorithm accuracy and efficiency is crucial, as more complex algorithms may provide better results but require more computational resources. Career trajectories: Algorithm engineers usually come from the computer science or mathematics field and have a strong background in data structures, probability theory, and optimisation techniques. They can advance into lead engineer or data science manager roles, overseeing larger algorithmic systems or managing data teams. Additional training in advanced algorithms or machine learning from platforms like MIT OpenCourseWare can strengthen career prospects, while experience with cloud platforms like AWS or Google Cloud for scaling algorithms is becoming increasingly valuable. Industry impact: Algorithm engineers have a significant impact across sectors like logistics and finance. In logistics, they design algorithms to optimise delivery routes, improving efficiency and reducing costs. In finance, they develop models for predicting market trends and automating trading strategies, enabling faster decision-making. Companies like UPS and Netflix rely on these engineers to optimise operations, while Amazon and Goldman Sachs use algorithms for real-time data processing, from delivery route optimisation to high-frequency trading. Algorithm engineers are vital in developing AI-driven personalisation systems, especially in e-commerce and entertainment. These systems enhance customer experiences by delivering tailored recommendations based on user preferences and behaviour. What’s next for this role: As quantum computing emerges, algorithm engineers will need to adapt their skills to leverage quantum algorithms, which have the potential to solve problems exponentially faster than traditional algorithms. Related: 5 most in-demand tech roles in 2024 Browse Tech Jobs Blockchain Developer Blockchain Developers design and implement blockchain technologies, making them practical for real-world applications across industries. As blockchain continues to mature, developers are creating decentralised applications (DApps), also known as apps that run on a blockchain network, and smart contracts that are reshaping industries like finance, supply chain, and healthcare. Key responsibilities: Design and develop blockchain architectures for secure and efficient decentralised systems. Build decentralised applications (DApps) on platforms such as Ethereum and Hyperledger. Ensure blockchain systems are safe, efficient, and dependable. Integrating blockchain solutions with existing business systems, ensuring seamless and secure data exchange. Keeping up with advancements in cryptography and blockchain protocols to implement the most up-to-date security measures. Required skills: Proficiency in blockchain platforms like Ethereum and smart contracts languages like Solidity. Expertise in cryptography and distributed ledger technology. Ability to develop decentralised applications (DApps). Familiarity with security standards in blockchain networks. Job challenges: Scalability remains a significant challenge for blockchain developers. A key focus is ensuring that blockchain networks can handle large volumes of transactions without compromising speed or security. Developers must also navigate the evolving regulatory landscape, especially in finance, where laws governing blockchain technology are still being shaped. Developers must also tackle interoperability issues, ensuring seamless integration between various blockchain networks. This is especially critical as more industries seek to adopt decentralised systems that communicate across multiple platforms. Career trajectories: Blockchain developers come from software engineering or cryptography backgrounds. Experience with blockchain platforms like Ethereum, Solana, or Hyperledger and knowledge of smart contract languages like Solidity is essential. As the field grows, developers can specialise in particular blockchain applications, such as DeFi or NFT development, or advance into roles like blockchain architect or lead developer. Certifications from platforms like Consensys Academy or Blockchain Council can help developers stay competitive. Industry impact: Blockchain developers are transforming industries like supply chain management by enabling item tracking, reducing fraud, and improving transparency. In finance, blockchain supports DeFi, allowing peer-to-peer transactions without intermediaries. Companies such as IBM and Accenture are at the forefront of enterprise blockchain solutions. IBM’s Food Trust blockchain enhances transparency and traceability in the food supply chain, while Aave and Compound use blockchain to facilitate decentralised lending, bypassing traditional financial intermediaries. LLM engineers also focus on developing real-time AI processing capabilities, making models more interactive and adaptable for industries like customer service, healthcare, and finance. These advancements allow businesses to respond quickly to evolving customer needs and data. What’s next for this role: The emergence of Web3 and DeFi is expected to change the development of blockchain in the coming years. In addition, they will need to be informed of enhancements in the related field. The tokenisation of assets, NFTs, and cross-chain interoperability are future trends shaping blockchain technology. Related: How to structure effective job interviews: A guide for hiring managers Browse Jobs in IT LLM (Large Language Model) Engineer LLM engineers build, train and tune AI models that drive applications like chatbots and summarisation tools, transforming industries from customer service to healthcare. Key responsibilities: Design and train large-scale language models using frameworks such as Hugging Face Transformers and OpenAI GPT. Adapting models to suit industry-specific requirements, ensuring that the models serve both business needs and applications. Optimise model performance by reducing computational inefficiencies and improving the efficiency of inferences. Address critical challenges such as bias, inaccuracy, and data privacy in language models. Ensuring LLMs are used more ethically by implementing fairness strategies. Required skills: Proficiency in NLP frameworks and machine learning libraries such as TensorFlow and PyTorch. Strong understanding of linguistic principles, tokenisation, and language model architecture. Experience working with large datasets and fine-tuning LLMs for specialised industry tasks. Soft skills, including the ability to collaborate across teams and explain complex technical concepts to non-technical stakeholders. Job challenges: The scale and complexity of large models pose a significant challenge for LLM engineers. These models are slow to train and demand substantial computational resources for deployment, which can lead to inefficiencies. Besides that, intervention of bias in training data is needed, which, if not treated, will lead to one-sided or offensive output. More importantly, ensuring data privacy and complying with regulatory frameworks, such as GDPR, is critical, especially when LLMs are used to process sensitive information. As AI models become more commonly used in industries like healthcare and finance, the responsibility for ethical and compliant deployment becomes even more crucial. Career trajectories: Professionals entering this field typically have backgrounds in natural language processing, computational linguistics, or computer science. LLM engineers often possess advanced degrees in these areas, along with specialised knowledge in machine learning, deep learning, and data science. Certification in machine learning, like from DeepLearning.AI or Google AI, is an added advantage for the aspiring engineer. As the demand for AI-driven solutions continues to grow, professionals with a deep understanding of NLP frameworks like BERT, GPT-4, or T5 are highly sought after. Hands-on experience with large-scale model deployment in cloud platforms like AWS Sagemaker or Google Cloud AI is also valuable in this career. Industry impact: LLM engineers are revolutionising industries by accelerating and improving text processing. LLM-driven chatbots handle real-time interactions in customer service, enhancing the customer experience. In legal tech, AI tools summarise complex documents, reducing manual review time, while healthcare benefits from automated patient communication and medical record management. Large companies like IBM and Microsoft use LLMs for advanced data insights and document processing. OpenAI’s ChatGPT has transformed customer service with automated, human-like responses, reducing support costs. J.P. Morgan's Quest IndexGPT leverages GPT-4 to generate keywords for thematic stock indices, covering areas like AI, cloud computing, and renewable energy. What’s next for this role: As LLMs evolve, their integration into business tools will increase, with engineers focusing on improving model efficiency, reducing computation costs, and enabling real-time processing. The growing emphasis on AI ethics and data privacy requires LLM engineers to stay ahead of regulatory changes. Emerging trends like multimodal models that combine text, images, and video will also push engineers to expand their skill sets, driving further innovation across industries. Edge computing is opening up new opportunities for real-time, decentralised AI processing, making the role of LLM engineers more dynamic and future-proof. Browse Tech Jobs Cross-cutting themes and the future of work in the tech industry Several common themes run through all these emerging tech jobs: Interdisciplinary knowledge: These roles require technical expertise, industry-specific knowledge, and business acumen. Professionals need to understand how their work fits into business strategies. Ethical and regulatory considerations: With increasing influence comes greater ethical responsibility.  Assuring fairness, minimising bias, and adhering to constantly evolving regulations are the main concerns here. Continuous learning: With technology evolving rapidly, professionals in these roles must commit to lifelong learning. Continuous development is essential, whether through formal education or staying updated on industry trends. Collaboration: These roles often involve cross-functional teams, requiring strong communication and teamwork skills to translate complex technical concepts into practical business solutions. Related: Building your personal brand: Tips and strategies for crafting the brand called ‘you’ How organisations can prepare for emerging tech jobs To position your business for success: Invest in training: Upskill your workforce by offering training and opportunities for continuous learning. Foster innovation: Create an environment that encourages experimentation and rewards calculated risk-taking. Build partnerships: Collaborate with universities and tech communities to stay ahead of the curve and tap into new talent. Revise hiring practices: Look beyond traditional qualifications and focus on adaptability, problem-solving abilities, and willingness to learn. Embrace the future The rise of tech jobs like AIGC engineer, LLM engineer, AI product manager, algorithm engineer, and blockchain developer marks a turning point in the tech industry. Businesses that recognise and embrace these roles will be better positioned to drive innovation and maintain their competitive edge. Agile and regularly re-evaluating talent needs is how forward-thinking companies create a sustainable path to growth in a digitalising world. Read more:Resignation letter templatesHow to handle the conversation about your resignationWhat to do after being laid off: A guide to navigating this challenging time Ready for a tech role? Browse current tech job opportunities or submit your CV with us. Mon, 16 Sep 2024 16:18:40 +0800 Simone Wu 1306661 https://www.michaelpage.com.hk/advice/market-insights/market-updates/in-demand-tech-roles Tech professionals, from leaders in digital transformation to experts in cybersecurity, are driving innovation in today’s fast-paced digital environment and enabling transformational change across all industry sectors. These individuals are crucial to shaping our increasingly linked world. The tech industry retains some of the most compelling opportunities for a career that bundles intellectual challenge with possible huge financial returns. The more saturated business and daily life become with digital technologies, the greater the demand for specialised tech talent. The field has outgrown traditional roles and now includes a broad span of specialisations that mirror the complex requirements of modern organisations. Related: The Future of Technology: Advice for Technology job seekers across Asia-Pacific The most in-demand tech jobs in the tech industry In pursuing a technology career, aligning interests, skills, and personality to a specialisation has become crucial. However, finding the perfect fit can sometimes be challenging, especially for those new to the field or considering a career change. If you're still exploring your options or looking for a role that matches your aspirations, it can be helpful to consider the most in-demand positions in the tech industry. These roles not only offer abundant opportunities but also provide insights into the current needs of the market. Here are five most in-demand tech jobs to help you navigate the diverse landscape of technology careers. These roles represent key areas where businesses invest heavily to maintain competitiveness and security in the modern, digitally advanced era. As a result, the tech job market is seeing a surge in demand for these roles. Whether you’re breaking into the tech industry or maybe seriously thinking about a shift into a new field of expertise, knowing these tech jobs and what goes into them can help you plot a successful course through this ever-changing industry. Related: 7 software engineer interview questions and tips to ace your interview  Hot Job #1: Digital Transformation Leader Digital transformation is more than adopting digital technology in business operations. It also involves a total change of approach to the way organisations function and create value for their clientele. A digital transformation leader strategically leads this process by guiding an organisation through complex technology adoption processes and reshaping corporate operation frameworks. They work across departments to identify opportunities for digital innovation, develop strategies for implementation, and oversee the execution of digital initiatives. They serve as an intermediary between technological advancements and business needs, thus ensuring that the envisaged solutions are aligned with the organisation’s goals. (Browse roles in digital transformation.) Why are digital transformation leaders in high demand? As businesses across industries recognise the urgent need to evolve in the digital age, the demand for skilled digital transformation leaders has not only increased but skyrocketed. These professionals are crucial, and their role is now more critical than ever for companies looking to stay competitive, improve efficiency, and enhance customer experiences through technology. The COVID-19 pandemic has further accelerated the need for digital transformation, making this role even more critical as organisations adapt to remote work, online commerce, and digital customer engagement. Related: #BecomingTechies: How this ex-Googler thrives in UX research Valuable skills and experience for digital transformation leaders Strong understanding of emerging technologies such as IoT, AI and cloud computing Experience in change management and organisational leadership Strategic thinking and ability to align technology initiatives with business goals Project management and stakeholder communication skills Knowledge of data analytics and digital marketing strategies Hot Job #2: Software Architect/Engineer Software engineering is a foundational skill for software architects and engineers, who design, develop, and maintain software systems. Their role is not just about creating blueprints but also about ensuring these software applications are scalable, efficient, and aligned with business requirements. These professionals work on complex software projects, making high-level design choices and dictating technical standards, including software coding standards, tools, and platforms. They often lead teams of developers and work with stakeholders to ensure that the software meets technical and business needs. (Browse software architect and software engineer roles.) Related: The Future of Technology: 8 key drivers of change for Tech in Asia-Pacific Why are software architects/engineers in high demand? As software becomes increasingly complex and critical to business operations, the need for software architects and engineers continues to grow. While software architects typically have more experience and a broader view of the system, many software engineers grow into architect roles over time. In some organisations, especially smaller ones, these roles might be combined. These professionals are essential for creating robust, scalable, and efficient software solutions that can handle the demands of modern businesses. The rise of cloud computing, microservices architecture, and the need for seamless integration between various systems have further increased the demand for these tech jobs. Related: Humans of Data: the latest innovations and hiring trends in APAC Valuable skills and experience for software architects/engineers: Cloud Computing Proficiency in multiple programming languages and frameworks Experience with cloud platforms and microservices architecture Knowledge of software design patterns and best practices Understanding of DevOps principles and CI/CD pipelines Problem-solving and analytical skills Hot Job #3: IoT Architect/Machine Learning Engineer The Internet of Things is the innovation changing how we interact with the world around us. It connects devices used daily to the Internet and allows them to capture and transfer data. IoT architects and product managers lead this revolution by designing and managing these complex ecosystems of connected devices and systems. These professionals define the architecture used in IoT solutions and ensure that hardware, software, and network components integrate seamlessly. The role will also involve managing the development of IoT products from end to end, from concept to launch, and making sure the product meets both market needs and technical requirements. (Browse roles in IoT and machine learning.) Why is there a high demand for IoT architects/product managers? Connected devices are exponentially increasing, and companies in every sector are rushing to use IoT technology to bring in efficiency, acquire data, and enable new revenue streams. It places a significant demand on professionals who can move around complex landscapes of IoT technologies and be able to develop new innovative solutions. In these further potential applications of IoT in areas like smart cities, industrial automation, and healthcare, the demand for skilled IoT architects and product managers has been further increased. Related: How to attract more women to the STEM industry Valuable skills and experience for IoT architects/product managers Understanding of IoT protocols and standards (e.g., MQTT, CoAP) Experience with cloud platforms for IoT (e.g., AWS IoT, Azure IoT) Knowledge of embedded systems and hardware design Familiarity with data analytics and machine learning Project management and stakeholder communication skills Hot Job #4: Data Science/Engineer In the age of big data, understanding the enormous amounts of information that firms collect is vital. A data engineer builds and maintains the infrastructure for data generation, storage, and analysis, while data analysts interpret this data to provide actionable insights. Data analysts are essential professionals who collect and analyse information to develop reports and drive improvement strategies. Data science is a crucial area of expertise in the tech industry, encompassing data pipeline design, data modelling, machine learning algorithms, and visualisation tools for effective communication. Data scientists, as analytical experts, leverage data science techniques to extract insights from both structured and unstructured data, fulfilling business objectives and illustrating the growing demand for professionals skilled in this field. (Browse data analytics and data engineer roles.) Why are data analytics/engineers in demand? With businesses relying so heavily on data-driven decision-making, the demand for skilled data analytics and data engineering professionals has exploded. These roles will be essential to organisations looking to leverage a competitive advantage through the effective use of their data assets. This has increased the demand for professionals who can work with complex data sets and elicit meaningful insights into artificial intelligence and machine learning’s business operations. Valuable skills and experience for data analytics/engineers Proficiency in programming languages such as Python, R, and SQL Experience with big data technologies (e.g., Hadoop, Spark) Knowledge of machine learning algorithms and frameworks Familiarity with data visualisation tools (e.g., Tableau, Power BI) Analytical and problem-solving skills Critical thinking skills Hot Job #5: Cybersecurity Professional Within this fast-growing era of cyber threats and increasing tenancy of techniques, the role of a cybersecurity professional is becoming very significant. These experts secure an organisation’s networks, systems, and data against any security breach, cyber attack, or unauthorised access. They may be involved in many facets of information security, such as network security, application security, incident response, and risk management. They design and implement security policies, conduct vulnerability assessments, and stay updated regarding the latest security threats and mitigation techniques. (Browse roles in cybersecurity.) Related: #BecomingTechies: how I became a pioneer cybersecurity strategist in Asia Why are cybersecurity professionals in demand? On the other hand, with the ever-increasing speed and complexity of cyber-attacks, demand for cybersecurity professionals has increased in tandem. As dependency on digital technologies increased manifold with every passing day, organisations were already dealing with huge amounts of sensitive data and stringent regulations. This was a clear case of when stringent cybersecurity measures were immensely needed. The shift to remote work and cloud-based services has also increased the attack surface for many organisations looking for cybersecurity expertise. Related: Humans of Cybersecurity: the latest innovations and hiring trends in APAC Valuable skills and experience for cybersecurity professionals Knowledge of network security protocols and technologies Experience with security information and event management (SIEM) tools Understanding of encryption technologies and cryptography Familiarity with compliance standards (e.g., GDPR, HIPAA) Analytical and problem-solving skills Critical thinking skills Read more:What you need to know about ESG nowHow to ask your boss for more responsibilityWhy do I need to tell recruiters and employers my last-drawn salary when making a career move? Ready for a tech role? Browse current tech job opportunities or submit your CV with us. Tue, 20 Aug 2024 13:25:49 +0800 Michael Page 830026 https://www.michaelpage.com.hk/advice/market-insights/industry-reports/talent-trends-bridging-expectation-gap-employers-employees-priorities The gap between what employers expect and what employees aspire to has long existed. However, recent trends highlighted in Michael Page Hong Kong’s Talent Trends 2024 report show that this divide has become more pronounced, leading to a growing ‘Expectation Gap’.” The post-pandemic shift The COVID-19 pandemic triggered a profound shift in how people view work-life balance and personal priorities, leading to significant changes in the talent market. As a result, job seekers and employees have emerged with renewed confidence in advocating for their preferences. They realised that work, while necessary, is just one facet of a fulfilling life. Employees are more empowered than ever to seek environments aligned with their values and lifestyle choices. "On the one hand, workers have a growing list of expectations stretching beyond competitive salaries and flexibility. On the other hand, employers face significant pressures in a rapidly evolving business environment, making it harder for both sides to meet in the middle," says Rupert Forster, Senior Managing Director at Michael Page Greater China. For employers and hiring managers in Hong Kong, understanding and addressing this amplified expectation gap has become crucial for developing effective talent strategies to attract and retain top professionals in an increasingly competitive global talent market. Hong Kong’s talent acquisition landscape presents distinct challenges, influenced by broader regional trends Recruiting talent in Hong Kong has grown more complex, with employers facing a range of challenges that underscore a widening gap between what job seekers expect and what employers offer. According to our Talent Trends 2024 report, 65% of organisations in Hong Kong struggle to find the right talent, while 49% grapple with retaining employees. These figures are higher than the APAC averages of 40% and 33%, respectively, underscoring the pervasive nature of these challenges across the region. This annual Talent Trends 2024 report reveals that employers face three primary hurdles in their hiring efforts, contributing to the expectation gap: Skills shortages Matching salary expectations Lack of applicants These obstacles highlight the intricate balance employers must strike between competitive compensation, skills-based recruitment, and cultural fit in today's dynamic job market. To navigate the complexities of this job market effectively, organisations need to consider adopting holistic talent strategies that address immediate hiring needs and long-term talent development strategies. Interestingly, while matching salary expectations is challenging for most organisations, competitive salaries are no longer the sole deciding factor for job seekers when it comes to accepting a job offer, further emphasising the multifaceted nature of the expectation gap in recruitment. Related: Find out what you should be paying your employees with our 2024 Salary Guide Flexible work arrangements: Balancing employee preferences and business needs In Hong Kong, 30% of respondents would turn down a promotion to focus on their wellbeing, down from 43% in 2023. Flexibility has become a significant point of contention in workplaces across Hong Kong, where 42% of respondents now work in a hybrid arrangement, reflecting an important shift in work culture. Flexibility in working arrangements ranks as the third most important factor for job seekers. This trend is mirrored across APAC, emphasising the need for employers to look beyond monetary compensation to attract and retain top talent. Some 46% of employees are now required to increase their in-office presence as compared to 12 months ago. This transition has its challenges. One in two employees actively looking for a new job was required to return to the office more than 12 months ago due to a change in company policy, highlighting the potential risk of losing top talent due to the implementation of rigid attendance policies. Interestingly, our Talent Trends 2024 report uncovers a striking disconnect in how organisations perceive and implement flexibility. Managing the multigenerational workforce Adding another layer of complexity to the equation of talent strategies is the need for employers to cater to a multigenerational workforce. Our Talent Trends 2024 report reveals that work-life balance and competitive salaries are universally prioritised across all age groups. However, subsequent priorities vary significantly. For instance, employees in their 20s highly value relationships with colleagues and managers, while those in their 40s and above place greater emphasis on management style and employee recognition. This diversity in preferences underscores the need for organisations to implement multifaceted engagement strategies that can accommodate the distinct priorities of each generation, from Baby Boomers to Generation Z. The DE&I Disconnect: A call for authentic inclusion In recent years, Diversity, Equity, and Inclusion (DE&I) initiatives have taken centre stage in discussions about workplace culture. However, our Talent Trends 2024 report reveals a significant expectation gap between intentions and reality. In Hong Kong, 76% of employees believe their workplace lacks inclusivity, higher than the APAC average of 71%. Moreover, 84% of respondents in Hong Kong perceive a lack of diversity in senior leadership, also higher than the APAC average of 77%. These statistics highlight an urgent need for organisations to move beyond surface-level DE&I initiatives and foster genuinely inclusive environments. Understanding key trends can help employers address systemic issues like discrimination and bias to create workplaces where all employees feel valued, thus bridging the expectation gap. One particularly concerning aspect of workplace discrimination highlighted in the report is ageism. In Hong Kong, racial bias topped the list of workplace discrimination, with 50% of affected employees reporting race-related incidents. Age discrimination follows closely behind at 47%. Related: A guide to inclusive hiring for People With Disabilities AI in the workplace: Transforming the future of work in 2024 and beyond Artificial Intelligence (AI) is no longer a futuristic concept but a present reality reshaping the workplace. In Hong Kong, 31% of employees already use AI in their current roles, lower than the APAC average of 41%. More significantly, 59% of respondents in Hong Kong believe AI will impact their long-term career plans, compared to 60% across APAC. This data indicates that Hong Kong is trailing behind in workplace AI adoption in the region. To keep pace with the regional and global workforce, employees in Hong Kong must adapt to this new reality and embrace the opportunities presented by AI. Moreover, developing clear guidelines for the ethical use of AI technology is crucial to mitigate potential risks and ensure alignment with organisational values and goals in this rapidly evolving business environment. Related: How to identify resumes created by AI Talent acquisition strategies for business success Companies that successfully bridge these expectation gaps can gain a competitive advantage by aligning with the values and aspirations of modern employees. To address these expectation gaps and create a workplace that attracts and retains top talent, employers and hiring managers could consider the following actionable insights and strategies: 1. Redefine employee retention and acquisition strategies Move beyond traditional approaches to career growth and employee satisfaction. Develop a deeper understanding of the factors influencing employee retention and acquisition, and adopt a more nuanced, personalised approach that acknowledges each employee's unique needs and aspirations. 2. Enhance employee readiness Assess and improve your current learning and development programs to adequately prepare your team for evolving roles. Actively discuss AI and its implications for fostering a forward-thinking environment. 3. Adopt radical candour Foster a culture of transparent and constructive dialogue within your organisation. Encourage leaders and team members to address issues directly and bring concerns to the forefront in a mutually respectful manner. 4. Embrace flexibility with purpose Implement flexibility in work arrangements that balance business needs with employee preferences. Regularly assess and adjust these policies based on feedback and productivity metrics. 5. Prioritise authentic inclusion Move beyond surface-level DE&I initiatives to get deeper insights and address systemic issues in your organisation. Foster an environment where all employees feel valued and respected and can contribute their unique perspectives. 6. Invest in AI integration Provide comprehensive training and support to help employees integrate AI into their workflows effectively. Develop guidelines for the ethical use of AI technology to ensure alignment with organisational values and goals. The expectation gap presents both challenges and opportunities for employers in Hong Kong. By understanding and addressing key trends in the rapidly evolving business environment, needs and aspirations of the modern workforce, organisations can create talent strategies and workplaces that attract top talent, and foster long-term engagement and success. Understanding global talent landscapes is crucial for developing strategies that attract and retain top professionals in Hong Kong and across regions. As you navigate this new landscape, the ability to bridge the expectation gap will be a crucial differentiator for companies seeking to thrive in an increasingly competitive global market. Bridge the expectation gap: Get more insights on 2024 talent trends Discover the latest in workforce trends in our latest Michael Page Hong Kong Talent Trends 2024 report: The Expectation Gap. This survey report findings are based on responses from 12,940 job seekers, employees and employers across Asia Pacific, of which 464 are from Hong Kong. It covers career insights that talent leaders and hiring professionals need to know to attract and retain talent. Download our report or use our interactive online tool to gain deeper, up-to-date insights into the current talent market. Read more:How to build your personal brandWhy should someone be led by you?How to resolve workplace conflicts: A guide for managers Wed, 31 Jul 2024 20:12:40 +0800 Simone Wu 1286971 https://www.michaelpage.com.hk/advice/market-insights/market-updates/2022%E5%B9%B4%E6%9C%80%E9%AB%98%E9%9C%80%E6%B1%82%E7%9A%845%E5%80%8Bit%E8%81%B7%E4%BD%8D 從軟體開發人員到網路安全專家等科技專業人員，在塑造現代世界方面發揮關鍵作用。因此許多人對科技工作，以及能腦力激盪又能帶來經濟回報的IT職缺深感興趣。 無論你的天賦和才華有多驚人，你仍需要選擇符合你興趣、技能和個性的專業。為了幫助你規劃你在IT行業的職涯道路，這裡列出了五種頂尖的科技工作，以及科技公司和其他需要科技人才之產業的雇主在填補這些職位時，期望的技能和資格條件。 熱門工作 #1：DevOps (開發維運) 工程師 像「敏捷式 (Agile)」這樣的軟體開發方法可透過鼓勵增量開發、協作和問責制，幫助團隊快速產出高品質產品。然而，對許多組織來說，這樣的方法並不足以打破開發和營運團隊之間的隔閡。 DevOps ，顧名思義，這種方法使開發和營運團隊能夠在整個軟體開發生命週期（從規劃和寫程式碼到部署和監控）協調一致地工作。 DevOps工程師的目標，是實現持續性的程式碼開發和測試整合，方法是使用允許團隊協作和提供近乎即時意見回饋的工具。  為什麼科技產業會有DevOps工程師需求？  DevOps是極具成本效益的軟體開發和測試方法，也是這類科技角色目前受歡迎的原因之一。另一個原因是雲端技術過去幾年呈爆炸性成長。 隨著雲端開發專案在數量和複雜性上的成長，DevOps工程師在使應用程式開發最佳化以滿足使用者和企業需求方面，發揮了關鍵作用。  DevOps工程師的重要技能和經驗  •    雲端運算平台，如亞馬遜網路服務 (AWS) 和微軟 Azure •    使程式碼最佳化並將常規任務自動化 •    管理軟體即服務 (SaaS) 應用程式 •    容器化如 Docker 和 Kubernetes 等DevOps工具 熱門工作 #2：數據科學家/數據分析師 數據科學家 (Data Scientist) 是最先進的科技工作之一，內容融合了統計學、數學和電腦科學。事實上，由於該職位的知識複雜性，許多公司希望數據科學家求職者有上述其中一門學科的博士學位。  但可別因此誤以為數據科學家是學術性角色。公司僱用這些專業人員從大型資料集內分析和擷取資訊，幫助他們指導其營運和商業策略。 以這種方式從資料中學習的組織可以減少成本、改善決策並找到新的市場機會。簡而言之，數據科學家需要兼具商業和數位頭腦。 儘管數據分析師 (Data Analyst) 與數據科學家的職務內容有很大的差異，但大致的方向相同。數據分析師傾向研究現有的資料，而數據科學家則為擷取這些資料而從頭開始設計流程。優秀的數據分析師擅長製作圖表和報告，以新穎又引人注目的方式展示資料。 為什麼科技產業需要數據科學家/數據分析師？ 科技產業變得越來越以數據為導向，對這些科技角色的需求也逐漸增加。現今，組織是從社交媒體管道、資料庫和物聯網 (IoT) 感測器等廣泛來源裡，採集原始且複雜的資料。數據科學家是從這些未經處理的數據洪流裡，發掘出重要見解的關鍵角色。  如果你正在考慮從事數據科學或數據資料分析工作，你可能會擔心，隨著公司投資機器學習及人工智能等工具建立預測模型，自動化流程可能會取代這些科技職位。 然而，雖然這些工具越來越強大，但有許多專家認為它們短期內不會取代數據科學家和分析師。數據仍然需要根據組織的業務需求製作和準備，這項任務最適合具有該領域知識的人。 數據科學家的重要技能和經驗 •    像 Python 或 Java 這類的程式設計語言。•    將先進的統計模型套用在現實世界的商業挑戰。•    Power BI、Tableau 或其他商業智慧 (BI) 工具。•    數據分析師的重要技能和經驗•    具備試算表和報告應用程式的經驗，包括查詢和數據透視表。•    了解各種資料模型。•    批判性思維和解決問題的能力。 熱門工作 #3：IT 項目經理 (IT Project Manager) 科技部門是出色人才的大本營，他們對出色科技有著出色想法。但這還不足以將產品推向市場。你還需要一位能綜觀局面的人，把專案中分歧和有時相互競爭的部分，編織成一個凝聚性的策略。 這個人就是項目經理，一個結合科技操作和一般管理的角色。為了要負責指導專案從開始到完成，IT 項目經理必須：  確定專案所需的任何資源，並制定預算以支付這些資源  制定專案時間表、里程碑、方法和關鍵績效指標  組建並協調成員有必要技能和經驗的團隊，按時並按規格執行專案 為什麼科技產業需要 IT 項目經理？ 在日益數位化和全球化的商業環境裡，公司需要迅速適應不斷變化的環境，以便將其產品和服務推向市場。 為了實現這一目標，他們需要能夠獨立思考，並將一系列複雜要求轉化為單一連貫策略的領袖，換句話說，就是 IT 項目經理 。 如果你有領導能力，對科技有熱情，並有能力推動組織變革，這是長期前景看好的職涯道路。  IT 項目經理的重要技能和經驗 •    高水準的溝通技巧，以及管理團隊和個人的成績記錄。 •    公認機構所頒發的專案管理證書。 •    熟悉專案管理軟體工具、方法和最佳實踐。  IT 項目經理工作機會 熱門工作 #4：全端網頁開發工程師 (Full-stack Web Developer) 初階網頁開發工程師通常有兩種：前端與後端。前端開發工程師注重的是網站外觀和感覺，以及與使用者的互動方式。後端開發工程師注重的是網站的基本功能，以及它如何與資料庫、伺服器和雲端互動。  隨著你的職涯進展，並在不同的程式設計語言和框架中獲得知識和經驗，第三個選擇將有可能是：全端開發工程師。這些菁英科技專家可以在後端和前端流程之間流暢切換。 此外，他們還精通商業趨勢和使用者經驗最佳實踐，有為策略提供建議和諮詢的能力。最後，全端開發工程師必須善於溝通、有能力與各式各樣的客戶和利益相關者合作，並向管理層報告。  為什麼會這麼需要全端開發工程師？  除了全端開發工程師可為公司帶來價值外，科技領域對網路開發的需求也不斷上升，因此他們在 2022 年成為受歡迎的職業也不足為奇了。 雇主在招聘開發工程師時，不僅要求有出色的程式設計技能，還需要有適應能力和靈活性的人才，幫助他們加速和簡化開發過程，而全端開發工程師 正是滿足這一需求的最佳人選。  但這是早期職涯階段門檻較高的科技角色。抓住任何可在前、後端工作的機會，這樣你就能以全端開發工程師的身分向雇主自薦與求職。 全端開發工程師的重要技能和經驗  •    對 C#、Java、JavaScript、Angular、Reach 和 Vue 等程式語言和框架，以及 MySQL 等資料庫管理系統有全面的了解。•    有軟體開發方法的工作經驗，如敏捷式(Agile)、瀑布式(Waterfall )和開發維運(DevOps)。•    自我激勵的特質，可以在幾乎無監督的情況下工作，畢竟許多全端開發工程師員仍需遠端工作。 開發工程師工作機會 熱門工作 #5：網路安全分析師 (Cyber Security Analyst)  你能摸清楚惡意駭客的思路，找出組織資訊安全設定中的漏洞嗎？你擁有企業主管的思考模式，並能設計保護公司聲譽的網路安全策略嗎？ 如果可以，那麼網路安全分析師可能很適合你。你會與網路安全架構師和工程師緊密合作。雖然這些角色有重疊，而且經常令人混淆，但都是不一樣的工作。 分析師是第一道防線，監控組織的網路，偵測違規和漏洞。網路安全架構師和工程師可以根據這類分析設計和實施系統，以應對經確定的威脅。  為什麼科技產業需要網路安全分析師？  由於越來越多組織採用數位優先的商業策略，他們因此更容易受到網路攻擊。為了減輕這種風險，企業正積極僱用能夠預防、偵測和應對網路事件的網路安全專家。 科技產業對網路安全分析師和類似 IT 角色的需求一直很高，特別是在金融服務、醫療護理、政府和零售業。  網路安全分析師是中階層的 IT 角色，通常需要至少三年的資訊安全工作經驗。如果你的科技職涯才剛起步，可以考慮安全管理員等初階安全人員。 網路安全分析師的重要技能和經驗  •    深入了解當地和國際的資訊安全標準，如 ISO 27001。 •    擁有 CISSP、CISA 或 CISM 等證書或資格證書。 •    有使用 SIEM 工具的經驗，如 Splunk、ArcSight 和 Alien Vault。  值得一提的熱門工作：商業分析師 (Business Analyst)  商業分析師是多功能的角色，這個職位的專業人士懂得利用電腦科學、金融和行銷等領域的知識和專長。 無論他們的專業是什麼，所有的商業分析師都有同一種熱情，那就是想找出和解釋客戶需求，並將其轉化為可執行的商業策略。  商業分析師 常見的職責包括財務、資料流程和專案管理。強大的溝通和協作能力對於這個角色來說必不可少，因為商業分析師經常與設計師、開發人員和品保團隊合作，以修正與改進產品。 為什麼科技產業需要商業分析師？  科技產業目前對商業分析師的需求已經很高了，預計在未來幾年還會增加。這種需求的主要驅動力，包括數位化轉型，以及組織需要有能力擷取與其商業營運相關之大量資料。 這些資料可以為企業帶來超越競爭對手的重要優勢——前提是，組織團隊裡要有人具備技術，能去解釋這些資料，並將其轉化為有用見解與解決方案。  商業全分析師的重要技能和經驗 •    分析和解決問題的能力。•    擁有工程、電腦科學、金融或相關領域的學士學位。•    具備構建和測試 API 的經驗。•    具備編寫基本 SQL 查詢的能力。 商業分析師工作機會 尋找一份新的工作？查看更多IT工作機會?  直接提交履歷更輕鬆  Mon, 31 Oct 2022 13:36:13 +0800 Michael Page 1067866 https://www.michaelpage.com.hk/advice/market-insights/market-updates/pagegroup-talent-insight-greater-bay-area-market-maturing As one of the earliest professional human resources service providers based in the Greater Bay Area of Guangdong, Hong Kong and Macau, we have recently launched an exclusive column – “Talents Empowering the Greater Bay Area”. We interviewed senior talent recruitment experts from PageGroup with more than 10 years of experience in the Greater Bay Area to share and discuss their insights and outlook on the talent market.  The Greater Bay area was one of the earliest regions to open up and also one of the most economically dynamic regions. Its first-class infrastructure makes the flow of people and product transportation more convenient and efficient; it’s one of the global shipping centres, an ideal base for the import-export trade.  Today, the Greater Bay Area aims to be a dynamic world-class city cluster and focuses on building a global technology and innovation centre with global influence. In the last decade, many companies have seized this historic opportunity to take root and flourish in the Greater Bay Area. More and more talents worldwide have also seen the unlimited possibilities in the area and are willing to come here to work hard and realise their dreams. Different industrial structures of Guangzhou and Shenzhen offer development opportunities. Overall, the talent pools in the Greater Bay Area mainly cluster in Hong Kong, Shenzhen and Guangzhou, with the most recruitment needs and the highest talent flow rate in financial services, technology, high-tech manufacturing and consumer goods. Since 2020, some industries have experienced obvious changes, and the development pattern varies in different regions.  Guangzhou is an outpost of China’s reform and opening-up. With a developing and maturing market, new industries and companies join in, bringing vitality and changes. Many FMCG giants entered China and were headquartered in Guangzhou in the 1990s, so many foreign companies here were from traditional industries.  Cindy Li, Director at Michael Page Guangzhou, points out that the development of the ABCD industries (AI, Biomedical, Cyber Security and Data) has recently received tremendous support from the Guangzhou government. And the transformation of some traditional industries has also been accelerated by seizing the good development timing. “For example, some new energy companies that were first traditional manufacturers of machine parts have shifted from fuel vehicles to new energy vehicles to meet their customers’ iterations. They are stepping into the new energy industry”, she says.  Another noticeable change she has observed is the continuous penetration of digital transformation across industries. “This change is not only limited to foreign and mainland commercial banks. It also affects big-data-driven industries, such as pan-finance and consumer goods, as well as the digital transformation of industrial chains across industries”, she adds.  In contrast to Guangzhou, a city with lots of foreign companies that entered early in China, the industries of the Shenzhen-Dongguan area, known as “China’s Silicon Valley”, have a typical dumbbell structure. Jesaline Huang, Managing Partner at Page Executive, explains: “One end of the dumbbell is numerous entrepreneurs and entrepreneurial companies which attract massive capital, bringing vitality to the investment in Shenzhen. The other end is giants like Huawei, Tencent, Mindray and Vanke, which have developed here for decades.”  She adds, “There are lots of entrepreneurial companies in Shenzhen serving as the upstream or downstream of the giant companies, making the industrial structure lack strength in the middle.” Looking ahead, she believes that “based on this industrial structure, the small companies will grow and get private financing to become medium-sized companies with RMB 10-billion sales and RMB 30-billion to 50-billion market values. Some candidates with long-term vision will join and grow with the small companies and then become the initial members of the medium-sized companies.”  Talents in Guangzhou and Hong Kong integrate deeply; Generation Z pursues self-realisation. The “Guangdong-Hong Kong-Macau integration” is the feature of the business culture in the Greater Bay Area. Hong Kong’s systems and modes significantly affect the development of Guangdong province. In the early stage of market development, talents from Hong Kong showed advantages in management positions with their international perspectives and abundant experience in capital markets. However, this trend is changing as the Greater Bay Area matures.  “In the past, if companies chose to list in Hong Kong, they would favour candidates from Hong Kong because they knew the local rules better. But now, such regional advantages are gone. Companies are looking for talents with a fused background.” Jesaline says, “Now candidates from Hong Kong need to proactively know companies and their cultures in Mainland China. Otherwise, they will be irrelevant. Simultaneously, the talents from Mainland China working in Hong Kong are starting to return. They are competitive with their Mainland background and work experience in Hong Kong.”  Alex Gu, Regional Director at Michael Page Shenzhen, shares that talents from Hong Kong also have several advantages in terms of business ideas and institutions. “Hong Kong has a solid foundation and deep accumulation in the absolute maturity of the market economy. Professionals working in Hong Kong today, such as lawyers and accountants, still have a clear advantage in their professionalism in the business and workplace.”  Company culture and leaders’ values play an increasingly important role in attracting talents. The new generation of professionals, especially the post-95s and post-00s who grew up in an era of material abundance, show lower needs for materials and money than their predecessors; they have higher requirements for spiritual resonance and recognition.  “The young professionals believe work should be valuable and meaningful and are less likely to work for material and money. As a result, they need more spiritual and equal communication from the organisation”, Jesaline says. She points out that different intrinsic career drivers attract the younger talents, “They admire the role models (workplace icons). If they think one person or company is worth following or joining, they will even give up some benefits and jump in to shine and realise their values.”  From her standpoint, managers with personal charisma are advantageous in attracting talents to the Greater Bay Area. “The successes of many companies have resulted from their dreams of changing the world. Such values can carry their employees further and longer.” Two decades of deep ploughing in the Greater Bay Area for a limitless future.  With two decades of deep ploughing in this area, Michael Page has accumulated an extensive talent network and built robust customer relationships. Our offices in Hong Kong, Shenzhen and Guangzhou serve many domestic and foreign companies from different industries, including companies in the stages of start-up, transformation, expansion, or even going abroad, as well as pre-IPO companies intending to list in Hong Kong. The job functions cover all the major functional positions in the key sectors such as finance, technology, FMCG and retail, healthcare, real estate, etc.  We are accumulating experience and broadening our boundaries as policies and markets change. Not only do we assist companies in talent recruiting, but we also play the role of consultant, sharing and discussing issues such as talent strategy and planning. We hope to move forward with our customers in this developing market. Billy Chan, Regional Director at Michael Page Guangzhou, looks into the future of the Greater Bay Area and points out, “As the regional integration goes deeper, the interconnection between cities will be more closely integrated, and the cultures of different regions will become more compatible. Companies in the Greater Bay Area will become more systematic, more scaled, and closer to the international standards.”  Alex believes, “In the future, the Greater Bay Area will become a market with the feature of local competition and overall cooperation. Each city in this area will have its own major industries. And the real interconnection between the cities’ ecosystems will be one development direction.” In terms of attracting talent, Alex summarises, “The Greater Bay Area will be a favourable place for returned talents, especially for those in the technology innovation field, and new generation talents with international vision and pioneering spirit.” Read more: 8 must-have qualities of an effective leader Workplace flexibility crucial for leaders to get right: report Why a good talent attraction plan is the first step to retaining your best staff Sat, 06 Aug 2022 03:51:00 +0800 Michael Page 817916 https://www.michaelpage.com.hk/advice/market-insights/market-updates/strong-demand-talent-cmos-and-cdmos-continue-grow The onset of the pandemic has brought unprecedented, sweeping changes while highlighting the importance of resilience and innovative thinking in addressing complex challenges. The spotlight has been on pharmaceutical companies to meet demands fast – especially with worldwide vaccine rollouts. As a result, there’s been exponential growth in an already competitive healthcare and life sciences market and pressure on contract manufacturing organisations (CMOs), and contract development and manufacturing Organisations (CDMOs) to turn out solutions at competitive costs. To do so, finding the right talent is imperative. Related: Pharmaceutical and CMO/CDMOs: A marriage of convenience? PageGroup consultants across continents say that partnerships between CMOs and CDMOs, and pharma companies are an apparent change from years past. Previously, pharma companies might have either taken on the entire process of developing and producing a product from start to finish or outsourced manufacturing of lower priority products to a CMO or CDMO. Now, pharma companies often work hand-in-hand with CMOs and CDMOs to get a molecule, therapy, or vital vaccine from concept to the public. In fact, according to Daniel Ferzoco, Senior Manager at Michael Page USA, investors are pouring funds into early-stage drug discovery companies. Some of them lack the means to move a product from its first phases to production and commercialisation. CMOs and CDMOs are stepping in to take on those functions. Strong healthcare and pharma talent demand The scale of growth and expansion in these companies requires talent across the board, and the rapid increase presents unique hiring challenges. Companies are seeking specific qualities and skillsets that are challenging to find. “We have seen legacy pharma/biopharma giants increase their portfolio of products more than ever before. For instance, Lupin enters diagnostics, Cipla in digital health, Hetero Healthcare launching vaccines, and Aurobindo Pharma investing in biopharma and vaccines. Therefore, naturally, there is a need created for seasoned niche talent in areas such as P&L, lyophilisation and nanotechnology,” says Deepika Malla, Associate Director at Michael Page India. She adds, “Moreover, we witnessed consolidation in the hospital space as well, with larger players acquiring smaller local chains. This indicates that patients are willing to spend on hospitalisation a lot more than before (which is supported by insurance players in parallel), and this encourages pharma companies to deliver newer drugs using niche, thus, expensive technologies.” The trend is shifting regarding the types of positions sought: managers, marketers or business developers embedded in a valuable network, who also have post-graduate degrees in chemistry or biology, are hot on the radar, as are technology transfer and supply chain candidates. The urgency with which candidates are being courted and hired has also risen drastically. Related: Why a good talent attraction plan is the first step to retaining your best staff Scouring the globe for rare talent combinations   The posts that CMOs and CDMOs are looking to fill run the gamut, though business development, technology transfer, supply chain roles and senior-level positions are in exceptionally high demand. The main challenge of finding candidates with enough experience in senior-level positions, or those with scientific and commercial expertise, is that few such profiles exist. Ferzoco explains, “They need to add business development reps that can sell their services, and these representatives specifically require a strong scientific background.” Malla adds, “Pharma talent has always been relatively limited in spaces like vaccines, process chemistry and small molecules biopharma development. This became more pronounced with the pandemic as the already-available talent became more upskilled, taking on newer challenges like P&L roles and global opportunities. At the same time, talent have become far more selective in their job search, giving high weightage to aspects such as salary, progression, well-being, and location flexibility.” Related: How remote work widens your recruiting pool in healthcare and life sciences “This gave us, as search partners, the need to expand our horizons and to tap into returning Indians and expat talent more than ever. This also forced us to expedite our learning of this space to cater to niche search mandates and close them successfully. This also led to clients being more reliant on our knowledge of the talent market to be able to curate their search criterion better and plan their talent growth plans accordingly.” Speed is key to finding the right talent When qualified candidates are found, companies can sometimes come across as overeager by making an offer on the day of the interview. Previously, the process between scouting a candidate and hiring them on might have taken somewhere between four to six weeks. Clients expect that waiting risks losing the candidate’s interest, and in many instances, they’re right. The best way to win a candidate over is to build trust and cultivate a relationship, says Ferzoco. It is vital to make an effort to genuinely understand the person, what makes them tick, and not rely on surface-level conversations to cement a connection. Across the world, despite the massive presence of top pharmaceutical companies, recruiters have their work cut out for them. PageGroup consultants have noticed that small CMOs and CDMOs are consolidating to form larger organisations. The result is change and job openings. For more insights on the Healthcare & Life Sciences industry, download our exclusive Strategic Partnerships in Pharma eBook today. Looking to hire? Get in touch with our recruitment consultants here. Read more:The future of work in AsiaWhat you need to know about ESG now5 ways to improve equity in the workplace Fri, 04 Feb 2022 23:37:48 +0800 Michael Page 749001 https://www.michaelpage.com.hk/advice/market-insights/market-updates/pharmaceutical-and-cmocdmos-marriage-convenience Pharmaceutical companies over the past decade have begun to lean more heavily on contract manufacturing organisations (CMOs) and contract development and manufacturing organisations (CDMOs) for several reasons. The partnership has proven to be mutually beneficial and a way to share risk with companies more equipped to handle it. The resurgence of the entire biotech and biologics space in Singapore over the last five years has helped create a stronger partnership with pharma companies and CMOs. “That is because CMOs have the right technical expertise, operational experience and more risk-taking ability,” explains Tushar Dadhwal, Associate Principal at Page Executive Singapore. Increase the reach and competitiveness of products Latin America has seen a decline in international pharmaceutical manufacturing plants as they’ve reduced their headcount considerably. They, too, have switched to CMO and CDMO models to gain agility and hone their strategy to launch new therapeutic lines.   “Highly complex companies, such as speciality- and orphan-drug pharma, have had opportunities to reach the countries in Latin America (where they previously didn’t have a presence) by partnering with and sharing the risk with a CDMO instead of investing in manufacturing and operations by themselves,” says Juliana Acosta, Associate Partner at Page Executive Mexico City. These partnerships have impacted recruitment in marketing, regularity affairs and supply chain positions with more strategic and business-oriented roles. Improve the efficiency of processes There are also logistical reasons to divide the load. As demand grows for more choices in pharmaceutical offerings – not to mention the pandemic generating a skyward need, efficiency and reduced cost has become more significant priorities. With equipment and facilities at the ready, possibilities to scale and proven experience in meeting short deadlines, CMOs and CDMOs are well-positioned to provide these choices.   “CMOs have consistently attempted to create deeper inroads with pharmaceutical organisations, but with only marginal success. The COVID-19 pandemic has turned the situation on its head, with pharmaceutical companies struggling to find avenues through which to develop and manufacture billions of doses of vaccines in record time,” says Dadhwal. Boost company capabilities In Frankfurt, Germany, the big pharma companies are turning to CMOs and CDMOs rather than producing pharmaceuticals themselves. In this way, they can allocate more investment in marketing and analytics, and research and development. “They need time for good marketing because the market is very competitive, and there are a lot of products,” says Nathalie Rilling, Associate Partner at Page Executive Frankfurt. In the past, many companies launched blockbusters, where their products were the only ones of their kind in the market. Now, there’s a wide variety of products on the market, including generics.   Benefits of end-to-end CDMO/CMO business models Contract organisations are highly competitive, consistently looking to produce more at better, faster and cheaper capacity. And because of this, specialised “one-stop-shop” CMOs and CDMOs have emerged in recent times. According to Emma Adams, Business Director at Michael Page London, one incentive of having a “one-stop-shop” is it allows companies to avoid relying on external parties that could leave them open to uncontrollable delays. This strategy can improve project timelines at a more attractive price. At the same time, competition in the market ensures that companies improve without jeopardising quality.   “Pharmaceutical companies have become more and more reliant on outsourcing due to trends such as the growth of small molecules, the need to be more cost-efficient and faster to market and increasing API complexities. This has led CMOs and CDMOs to invest heavily in top talent, focusing on researchers, chemists and development professionals to keep up with client demand,” says Adams. “CMOs and CDMOs are opening sites in the UK and across the EU to ensure there is no disruption post-Brexit,” she adds. For more insights on the Healthcare & Life Sciences industry, download our exclusive Strategic Partnerships in Pharma eBook today. Looking to hire? Get in touch with our recruitment consultants here. Thu, 29 Jul 2021 15:37:25 +0800 Michael Page 695051 https://www.michaelpage.com.hk/advice/market-insights/industry-reports/healthcare-life-sciences-sector-china-booming China's domestic Healthcare & Life Sciences (HLS) sector has experienced unprecedented growth in the last five years, especially in terms of investments, innovation acceleration and business expansion.Just some 15 years ago, the Chinese domestic pharmaceutical sector was focused primarily on generic drugs, replicating the success of global off-patent medicines and driving commercial success. In recent years, however, the approach has changed to pharmaceutical innovation, therapies and breakthrough advancements ‘in China, for China’ to ‘in China, for global.’Recently, we saw Eli Lilly in a licensing agreement regarding a pre-clinical asset from Fosun pharma. Among the global list of the top biotech IPOs in 2020, six were Chinese biotech companies, which raised a total of over US$2.7 billion. Considering what we know of the market, we should expect more exciting news in 2021.These sector trends have resulted in high talent mobility among domestic pharmaceutical players and multinational corporations alike. According to PageGroup's Talent Healthcare Survey 2020, which was conducted among senior leaders with over 15 years of industry experience, over 80% of our respondents considered joining a domestic company in the healthcare field.Related: How does Michael Page attract the best talent for your business?Already one of the largest healthcare markets in the world, China is now set to become one of the key drivers for global pharmaceutical innovation. Driven by favourable government policies towards the healthcare sector and the abundance of capital market investment resources, this rapid development has resulted in talent gaps and emerging jobs that have never existed in China before.Coupled with the rapid augmentation of new technologies, such as gene and cell therapies and mRNA vaccines, these have led to massive talent deficits in China’s HLS market, especially for drug discovery, clinical development, Chemistry, Manufacturing and Controls, as well as the biomanufacturing scope. As such, the global talent pool becomes a significant source of candidates for some jobs, and mobility is essential. When it comes to the Chinese pharma and biotech market, I have noticed several trends, specifically in the HLS sector: Overseas Chinese with long-time careers abroad are coming home to participate in fast-growing innovations within the biotech sector. Companies are preferentially hiring candidates with a Chinese background to ensure a cultural fitSenior-level talents, both locally and globally, are leaving multinational pharma companies, where they have reached a career ceiling, for a more dynamic domestic pharma and biotech environment.The contracting model is relatively new, and some overseas returnees on temporary assignments in China are subject to regulations from authorities. With that said, the overall market has the potential to grow in the coming years.As Covid-19 lockdowns minimally impacted China in early 2020, employees returned to offices between April and May at full capacity. However, some multinational companies adopted flexible working arrangements in accordance with their global policies.When it comes to internal talent mobility — or cross-functional mobility within the company — we have seen such examples in the pharma and biotech sector here in China, but more among middle- to senior-level roles. Possible transition happens between research and business development or the sales and marketing functions.However, as the HLS sector is highly science- and technology-driven, some jobs are being created following business scale up (the company moving from the clinical to the market stage) and industry development (launching a cell therapy line). These roles cannot be filled by internal mobility, so hires must come from outside the market. For overseas Chinese talents, especially for those who moved to the US in the late 1980s or early 1990s and have been developing their careers in big multinational pharma or leading academic institutions, moving back to China in a senior leadership role equates to new career prospects.They go from being an employee to becoming a business leader and entrepreneur. They also take on more prominent positions within a multinational team. Another critical factor for this type of move would be a passion for joining the ‘innovation in China for Global’ trend.Related: The value of mentorship and sponsorship, and what it can do for your companyDue to a lack of qualified candidates based in China, our clients have had to reach out to overseas Chinese talents to fill skill gaps in the biotech industry. A candidate-driven biotech market The vibrant Chinese biotech industry is lacking talent for innovative therapies. Due to gaps in the domestic training system and a lack of qualified candidates based in China, our clients have had to reach out to overseas Chinese talents to fill these skill gaps. As a result, China’s HLS sector has become a highly candidate-driven market. Companies wishing to attract high-calibre talents, both from locally and abroad, are offering competitive compensation packages. Attractive cash and equity offer act as incentives for professionals to join the biotech industry. For our candidate pool, the HLS sector is an exciting field for prospecting talent. However, it also comes with various unseen challenges. In our daily practice, we focus on not only checking off boxes against a candidate’s CV or aligning industry-level compensation, but we also look at the candidate's culture fit with the future employer. For talents making the first move from established pharma to the biotech industry, we put extra effort to provide professional guidance on understanding the equity part of the package. We also evaluate the long-term stability of the biotech startup and analyse values and culture fit with the founding team and style of the leading investor. This is especially relevant for scientific and medical background talents whose value system is different from other professionals. For our clients, this emphasises the importance of engaging with a trusted professional. The candidate will act as an extension of the business team, represent the business and employer’s brand correctly in this highly competitive market. In addition, a recruitment partner should be able to explain the company’s story and future goals, distinguish its pipeline from competitors, and motivate the right candidate to fit. According to PageGroup's Talent Healthcare Survey 2020, which was conducted among senior leaders with over 15 years of industry experience, over 80% of our respondents considered joining a domestic company in the healthcare field.Related: Workplace flexibility crucial for leaders to get right: reportReturn to the home country Understanding the Chinese culture and being proficient in the language is crucial to developing the Chinese biotech and pharma market. Therefore, unlike five to 10 years ago, pharma and local biotech companies now prefer ethnically Chinese talent. These candidates include both local and overseas Chinese who are proficient in the language and familiar with the culture. One big trend in the last five years has been returning Chinese professionals living overseas to drive local innovation. They are moving back to China for leadership roles in the fast-growing healthcare sector, bringing their global expertise with them. Considering the fact that many of our clients are developing new therapies ‘in China for global,’ hiring senior leaders with international clinical and regulatory experience is critical for their business success. Therefore, this shift is especially prevalent for Chief Science Officer or Chief Medical Officer positions. It is crucial to understand that the industry is still facing challenges related to international relocation to China because of travel and visa restrictions. For instance, it may take a senior professional with a non-Chinese passport in the healthcare industry, whose necessity for business advancement is critical and verified, up to six months to get all the documents prepared and have a work visa issued.Even after all that, the possibility of getting the work visa rejected is still high. With the global effort to accelerate vaccinations, we stay updated on the Chinese government’s step-by-step relaxation rules for incoming business travel. As an interim solution, some of our clients hire remotely for functions like Clinical Development, Regulatory and Business Development with a commitment to relocate once the borders open. Change is coming Despite challenges in global mobility caused by the Covid-19 pandemic, candidates interested in careers in China should network with qualified healthcare-dedicated recruiters. Mobility to China has never looked better with its highly advanced industry and multitude of opportunities.Ultimately, the authorities will lift the restrictions. Therefore, it is vital to have valuable industry insights from a trusted recruitment partner to find the right opportunities beforehand. Also, it would be wise for junior and middle-level talents to accumulate experience and develop a robust professional foundation with global multinational companies before moving into the fast-growing biotech sector in China. As China’s healthcare market is talent-driven, we have fewer candidates than available jobs. Thus, clients need to cooperate and compromise on some of the requirements for hard-to-find talents. We recommend that clients provide flexible solutions to engage suitable candidates coming back to China from overseas while it is still challenging to enter China due to Covid-19 restrictions.For more insights on the Healthcare & Life Sciences industry, download our exclusive Talent Mobility E-book today.Looking to hire? Get in touch with our recruitment consultants here.Read more:11 traits you need to be a highly effective leaderNavigating hybrid work: Redefining traditional work patterns for success in the changing talent landscape5 interview questions to ask to tell a great candidate from a good one  Tue, 08 Jun 2021 10:40:35 +0800 Maria Karp 679031 https://www.michaelpage.com.hk/advice/market-insights/market-updates/%E5%90%88%E7%B4%84%E5%88%B6%E5%BD%A2%E5%BC%8F%E6%88%90%E7%86%B1%E9%BB%9E-%E9%A6%99%E6%B8%AF%E4%B8%89%E5%A4%A7%E8%A1%8C%E6%A5%AD%E6%8B%9B%E8%81%98%E8%B6%A8%E5%8B%A2 疫情下，“遙距工作” （remote work） 和 “在家工作” （work from home） 變成了熱門關鍵詞。由於經濟形勢不明朗，合約招聘（contract recruitment）獲得不少企業的青睞，令合約制在求職市場受到各方注目。Angela Chan - Page Personnel 總監， 分析了合約制聘用形式在香港的3大趨勢，以及合約制對企業和求職者的好處。 香港企業開始聘用合約制員工 此現象常見於三大行業 就亞太地區而言，澳洲、香港、新加坡及日本是企業最常聘請合約制員工的國家和地區。最近中國大陸亦出現相同趨勢。以香港的人才市場為例，合約招聘常見於3大行業：•    投資銀行：主要涉及中後台（middle and back office）不同崗位，例如合規監控（compliance）、風險管理（risk management）、金融控制（financial control）、營運（operations）等等；•    信息技術（IT）：涉及系統提升（system upgrade）、變革管理（change management）等項目；•    辦公室行政及客戶服務：例如秘書、客戶服務以及數據輸入（data entry），由於此類職位流動性較高，合約制的聘用形式亦較為靈活。  合約制對企業和員工雙方均更具彈性 香港政府統計處公布，失业率升至7%，创下2017年以来新高 ，長工人頭數 （permanent headcount） 的批核亦同時面對更大阻力，因此合約制或會成新常態。對企業來說，在不明朗的情況下，企業無法確定是否有足夠的人頭數 （headcount）招聘新員工，因而令合約制成為一個不錯的替代方案。合約制的好處是可以讓企業在短時間內招聘不同方面的人才和大量員工，填補空缺。 合約制亦能夠減少企業行政上的工作，同時提升營運效率。為了保持競爭力，企業亦需要計劃未來的發展藍圖，除了要考量過往經驗外，更要求創新。當項目開發成為大趨勢，企業對不同專才的需求亦隨之增加，這種項目式工作 （project-based work） 性質吸引企業採用合約招聘，甚至是以合約形式招聘人才擔任高級職位，例如資深項目經理（Senior Project Manager）、項目總監（Programme Director）以及合規監控助理總監（Compliance Associate Director）等。 合約工作亦能夠讓求職者了解行業是否適合自己，特別是對於沒有相關工作經驗的求職者。他們能夠從中體驗不同的企業文化和工作性質。受外圍經濟環境影響，我們最近亦接獲更多求職者就合約工作的查詢，了解相關的工作機會，以及合約形式聘用可能產生的問題。無論是辦公室行政類型的求職者，還是管理層的求職者，他們對合約工作都開始持更開放的態度。 合約制在現時的大環境下，無論對僱主或僱員，都能提供更大的靈活性和彈性。僱傭雙方比之前更接納合約制招聘，亦因此令其成為現時就業市場的發展趨勢之一。 若您對合約制工作機會有興趣或有合約招聘需求，請聯絡我們。 Wed, 10 Mar 2021 13:51:49 +0800 Michael Page 1067911 https://www.michaelpage.com.hk/advice/market-insights/market-updates/education-sector-hong-kong-ticks-despite-uncertain-times The education sector in Hong Kong finds itself in a period of uncertainty, like many other industries, due to recent events, particularly the protests and the outbreak of COVID-19. However, amongst the uncertainty, companies within education are still recruiting - just that the hiring process looks very different and there has been a shift in which roles are in demand. In this article, the Michael Page Education team presents more insights into the effects of these current events, along with how digital transformation is changing hiring demands. Digital transformation driving change Perhaps driven even more urgently by the current state of the world in which remote working is becoming a priority, digital transformation remains at the top of everyone’s agenda, including in the education sector. Larger scale international publishers are undergoing transformation with the constant push for new product innovation, such as launching digital products with an emphasis on better UX/UI. Additionally, they are focussing on product diversification, such as positioning themselves as educational service providers instead of publishers. As a result of digital transformation, EdTech is in a period of growth, with an increase in demand for digital content creators for schools and learning centres, usually in the form of contractors. We are also receiving more hiring requests from innovative education start-ups from overseas to expand into Asia with Hong Kong or Singapore as their initial location. While the push is strong, it’s important to keep in mind that this is a relatively traditional industry, and technical transformation appears to be slow due to the lack of urgency in day-to-day operations, resistance from staff and the lack of precedence in the industry. Coronavirus outbreak increases demand for EdTech With the Coronavirus outbreak, we find that most industry practitioners have, to different extents, responded to this unfortunate event by accelerating their EdTech initiatives that have been pending on their to-do lists. As optimistic and forward-looking education leaders seize this unique opportunity, the hiring needs derived from digital transformation and EdTech have surged over the past few months. Changing hiring demands and trends These are a few more hiring demands and trends within the education sector that we have seen. There has been increasing hiring demand for Admission Consultants, which some hiring managers see as a result of the previous social unrest that has prompted the middle class to look for their kids’ study abroad options at a younger age. Some household education providers in franchise models encountered major challenges in finding balance, resulting in the shut-down of locations or putting most, if not all staff, on no-paid leaves. Supply for expat teachers has been very tight since Fall 2019, due to various social issues causing these professionals to look at opportunities outside of Hong Kong. Conversely, demand remains high, so some educational institutions have decided to secure top professionals right away - with a delayed start date to ensure that the candidates are still available and receive proper onboarding when business is back to normal. Despite the market slowdown, there are still some plans (work-in-progresses) for new education centres and international schools at the pre-launch stage. These are most likely backed by investment groups that are planning to bring a brand to the city and run as operators, rather than creating their own brands. Some potential merger and acquisition activities are still cautiously progressing - often with objectives of investment groups trying to leverage on the heritage and resources of some well-established brand names to create synergy for other education-related business, in both Hong Kong and Greater China. More companies have plans to structure the business in the cluster of “Greater Bay Area” to hope for greater synergy. All these trends and events show that the education sector is still active, it is just a matter of readjusting expectations of the market and traditional mindsets. For more information about the education sector within Hong Kong, please contact Gabriel Nam at gabrielnam@michaelpage.com for a chat.  Wed, 01 Apr 2020 16:49:01 +0800 Michael Page 5036 https://www.michaelpage.com.hk/advice/market-insights/market-updates/hong-kong%E2%80%99s-legal-market 2019 thus far has been dominated by geopolitical events, speculations and a constant news cycle regarding trade policies and market trends. Most recently, the ongoing Hong Kong political situation has come to play an important role and we can’t yet fully predict what the effects will be. What we definitely noted is that the perception from abroad is much worse than the actual situation in Hong Kong: while Hong Kong as well as mainland Chinese clients are confident in a speedy recovery of the local market we’ve noticed that the situation, as represented by the international media, as created concerns for our overseas clients. Despite all of the above, we’ve objectively identified the most relevant trends in the Hong Kong Private Practice recruitment landscape. These should give guidance and reassurance to many of us within the legal field who are wondering what the rest of 2019 will look like. Hong Kong as a candidate-driven market Hong Kong remains a candidate-driven market. Law firms are still aggressively competing to secure the best talents in the market in both fee-earning and business support roles.  And this is evident in the M&A and IPO space, where despite the significant market downturn compared to last year, the battle for the best talents remains. In the current market, clients are simply more cautious and use a selective approach. We are seeing that hiring processes are perhaps a bit slower, but those headcounts are very much still there and quality capital markets and corporate lawyers with strong language skills are still in demand. Technology and cybersecurity driving major trends in hiring After a slow start this year, we have seen a steady flow of new openings and headcounts since April 2019. Something certainly new for Hong Kong is the significant wave of new openings in the cybersecurity and data privacy space. This trend is being driven by the ever-evolving privacy and cybersecurity regulations and issues not only in Hong Kong but across APAC and globally. It has caused a few firms to explore the possibility of setting up specialised teams in Hong Kong, as well as growing and scaling existing teams. The lack of homegown talent and the fact that these roles often do not require Chinese language skills often brings these searches overseas.  Cybersecurity is a concern for law firms themselves, given the amount of sensitive data they handle. This is driving a major trend in hiring in the IT space, especially when adopting cloud-based practice management software.  This has also been the need behind newly created IT headcounts who can provide internal consultation in strengthening the cybersecurity of international law firms – both in setting up the system and leading the execution. Most hires so far have been at mid-senior level, especially for consultancy roles. However, with a shortage of talent, candidates aren’t necessarily coming from other law firms. Instead, companies have to expand the search to include professionals from other industries.   Agility and flexibility the key to retention The implementation of cloud systems has had another significant consequence on the recruitment market: it allows for a significant amount of legal work to be carried out in agile and flexible working environments. This is a key topic in the industry, particularly after the launch in June 2019 of a report from the Women in Law Hong Kong (WILHK) titled “Making the case for flexible and agile working in Hong Kong’s legal industry”. The report highlights who the virtuous players in this industry are and what is holding Hong Kong back from alternative working models.  In our opinion, law firms need to be up-to-speed with these trends in flexible and agile working conditions in order to retain top talents and compete with alternative legal services providers. Top professionals in the field are looking for better work-life integration and companies must adapt to client needs. We will keep a close watch on how technology and cybersecurity continue to impact the Hong Kong legal market this year, along with keeping an eye out for new trends that will affect hiring, employee engagement and the overall job market throughout the rest of the year. If you would like to discuss the above in more detail, please contact Associate Director, Marta Verderosa, at martaverderosa@michaelpage.com.hk Thu, 29 Aug 2019 13:41:25 +0800 Marta Verderosa 4846 https://www.michaelpage.com.hk/advice/market-insights/industry-news/%E6%8A%95%E8%BA%AB%E4%B8%AD%E8%B3%87%E4%BC%81%E6%A5%AD-%E9%96%8B%E5%B1%95%E4%BA%8B%E6%A5%AD%E6%96%B0%E6%A9%9F%E9%81%87 中資業務在香港發展蓬勃，為求職者開拓事業發展新機遇。專業招聘公司Michael Page最近進行的一項調查顯示，約有3,000名任職中資公司的香港專業人士和管理層人員，對公司提供的發展機遇、薪酬待遇和醫療保障都感到滿意。 調查發現，有兩成求職者選擇投身中資企業，主要原因是為了獲得參與新項目的新機會，18%的求職者則是為了獲取豐厚的薪酬回報。事實上，中資公司為了吸引優秀人才，每三間公司中便有兩間願意開出比就業市場價格高11%至20%的薪酬；而每10名受訪求職者中，有7人表示對自己的薪酬待遇感到滿意。 現職是元正國際首席執行長助理的張漢東，就是接受挑戰也迎上機遇而加入駐港中資企業的一個例子。張漢東說：「加入元正國際前，我在一家私人銀行擔任交易員，亦曾出任項目經理和人力資源經理。現在在中資企業工作，讓我嘗試到不同的工作，這些經驗讓我能夠在不同的領域中勝任各種工作，也驅使我持續不斷地學習。」「在此工作的首六個月，我負責處理一些非常有挑戰性的項目。我不喜歡坐在辦公室，渴望開展新項目，每個項目都有其獨特之處。我需要為每一個項目進行研究，亦因此而學習到很多知識。」張漢東好學而開明的態度，在他的職業生涯中發揮了重要作用。 開放態度助益事業發展 Michael Page香港區域總監Olga Yung堅信擁有這種開明和好學態度，對個人事業發展至為關鍵，而目前大多數招聘能力強的公司都是來自中國。「靈活變通和善於應對各種人事和環境的求職者，往往能更快地適應在中資企業工作。我非常鼓勵求職者將它當成是一個適應不同環境的學習過程。雖然大部分人都不喜歡改變，但它絕對是一個很好的學習過程，既有利於他們提升中文水平，亦有助於他們適應未來的職位。」 另一方面，中國的管理人員亦願意向求職者學習，只要他們提出可帶來積極改變與提升效率的建議。Michael Page的調查顯示，82%的求職者認為他們的管理團隊正在努力地採納國際化的工作模式。張漢東亦留意到，自己的上司也是這種願意聆聽並考慮各種意見的管理人。 張漢東分享：「新加入一間公司後，我建議多花一點時間去觀察和理解企業的作風。我的經驗是在首月跟隨既定的步伐工作。到第二個月，當我熟悉了公司的文化後，便提出令工作更有效率地完成的建議，並給予他們空間和時間考慮。到了第三個月，他們便願意嘗試我所提出的解決方案。」   以語言為文化的橋樑 張漢東曾在中國內地工作，對兩地文化有深入了解。他說：「在加入這間公司之前，我曾經在汕頭和惠州工作，也經常到上海和北京出差，讓我有機會運用到普通話。如果你通曉這種語言，你會更容易理解內地文化。」 Olga 也認同語言對於在中資企業發展成功起着關鍵的作用，因此，她建議香港的專業人士投放更多時間學習普通話。   對專業人士的新需求 此外，不少中資企業對專業領域的人才也相當渴求。Page Personnel 香港區總監Ellen Lai表示，在青睞專業人士的中資企業當中，正吹起了一股振奮人心的新趨勢。「中資企業對專業人士求才若渴，特別是對於那些由零開始的中資企業來說，他們需要聘請產品專家和項目團隊來協助他們開拓和設立不同部門。此外，他們正在尋找經驗豐富的人士，亦希望聘請主管人員來成立新部門。這為香港的人資市場開創了新需求。」   中資公司是否穩定？ 公司的穩定性是求職者最關心的課題。據Michael Page調查發現，72%的香港專業人士表示對中資企業的穩定性甚感憂慮。 為了釋除疑慮，張漢東建議求職者宜事前做好資料搜集，了解該中資公司的背景。「加入一間公司前，你必須先了解其發展方向。當你了解到該公司的經營方針與目標後，仍然對他們的發展大計感興趣，那麼你便應該選擇投身這間公司，然後留下努力工作。」   更多資訊, 請瀏覽中國企業新浪潮 Fri, 14 Jun 2019 13:23:21 +0800 Michael Page 4756 https://www.michaelpage.com.hk/advice/market-insights/client-onboarding-banks-job-outlook-2018 The client onboarding experience todayFor the past few years, the client onboarding experience has served to be critical for incumbent banks. With the market already saturated with competitors, banks are taking a very client-centric approach with the goal of differentiating themselves from other bank, having to step up their game when it comes to improving customer experience. One critical customer journey is the onboarding and verification process.How do banks achieve a smooth and hassle-free onboarding process? Good client experience and a positive first impression is key. Client onboarding is the process by which a customer establishes their relationship with the bank and provides all of their necessary information for the bank to open an account. Anyone who has tried to open a bank account will understand how cumbersome the experience can be, leaving much room for improvement. A smooth onboarding process leads to less drop-offs, more satisfied customers and better customer retention.Challenges around the client onboarding processThe onboarding process is complex, especially when factoring in all the different requirements based on regions, client types, business lines and products. Many banks are struggling to provide a first-class client experience that is hassle-free whilst reducing the time it takes to open an account. They also need to maintain tight controls as they need to be compliant with all the existing and new regulations.With ever increasing scrutiny from regulators and a rapidly-changing regulatory landscape, banks need to exercise full due diligence. To help in the customer onboarding process, banks are investing heavily in technology and looking to upgrade their onboarding platforms to ensure processes are flexible enough to adapt to changes in future regulations.“Know Your Customer” (KYC) is the process of a bank identifying and verifying the identity of its clients. It is generally a pain point for many banks, which is why we see an increased need for KYC specialists.Is a role in the client onboarding team for you?Roles under the Client Onboarding team have opened up just by addressing this critical step in the customer journey. This team is responsible for providing support through single points of contact for agent trading client onboarding requests and queries. Many banks, therefore, have been scrambling to find talent who have strong analytical and organizational skills, and who have a thorough understanding of the “Know Your Customer” (KYC) and “Customer Due Diligence” (CDD) procedures as well as account documentation and client outreach.Many banks are also looking to client management and client outreach candidates to help improve the current state of the onboarding process. These individuals are seen as subject matter experts in the areas of CDD and onboarding, and are able to work closely with senior clients as well as senior internal stakeholders. By having these individuals as a control point, banks relieve some of the CDD pressure from the front office.The Client Onboarding team acts as a controller. This is because errors may occur and contribute to the bank’s operational and reputational risk. Another skillset that is highly valued is communication and coordination skills, as candidates are expected to work very closely with external and internal stakeholders to collect all the right documentation for client onboarding. Many hiring managers also value candidates with a keen eye for inefficiencies and who possess the initiative to improve processes. Therefore, candidates who have work experience in the operations space, preferably with a strong financial services background are favoured. Due to the nature of the role, candidates will also need to be able to work under high pressure and tight deadlines.Prospects for client onboarding candidatesThe onboarding team handles the end-to-end onboarding process, bridging the gap between different stakeholders. Candidates will collaborate closely with internal teams such as front office, legal, credit and middle office; many of whom will be senior managers. In addition, candidates are also expected to work very closely with clients. For those looking to get their foot in the door, there are entry-level roles such as an analyst or contract role in the onboarding teams.Moreover, candidates who have in-depth knowledge of the onboarding process and possess great KYC skillset are more likely to transfer internally to teams such as middle office, operations and compliance which is a great way to advance one’s career. Tue, 08 May 2018 10:50:18 +0800 Michael Page 4536 https://www.michaelpage.com.hk/advice/market-insights/industry-news/%E9%A6%99%E6%B8%AF%E9%87%91%E8%9E%8D%E6%9C%8D%E5%8A%A1%E6%8B%9B%E8%81%98%E5%8F%91%E7%94%9F%E8%BD%AC%E5%8F%98%E7%9A%84%E4%B8%89%E5%A4%A7%E8%B6%8B%E5%8A%BF 2017 年，我们看到很多快速成长的中国大陆公司进入香港以期进行全球扩张。这一趋势在金融服务业尤为明显，尤其是在资产管理领域。之前，投资银行在人才需求方面一直相对稳定；但如今大陆投资的大量涌入，大陆公司源源不断地在香港设立办事处来进行区域和全球化的业务运营，无疑将加大 2018 年的招聘需求。目前而言，香港金融服务业呈现了以下三个趋势：趋势1：香港是大陆公司寻求扩张的跳板亚洲虽未能幸免于全球经济增长的放缓浪潮，但香港的金融服务市场已有所调整，整个行业依然前景乐观。华尔街大投行和国际投资银行在面临全球受限之时，受此影响较小的大陆银行、国有企业、私有证券公司和资产管理公司等则正抓住这一时机大量招揽人才。这些公司期望在香港设立基金和并将总部迁入香港，来扩大发展足迹。他们积极寻求合作伙伴来共同投资东南亚等发展中市场和欧美成熟市场，涉及的行业往往包括酒店、快速消费品、零售、矿业、能源和航空。趋势2：长期需求让投资人才转变为买方角色《2017 年大中华区薪资和就业展望》报告显示：大陆的投资银行和资产管理公司已发展成熟，迫切需要企业融资和并购方面的人才来助力扩张海外市场。而在薪酬方面，当人才流动时，我们则没有看到多大的增幅。因为许多人一旦做到高级经理或副总裁级别后，会对长时间工作和忙碌，以及常常不定期的出差感到疲惫，从而希望离开投行。据我们观察，很多投行候选人在出差上花费了大量时间，一个月往往只能在香港待上两三天。因此，大多数人在掌握了投行的专业知识和建立了自己的关系网络后，都会打算转向买方角色。除了会计、合规、运营、市场风险规避和信用风险对冲等传统职位以外，香港市场出现了其他许多虚位以待的热门职位。此外，大陆资产管理公司和证券公司也在招聘具有相关资格的人员来从事证券和期货交易工作，从而提供投资咨询和业务运营等服务。趋势3：临时合同用工成为短期到中期招聘的解决方案值得注意的是，在香港，银行和保险公司等机构对临时工的需求正在日益增长。出于节约成本的考虑，这些公司在招聘长期员工方面越来越谨慎。因为对于长期员工，需要综合考虑薪资，以及福利、医疗保险和人寿保险的总支出。所以，如果公司可以替换长期员工，与像米高蒲志这样的招聘专家合作来招聘合同工，就能够帮助节约成本。合同期限可从几个月到超过一年的自动续约合同不等。其他领域的很多企业也发现合同工很有吸引力，因为它在解决员工问题方面有着更大的灵活性。它提供了一个分配工作的短期解决方案，所以招聘临时员工是一种更具成本效益的解决方案。从长远来看，随着大陆企业的崛起，这三个趋势将重新定义香港金融服务业的人力资源战略和人才竞争，为具有重要专业技能的人员创造更多的就业机会，以及形成一个更具竞争力的市场。 Thu, 23 Nov 2017 17:13:43 +0800 Michael Page 4481