WAR FOR TALENT ACROSS EAST ASIA
Now, more Chinese people are interested in moving to Hong Kong, even if it is for a short-term job, recruitment firm Robert Walters China ’s public administrator Sean Li told CNA.
The compensation is significantly higher in Hong Kong. And to be fair, the working parameters in Hong Kong would be much better than that in China, ” he said.
Nevertheless, he questioned if the workers move is responsible, given that the Chinese house sector, which is now in turmoil, does have its workers back in the future.
Given that the Chinese do no talk Cantonese and English, the two main languages spoken in Hong Kong, they may have an issue with their language.
Yet as Hong Kong courts Chinese workers, China’s working-age community, known as the manufacturer of the world, has been declining for ten years.
This group’s dimensions, according to the Chinese government, may decrease to 700 million by 2050 from 880 million by 2021, a decrease that is greater than Bangladesh’s total population.
” Digital, revolutionary, and complex high-skilled capabilities are still limited. There is a general shortage of front-line technicians such as engineers, electricians, and elderly care workers, ” said Chinese Minister of Human Resources and Social Security Wang Xiaoping, during the country ’s annual Two Lessons sessions last month.
Along with falling birth rates, another East Asian countries are also experiencing a labor shortage.
Japan, Asia’s second-largest market, may face a shortfall of more than 11 million staff by 2040, according to a 2023 research. The nation is in a desperate attempt to bridge the gap, using foreign workers to mobilize computers, and in a desperate hurry.
Next year, South Korea beat its personal record for having the world’s lowest birth rate, reporting 0. 72 birth per person for 2023, over from 0. 78 in 2022. The mostly homogeneous nation has turned to unusual workers as a remedy.
Taiwan has even turned to India for a fresh supply of overseas employees as a result of a worsening labor shortage.