Human Capital Hong Kong
|✅ Paper Type: Free Essay||✅ Subject: Human Resources|
|✅ Wordcount: 1819 words||✅ Published: 1st Jan 2015|
This report is given an analysis after reading the article “Taking Stock of Hong Kong’s Human Resources” given by lecturer and other related online materials. The scope of analysis include the factors driving Government to develop its Human Capital, the role of Government to increase Hong Kong competitiveness, what kind of human resources are demanded in Hong Kong, pros and cons of talents and mainland professional scheme, and given recommendations of long-term HR strategy to Government.
Part 1: Case Analyses
Principal of Developing Human Capital
The Government has been investing heavily to develop its human capital because of key areas as below:
(1) Economic Restructuring and Transformation
Hong Kong has moved towards a knowledge-based economy since 2003. And, Government pushed value-add industries: finance, logistics, tourism and manufacturing services. Harmony with the restructuring and transformation it is necessary optimizing the specialized skill or labour pools to reinforce the strengths of these four main economic pillars policy.
(2) Competitiveness of Neighbours
The opening marketplace attracts more businesses shift their production cost to Chain or other fall behind countries. It made an aspect of facing out the human resources of non-knowledge skilled labour. Those kinds of people may require retraining programme to get with environmental change.
The rising competitiveness of other countries such as neighboruing ports in Shenzhen. Hong Kong requires knowledge skill person to enhance the logistic workflow for retaining the leading position. Beside, the neighbours also move towards a knowledge-based economy in the meantime, like Macau transform into a comprehensive tourism and service support centre for trade and manufacturing. Hong Kong would stay behind if government did nothing in human capital development.
(3) Socio-Economic Condition
The population characteristics are driving the economic development. Like the increase in foreign domestic helpers did a good turn in female labour growing. Forecasting the future ageing proportion and control the migrant scheme can scope for particular talents. Analyst the group of proportion and specify a suitable HR strategy for each division is vital importance. For example, balance the human resources by matching the projection of manpower demand and supply by educational attainment.
Enhancing Competitiveness by Government
The government proactive boosts the workforce performance and reforms the local human resources through education to meet the market transformation and fulfill the vision of particular economy. Seeking for new opportunities by promoting creative industries and training local citizen possess specialized skills.
Moreover, government ensure the manpower demand and supply can be matched by adopt a multi-pronged strategy – upgrade workforce, improve business environment, embrace new technology and enhance employment opportunities.
Private and Public Sector Coordination
Government set up the human resources policy and work together with the private and public sectors. Encourage tertiary institutions to strive toward the achievements of international standard. Incentives for company investment in training, increase job security by helping their employees develop new skills for adopt the challenges in rapidly changing world.
The government and individuals subsidize or endow the public and private education institutions. The local universities help the public to perform research reports and set up a research institute for invent new products. After that the organizations promote and utilize the new invention. All parties share their human resources for creating a cooperation network.
Demand of Human Resources in Hong Kong
The manpower requirements can be found in population analysis. In article shown the growth in industries of financing, insurance, real estate and business services sector are increased most in economic sector, and community, social and personal services are the second largest sector. Also, the occupation category projected the growth of demand for managers, administrator, professionals and associate professionals.
Admission of Talents and Mainland Professionals Scheme
The government carries out immigration policy can fill in the human capital shortage. The people from different countries formed an internationalization community and commercial centre. It is strengthen the positing of international city. On the other hand, it causes intense competition of local worker take up an occupation. Therefore, it influences the local employment. The contributions of these two schemes are dependence on the classification of talents and professional admission.
Part 2: Recommendations: Long-term Policy of Hong Kong
The long-term policy is vital important for a city to develop a sustainable economic growth. Hong Kong is a large community and its organic entity has life and needs to be sustainable survive by increasing globalizing and competitive environment. The key underpinnings are economic growth, employment, education and immigration scheme, etc.
For economic development, Hong Kong should work closer together with the Pearl River Delta Region (PRDR) and Macau to extend her competitive advantage as the leading financial and trading center in Asia. The government better to evaluate economic trends and adverse it’s political, such as examine the benefits of taking into account the pace of economic integration with the Pearl River Delta.
Human Resources Mobilization
Integrate Hong Kong and PRD in partnership with each other by develop a shared human resources and commitment. Greater the mobility of quality people – Hong Kong talents relocate to the PRD and admit talents from the mainland to connect with the mainland’s business network. It will strengthen the connection between Hong Kong’s and China’s system.
The immigration policy should be review for building talents to contribute to Hong Kong, avoid the people use it as an employment policy tool. Government should recognize the qualification from the mainland universities. Attract the quality mainlanders and best talents around the world to fill in the talents or professional shortage in Hong Kong. In the meanwhile, protect the local workers and ensure the scheme will not reinforce the competition of occupation.
For education, government should review the local education system to match-up the internationalization commerce centre. Like, develop internationalize public examinations or education services exports. It could increase the quality of people with great ability and tremendous potential.
Quality of Life
The quality of life is also important, a reasonable wage is one of factor for motivating the workers to work harder and be more productive. The long working hour but receives a very low wage will constitute lower morale at work. The workers do not have time to rest, take care of his or her family and cover the basic family expenses. It will decrease the working performance, and citizen will have poor purchasing power and deflation will become more serious and bog down the market.
Thus, government has the duty and responsibility to control the minimum wage for protecting the local worker to meet their basic living standards, build up a harmonious community.
Implication on Population
Hong Kong is facing the aging of population and social community problems. Although the childbirth showed slightly increased last year, it cannot cover the future human capitals and aging of population (Figure shown appendix). The government will burden with heavy medical treatment expenses and should be focus on insurance policies.
The main reason of lower childbirth is unstable economic and stress on long time working. Government should ensure the living standards and review the taxation policy to attract more family planning the childbirth. The domestic helper could help the citizen in the middle income level, however, nothing assistance in the lower income level. It is better encouraged private or public sector to create family care business like baby sitter.
The statistics report also projected numerous new arrivals with lower education. In the past few years, there is so much news shown that they cannot adapt the horizontal livelihood. On the other hand, the intense competition leads to increase the living pressure of local citizen. Both segments may require psychology consultations.
Government should address the training needs and encourage the adult of new arrivals to be self-reliance. And invest more on training social workers to solve the social livelihood problem. For relief the mentality pressure of both segments, it better admitting psychology specialist and emphasize the training of mental philosophy.
The role of government and the long-term policy is vital important for Hong Kong to develop a sustainable economic growth. Hong Kong is a large community and its organic entity has life and needs to be sustainable survive by increasing globalizing and competitive environment. The economic growth relies on the residents of a city to develop. Balancing the talents and professional workers is necessary for economic restructuring or transformation. Therefore, government, private sector and public sector should focus on human capital development and investment on education and training.
- Gov.hk Budget Speech, [Online], Available: http://www.budget.gov.hk/2008/eng/speech.html
- Gov.hk Developing Human Capital, [Online], Available: http://www.budget.gov.hk/2008/eng/budget40.html
- Gov.hk THE 2008-09 BUDGET, [Online], Available: http://www.budget.gov.hk/2008/eng/pdf/ebudget.pdf
- HKPRI Economic Recession, Government Policy and Workers’ Welfare, [Online], Available: http://www.hkpri.org.hk/bulletin/7/shtang.html
- HKPRI Macau: Preparing For Sustainable Development, [Online], Available: http://www.hkpri.org.hk/bulletin/13/eric_yeung.html
- IDRC Policies on Ageing and Long-term Care in Hong Kong, [Online], Available: http://www.idrc.ca/en/ev-28474-201-1-DO_TOPIC.html
- Info.gov.hk Press Release – 2005-06 Policy Address by Chief Executive, [Online], Available: http://www.info.gov.hk/gia/general/200510/12/P200510120126.htm [12 Oct 2005]
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