Devoted to the field of Human Resource Management for over 15 years, Janet is an expert in human resource management and administration. Her experience includes the initiation and execution of corporate re-branding, system transformation and company culture revolution.
Shortage of talent produces creative employment strategies
In “2019 Future of Jobs” report by The World Economic Forum, by 2020, 75 million jobs will be displaced in 20 major economies globally, yet technological advancements and new ways of working will create 133 million new jobs.
This exacerbates the problem faced by Hong Kong employers who are already facing considerable challenge in finding suitable talent. Hong Kong has a historically low unemployment rate, currently standing at 2.8% in the first quarter of 2019.
Perhaps more than any other market, Hong Kong employers are constantly searching for new and creative ways to attract employees to ensure continuity and growth. Of course, multiple strategies are required to acquire, employ and engage colleagues.
Perhaps the biggest employment strategy shift came when social media entered the picture, particularly the speed in which it was embraced by the public. This gave businesses a jolt when they realised that social media is not a passing fad, but was here to stay. This also opened the door to new external and internal opportunities.
Particularly for HR, Facebook, LinkedIn and other social platforms became a dream come true, enabling us to move away from the traditional passive approach, towards a more proactive one. We can now reach out to connect, engage, and retain people in a more direct manner.
As people become more reliant on smartphones, HR again adapts by investing in mobile apps and gamification as a means to reach out and engage. Today, virtual reality is being used to demonstrate to new colleagues their new environment, introduce their team members, and even show them where the coffee is, all before they’ve even stepped through the door.
HR professionals must upskill themselves to become more digitally savvy in order to get ahead of the curve. They have to remain relevant and at the same time continuously innovating, in order to remain attractive to the ever-decreasing unemployment rate and tight talent pool.
Talent Acquisition has never been so exciting. Finding talents in Hong Kong relies on so much more than just placing an ad in the paper and hoping for the best. Positive corporate reputation, innovative outreach, engaging communication and other aspects all contribute to the process and is critical for the acquisition of new talents.
Competitions are increasingly being used to attract talent, challenging participants on skills required in today’s business world. The JOS Innovation Awards is designed to inspire, nurture and recognise tertiary students who can contribute to making the world a more efficient and better place to live.
In the past years, the Award has attracted students to demonstrate their critical thinking, enthusiasm and fresh approaches to problem solving; all qualities employers look for but are difficult to identify in the traditional recruitment process.
This year, the theme was “Customer Experience”. Students were invited to identify a problem in the insurance, retail or property sector and find a solution using existing technologies. Every shortlisted team was offered mentoring by business leaders, learning ‘huddles’, insight sessions, cash prizes and, potentially, internship opportunities.
The Awards are an investment in Talent Acquisition, as they provide students with insights about the business world and leave a lasting, positive impression. This is crucial in Hong Kong where employers need to remain creative and current in order to attract and acquire future leaders.
As low employment rates look set to remain, HR needs to be agile and innovative, identifying trends and being proactive in talent outreach.
Only through the constant evolution of creative employment strategies can HR professionals and companies hope to hire Hong Kong’s future leaders and overcome talent pool challenges.