Opinion | Ignoring the potential of women and older workers hurts Hong Kong’s efforts to replenish its talent pool

To replenish its shrinking talent pool, Hong Kong launched a scheme last December to attract a diverse pool of workers from around the world to help the city return to being the global business hub envisioned by Chief Executive John Lee Ka-chiu.

The scheme has been successful in attracting applicants from the mainland. Now, in addition to increasing its efforts to attract talent from elsewhere, Hong Kong should ensure it retains its local talent, especially women and older workers.

The Hong Kong government reports that more than 100,000 applications had been received by the end of June, with an approval rate of more than 60 per cent. Most applicants have been from the mainland, perhaps partly because of high youth unemployment among university graduates there.

This news is encouraging, but it falls short of the original intent to attract talent from countries around the world in addition to the mainland. Hong Kong will be hard pressed to get young talent to come from the US, Britain or Australia, for example, given the intensifying tensions between these countries and China. With these challenges, what can Hong Kong do to get more talented people to work in the city?

There are two pieces of low-hanging fruit to pursue to retain local talent. First, we must remember that Hong Kong experienced strong growth in the 1980s thanks to economic reforms in China and the contribution of many local Hong Kong professionals. Many of those professionals have now retired, but their skills and experience could have helped to strengthen the city’s economy. Therefore, to maintain a stable, productive workforce, the government should extend the mandatory retirement age beyond 65.

In addition, employers should embrace older workers by acknowledging and correcting various biases including ageism and the perception that they cost more and are less adaptive and creative. Firms can address these misconceptions with proactive steps such as offering alternative titles and roles for older people without higher pay and without them feeling they have been demoted.