FSDC releases publication “Nurturing the Young Talents of Today for Hong Kong’s Financial Services Industry of Tomorrow”
24 Aug 2023
Hong Kong, 24 August 2023 – The Financial Services Development Council (FSDC) today released a research report titled “Nurturing the Young Talents of Today for Hong Kong’s Financial Services Industry of Tomorrow”.
Talent has been the backbone of Hong Kong’s success as an international financial centre. As a continuum of efforts in driving human capital development for the financial services industry, FSDC conducted a study to probe into the evolving talent landscape, current hiring trends, as well as the readiness of local young talents and aspiring financial professionals for employment within the industry. Through a literature review, interviews, and focus group discussions with senior finance leaders and university career service personnel, alongside a survey with university students and young industry practitioners, the report identifies measures to cultivate the talent pipeline to support the industry’s future growth.
“The dynamic market landscape, propelled by globalisation and technological advancements, is reshaping the requisite competencies in our field. Coupled with the younger generation's evolving career aspirations, this presents a unique set of challenges. It becomes indispensable for employers in financial services to innovate their strategies for talent cultivation, equipping their workforce to adapt to these changing roles.” said Laurence Li, the Chairman of the FSDC. “Hong Kong's financial services sector stands on the cusp of a significant growth opportunity, with the Greater Bay Area offering untapped talent and capital. A proactive stance on talent development is key to harnessing this opportunity.” He concluded by reaffirming Hong Kong's position as a regional talent hub, "Our commitment to nurturing a strong pool of skilled professionals can underpin the continued growth and prosperity of Hong Kong's financial services industry."
The report, grounded in extensive stakeholder engagements, offers recommendations that aim to better equip local tertiary students and aspiring professionals for successful careers within the financial services industry. These key considerations include: i) adding soft skills training as an elective or foundational subject for university and secondary students; ii) fostering a growth mindset which can be done through giving talents a taste of real-life working environment. The Government to consider setting aside a budget for a Career Tasting Programme to be administered by a designated organisation, which will arrange company visits to financial institutions in Hong Kong and other GBA cities; iii) the Government to provide – or to coordinate efforts among key industry players to provide – scholarship for students with diverse backgrounds to study abroad; iv) the Government to design and/ or sponsor a programme aimed at diversifying student pool, with a particular focus on attracting students from international markets; v) the Government to dedicate specific efforts towards promoting Hong Kong’s universities, as well as internship/ job opportunities for young professionals; and vi) GBA campuses of Hong Kong universities to work closely with Hong Kong stakeholders in programme construction.
The full version of the report can be downloaded from the FSDC website: www.fsdc.org.hk.