We all have experienced frustration on how Covid-19 has changed our way of living and doing business.
The economic downturn has become a game changer with issues such as business re-structuring and company downsizing becoming the norm. The traditional 9-5 working model has changed the traditional office to working from home with flexi-hour, cutting overseas trips, and numerous Zoom meetings. This change in structure has caused numerous job losses but at the same time, generated great demand for talents who are experienced and adaptable. This is the time when the recruiting game needs to be more dynamic and innovative!
After the outbreak and the on-going migration wave, we anticipate more challenges with talent supply and the strategy going forward is to be more flexible and innovative with recruiting strategies.
While companies across all industries restructure themselves, career opportunities arise for people who are willing to step-up and take on the responsibilities to multitask and assume different roles within the same company. This requires individual self-development and a positive attitude, as they help to break through challenges and make financial gains. Candidates with the courage to venture into new ground and perform well are invaluable assets to the organization. Since most of these talents were not trained in "old school ways", they may not be bounded by traditional industry norms; hence they have more freedom to be creative and innovative in driving new solutions to boost company performance.
Self-development is on the rise because it can:
- improve employees’ skills and help the company handle changes effectively
- increase productivity and enhance efficiency
- maximize employees’ value within the organization and earn higher chances of getting promoted
According to the Census 2021, the Hong Kong aged population is growing fast with the estimation of more than half a million people between the age of 65-69 years old. This implies that we have an existing pool of mature talents who are educated, experienced, skilled, resourceful and may be willing to re-enter into the workforce at competitive package. They will leverage their experience and connections to maintain competitiveness and add value to the company as mentors helping groom the younger generation of talents. By merging the two generations together, we may just create the ideal combination of traditional wisdom and innovative thinking. Being an established player in the job market, Gemini have made connections with these pools of experienced talent and we like to present this as a potential recruiting solution for companies with immediate recruiting needs. Interim management contracts can be set up for varying periods without the burden of adding to permanent headcount.
According to Census 2021, 54% of the entire population in Hong Kong is women but they only occupy 29% of management positions (Hong Kong Women In Figures 2019) and only 12.4% of the directorship of Hang Seng Index companies (MSCI Women on Boards Progress Report 2019). Female labour force participation rate in Hong Kong 2020, is 54.16%, compared to 70% in Australia, 73.82% in Macau and 77.44% in Singapore (The World Bank), Hong Kong is lagging behind our neighbours.
We believe a gender diversity policy within the organization will not only increase the labour participation rate, but employers can also widen the potential talent pool with multiple perspectives; improve company’s reputation and earn greater profitability*.
Outsourcing and offshoring
Because of a limited supply of qualified local workers, employers have experimented with outsourcing to save money. Online technology, for instance, is giving employers flexibility to hire remote workers globally. Though this may be a cost-effective tool, the biggest challenge with offshore hiring remains staff management, quality control and retention. Gemini have delivered an effective solution, identifying young qualified talents from abroad, especially in the Greater China region and Southeast Asia, who are willing to relocate for a better career growth plan to fill in the gap.
*According to McKinsey 2019 analysis report, companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability than companies in the fourth quartile—up from 21 percent in 2017 and 15 percent in 2014.