Opinion | Tech knowledge important but Hong Kong’s advantage is in soft skills

Hong Kong has repeatedly found itself in cycles of change and adaptation. Recent years have struck economic blows and the world we face looks quite different to what it was 10, or even five, years ago.

We will come through stronger but there needs to be a focus on talent development and soft skills, such as problem-solving, collaborative working, creativity and cultural intelligence, to enable the city’s connector role which will lead to our collective success.

Hong Kong has often been described as a bridge between the East and the West, including by myself. The city rightly has a hard-earned reputation for bringing together leading institutions within the highest levels of business support structures with an unrivalled understanding of and reach in China.

But this bridging role has changed. Firstly, the focus has shifted from purely East and West to include Southeast Asia and the Middle East. Secondly, the direction of travel has pivoted and there is more emphasis on proactively engaging with these international markets rather than purely enabling inbound flows.

The role that Hong Kong plays is not just as a springboard into and out of mainland China, providing the services, support and financing that companies require. Our city now needs to be a platform for discussion and market leadership, where ideas are formed and problems solved. We have much to offer in terms of experience and insight, and we need to go out with confidence about the value we can add.

To do this successfully, the city needs to be truly international, which I believe means having both an outward-looking perspective among businesses and diversity in the workplace. This goes beyond a statistical diversity and is more about having a mindset and approach that arises from being internationally aware.

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John Lee’s uphill battle to secure Hong Kong’s future | Talking Post with Yonden Lhatoo

John Lee’s uphill battle to secure Hong Kong’s future | Talking Post with Yonden Lhatoo

Putting Hong Kong in the best place to achieve this and become a forum for discussion will require the business and educational communities to work together to offer the best training and development opportunities. Individuals need to have the right knowledge on trending industries and the right skills to engage globally as our new bridging role will require a combination of curiosity and innovation. Hong Kong’s vibrancy as a business centre cannot be taken for granted.

According to the 2024 IMD World Competitiveness Ranking, Hong Kong has ascended to the fifth position. But it’s important to note that there are challenges ahead, one of which is in manpower supply. The government recognises this and is putting in measures, but it also needs the private sector to play its part and work with the young talent just starting out in the workforce.

The acceleration of generative AI and quantum computing means predicting needs that will require the assessing of global technological information. One thing I am certain enough to predict is that we will see a sweeping need for knowledge and skills, the absence of which will restrict progress.

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How a Hong Kong school embraces ChatGPT in the classroom

How a Hong Kong school embraces ChatGPT in the classroom

The rise of Hong Kong’s public universities in the latest QS World University Rankings reflects the strength of the teaching here and the provision of training in hard skills. But the scramble to keep up with the knowledge needed in emerging technologies must not be to the detriment of the attention paid to softer skills and to the promotion of the ability to share ideas, collaborate and solve problems.

That companies give students access to the right training early on is important. Internships are highly prized and competitions such as the Asia-Pacific Business Case Competition, jointly organised by HSBC and the University of Hong Kong, give students real-life challenges to work on.

There are many such initiatives, and they should be encouraged and supported as they act as the bridge of skills development in the transition from university to the workplace.

Knowledge is important but hard to achieve in developing technologies. This makes the development of soft skills paramount. Unlike specialised expertise which can be less transferable, soft skills can be applied across a range of domains, providing the versatility that is now a necessity.

It is vital that we nurture a workforce with these characteristics, leveraging Hong Kong’s strengths and bringing an innovative approach, including to other markets around the world.

People walk along the corridor at the campus of the University of Hong Kong on June 19. HKU rose to 17th place in the 2024 QS World University Rankings, its best showing to date. The rise of Hong Kong’s public universities in the latest rankings reflects the strength of the teaching here and the provision of training in hard skills. Photo: Elson Li

We must have the mindset of continued investment in education and skills development, both for the workforce and the students coming through. The World Economic Forum’s “Future of Jobs Report 2023” found that 60 per cent of workers globally will require training before 2027 but only half had access to adequate training. We must ensure such a dynamic does not take hold in Hong Kong.

We must strive for the latest knowledge and understanding but not forget the skills that will allow us to apply these. Employers need to value the soft skills in graduates and young talent, while recognising that knowledge can be obtained.

Such a culture will permeate throughout the workforce and attract top overseas talent to benefit from this system. If we can achieve this, we will have an enviable talent pool that will go a long way towards ensuring that Hong Kong remains a bridging international finance centre that thrives on collaboration.

Peter Wong is chairman of the Hongkong and Shanghai Banking Corporation Limited and the Hongkong Bank Foundation

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