A latest survey found that some 40 percent of companies were losing skilled workers left and right due to the recent emigration wave and urged the government to revise its policies regularly to ensure the city remains an attractive place for workers.

The Hong Kong General Chamber of Commerce conducted the survey between January 10 and 21 and collected the response from 220 companies.

A total of 38 percent of respondents said they had been adversely affected by the loss of emigrating workers to varying degrees, ranging from “medium” at 24 percent, “high” at 12 percent, to “very high” at two percent.

Although 58 percent of respondents indicated that they expect the emigration-induced turnover rate to stabilize in 2022, some 35 percent of respondents were less optimistic and anticipated more skills shortages.

“The loss in talent spans a broad range of skills, from engineering and technical services, to finance and accounting, to information technology,” according to the Chamber.

The survey showed that the two most dominant age groups leaving Hong Kong are those aged between 30 and 39, and between 40 and 49.

It also noted that middle management and first-level management were the two groups more likely to depart compared to those in rank and file as well as senior management in terms of organizational hierarchy.

Among the large companies, 61 percent opted to “strengthen succession planning and recruitment efforts” and 51 percent said they would “increase automation and digitalization.” In contrast, only 28 percent and 35 percent of small and medium enterprises said they make similar investments respectively.

At the same time, big corporations were prepared to up their budgets with 39 percent and 37 percent of them considering “increasing pay and benefits” and “retention planning” respectively. The corresponding response by small and medium enterprises were 13 percent and 11 percent respectively.

Chairman of the chamber Peter Wong Tung-shun said Hong Kong's loss in its highly skilled workforce is becoming more concerning especially in the face of an aging population.

“Hong Kong is facing an exodus of educated workers on a scale not seen since the early 1990s and this will have a material knock-on impact on the economy.

“The global competition for talent is already acute and Hong Kong cannot afford to lose the race to attract and retain talent. To stem the tide of departing workers, it is essential that the government regularly review its policies to ensure that Hong Kong remains an attractive place to live, work, study and raise a family,” Wong continued.

Click here for the survey results by the Hong Kong General Chamber of Commerce.