2022 has seen increased challenges for hiring in Asia’s key financial services markets of Hong Kong and Singapore. With Covid-19 restrictions and reduced appeal of Hong Kong as a financial centre, Hong Kong is seeing an exodus of both local and expat talent to international destinations.

Many firms expected to be able to shift roles from Hong Kong to Singapore, however Singapore’s policy to support local hiring is making these types of moves challenging where expats are involved. 1200 companies are on a government watch list for suspected non-fair hiring practices and the number of work passes issued are at the lowest since 2010. 

So what can organisations do to address this ongoing challenge?

1) Have a more flexible approach to assessment and fit to traditional hiring profiles – can a candidate with a 60-70% fit from a non-traditional background be trained to become a successful employee?

2) Focus on mid to long term strategy to grow local talent and reduce reliance on expats – this will require organisations to invest in programmes for early and mid careers hiring

3) Challenge the need for resources to be based in particular locations. The pandemic has shown us that remote working is possible and organisations that can embrace these new ways of working will have access to a broader range of talent, not limited by geography 

Stricter visa requirements, hiring restrictions and other bureaucratic road blocks mean that the influx of bankers into Singapore from Hong Kong in recent months has been more of a trickle than a flood.

https://www.bloomberg.com/news/articles/2022-04-21/expat-bankers-fleeing-hong-kong-see-no-easy-escape-to-singapore