Hong Kong lacks financial manpower because foreign workers leave

 Hong Kong lacks financial manpower because foreign workers leave

Last year, Tania Sibree quit her job as a financial services lawyer in Hong Kong to return to Australia because she could not stand the draconian epidemic prevention regulations.

Sibree, who has worked in Hong Kong for five years, is one of hundreds, if not thousands, of foreign workers who have left or plan to leave the city. This will threaten Hong Kong's status as a world financial center.

"The isolation policy at the hotel makes it difficult for people to move. Everyone thought the restrictions would be lifted, things would get better and the situation wouldn't last until now," she said.

Hong Kong currently has only 13,000 infections out of 7.4 million people, much lower than most parts of the world. However, this place must comply with China's Zero Covid policy, instead of living with the pandemic.

Victoria Harbor in Hong Kong (China). Photo: Reuters

Victoria Harbor in Hong Kong (China). Photo: Reuters

Strict epidemic prevention measures have been applied for the past two years, and even increased in severity last year. Hong Kong only allows residents to return here and is required to isolate for up to 3 weeks at hotels with people from most other countries, regardless of vaccination status. Isolation costs are borne by the guest.

Yesterday, Hong Kong recorded 140 new infections and there is no sign of the government easing restrictions. This makes foreign workers think about leaving. Banks, wealth management funds and law firms are also facing the possibility of employees resigning after receiving bonuses in the first quarter of the year, Reuters quoted sources familiar with.

In a survey by the American Chamber of Commerce in Hong Kong, more than 40% of members said they might leave. A common reason is restrictions on cross-border movement.

"With the property management industry growing rapidly, there is a shortage of trained human resources. If the movement restrictions are still applied without knowing when to end, the personnel problem will become more and more serious. More," said Tara Joseph, President of the Chamber of Commerce, "Many people in the industry also predict that many positions will be filled by Chinese personnel, starting a major labor shift."

The Hong Kong government is not too concerned about the shortage of manpower. They said dealing with the new pandemic is a top priority, for the benefit of the whole city. Hong Kong also confirmed that it is investing in talent to deal with the possibility of labor loss.

Hong Kong's population decreased by 1.2% between 2020 and mid-2021. More than 75,000 people have left the city. Since September, Hong Kong has recorded more people leaving than moving in for the fifth consecutive month.

Meanwhile, the number of people applying for a visa under "labor policy" fell by a third last year to 10,073. The number of people applying for visas to enter the financial services industry fell by 23%.

"The people who are willing to come here are very senior leaders or very young people without families," said John Mullally, regional director for China and Hong Kong at recruitment agency Robert Walters. When you look at Hong Kong, you see a shrinking financial labor supply."