Hong Kong talent scheme’s success cannot be taken for granted
- A recruitment fair has highlighted concerns about Hong Kong’s high cost of living and the language barrier. These must be addressed if the city is to attract the world’s best
The aggressive trawl for global talent by the government was touted as a lifeline for Hong Kong’s worrying brain drain and floundering economy.
But it seems that many who have arrived under a new admission scheme are still looking for their lifebuoy in the unsettled job market, as reflected in a recent news report on a recruitment fair. The effectiveness of the policy must not be taken for granted.
The crowded scene at the event held by the Hong Kong Top Talent Services Association is telling in itself. The good news is that more than 3,000 job offers from 348 companies in banking, insurance and technology were up for grabs, with monthly salaries ranging from HK$25,000 to HK$100,000.
But jobseekers told the Post that there were still hurdles to overcome, referring to employers’ preference for proficiency in Cantonese and the city’s high cost of living.
When the government swung open the door in late 2022 amid an ongoing exodus fuelled by the Covid-battered economy and changing political environment, hopes were high that the Top Talent Pass Scheme could help the city regain its footing for a faster recovery.
Language barrier, living costs pose hurdles to mainland talent eyeing Hong Kong
While the numbers – 70,000 applications so far – are impressive, the actual economic and social dividends remain a subject of debate.
Officials continue to paint a rosy picture. Among the policy’s 55,000 successful applicants, more than 40,000 have already arrived.
But while the HK$50,000 median monthly income of those recruited under the scheme is more than double the amount locals are earning, it is considerably lower than the bar set for applicants – an annual income of HK$2.5 million at present or a degree from one of the world’s top 100 universities on top of at least three years of work experience over the past five years.
The fact that mainland Chinese account for some 90 per cent of the approvals also raises questions about diversity. Whether Hong Kong makes greener pastures for others depends on many factors.
Some mainlanders said they were drawn by the higher salaries and better job prospects here, while others were impressed by the city’s international appeal and gender equality.
But problems like the high cost of living and language barrier are still casting a shadow. The city needs to address these concerns and make itself more appealing if it is to attract the world’s best.
