Besides the vibrant nightlife, advanced infrastructure and unique cultural blend, Hong Kong is also seen as a gateway to world markets, thus making Hong Kong the choice destination for many expats and multinational companies within the tech, finance, and advertising industry. The arrival and establishment of such companies created ample job opportunities for expats --- thus, attracting expats to move to Hong Kong.
In this article, we will take a look at everything you need to know about moving to Hong Kong as an expat. This article will go over all the practical and essential details such as visas and work permits, the requirements to apply for visas and work permits, accommodations, healthcare, transportation, education and lifestyle.
When we move and live somewhere new, there are bound to be challenges such as understanding the rules and regulations of the country or place, and getting used to the lifestyle and culture --- and Hong Kong is no exception.
If you are curious about how many people are currently living in Hong Kong, according to the official statistics by Hong Kong’s Census and Statistics Department, there are 7.3 million people as of 2022’s year-end.
Living expenses in Hong Kong will depend on your marital status and a few other circumstances. If you are single, the cost of living will be low, but if you are already married and bringing along your spouse and children, the cost of living will be higher.
Besides that, you will also need to consider your choice of transportation mode. Will you be driving or taking public transportation? If it's the former, then your total cost of living in Hong Kong will be expensive because as reported by South China Morning Post, the fuel price in Hong Kong is soaring currently. However, if you choose the latter, it will depend on the public transportation you will take and how you pay for them, which we will cover more in the transportation section of this article.
Another reason to use public transportation as your main mode of travelling around Hong Kong is to save on car park fees. Car park fees in Hong Kong can be expensive, especially if your car overstayed its park time. So to save up, it is better to use public transportation as your main mode of travelling around Hong Kong, they are fast, efficient and wallet-friendly.
Finally, you will need to take into account other expenses such as groceries, whether you cook or takeaways, healthcare and how often you shop for personal items such as clothing, etc. Each will add up to your cost of living in Hong Kong, and the total amount depends on whether you are single or married. However, we included the summary and rough estimate for the cost of living in Hong Kong, courtesy of Numbeo:
Thankfully, some government-linked organisations with the likes of Hong Kong Science and Technology Parks Corporation offer subsidised co-living spaces that can help affluent professionals to reduce their rental costs.
Being one of Asia’s leading tech and financial hubs, Hong Kong offers ample job opportunities to expats, especially in the tech, medical and finance sectors. To further attract and support talent in the mentioned sectors, Hong Kong’s government set up a public corporation called HKSTP in 2001 to encourage innovation and to support talent in the tech, medical and finance sectors. Since its establishment, HKSTP has launched several initiatives such as Hong Kong Science Park and Innocell, as a show of support to talent efforts in advancing and innovating Hong Kong’s technology.
But before you can even move and work in Hong Kong, you will need to apply for visas that match your present circumstances.
So, if you are moving to Hong Kong for work, you will need to apply for a work visa under the General Employment Policy (GEP) and submit the application form personally or by mail.
However, a visa under GEP is only issued for a certain period of time and you will need to have an already confirmed job offer to apply for it as you need someone to sponsor you.
However, if you are a professional about to establish or join a business in Hong Kong, you may apply for GEP - Entrepreneur visa. The application is the same as GEP - Professional visa but with a slightly different key requirement.
TTPS is a visa to attract professionals with experience and good academic qualifications from all over the world to explore career opportunities and developments in Hong Kong. Unlike other work visas, TTPS visa applicants are not required to have a confirmed job offer in Hong Kong at the time of application.
TTPS holders may be granted a 24 months stay on time limitation only without needing to meet other conditions of stay in Hong Kong as outlined by Hong Kong’s Immigration Department.
TechTAS is a fast-track arrangement for eligible companies to bring in non-local tech talent to undertake research and development in Hong Kong. However, all eligible companies must first apply for a quota, they will then be provided with a quota by the Innovation and Technology Commission (ITC). The provided quota can sponsor eligible non-local tech talent to apply for an employment visa within 24 months of the quota validity period.
For more detailed information on the application process, eligibility criteria and required documents, you may visit the official page via this link.
If you are married and plan to bring along your spouse, you can apply for the Dependent visa option. The Dependent visa can only be applied by immediate family members (spouse/unmarried children under 18) of a foreign national that has a valid Hong Kong visa for employment, investment, training or study in Hong Kong or a permanent resident in Hong Kong.
If more than one immediate family is applying for the Dependent visa, then each family member fills out a separate application and all applications must be sponsored by the principal visa holder.
There is also an extra visa category option for expats moving to Hong Kong as an investor that will be joining a company and wants to establish their own business. This visa category's main requirement is proof that the business you will be investing in or establishing in Hong Kong will be able to make a substantial contribution to Hong Kong’s economy.
Just like the work visa, you will need a sponsor to validate and help set up your business in Hong Kong. Your sponsor must meet the following requirements:
If all of the above requirements are met, you visit the official page to download forms ID999A (for yourself) and ID999B (for your sponsor).
Besides meeting the eligibility criteria, you will need to have and submit the following documents:
Once you have entered Hong Kong on a valid visa, and then decided to stay longer than 180 days, you must apply for a non-resident Hong Kong identity card. There are no specific requirements to be fulfilled or fees to pay, you just need to register within 30 days of your arrival in Hong Kong. The card will be issued to you for free.
The card will function as a storage for personal information and as a fast-lane immigration clearance at Hong Kong’s borders and it also can serve as a library card for Hong Kong’s public libraries.
There is also a Permanent Resident Hong Kong ID should you decide to stay in Hong Kong indefinitely. Permanent Hong Kong ID will grant its holder the right to settle in, thus granting its holder resident benefits such as to vote in an election and remain in the country.
Though the requirement to apply for Hong Kong Permanent Resident ID is quite simple, it will take quite a bit of time to be fulfilled. The requirement is that you must have lived in Hong Kong territories continuously for seven years. There are also other two requirements, both requirements can be met easily and quickly;
For more detailed information on both types of permanent residence permits, you may visit Hong Kong’s Immigration Department's official web page.
For complete and detailed requirements and steps on how to apply for visas and passes mentioned in this section, you may visit the official website by clicking on this link.
If you’re planning to settle in Hong Kong for a long time, then you will want to know about the current real estate price in Hong Kong. So that you can make the best decision that suits your financial situation. Below we have shared brief information and news on Hong Kong’s current real estate market situation.
A report made by Mansion Global said that Hong Kong’s real estate price is expected to perk up this year, thus ranking Hong Kong’s real estate price as one of the most expensive in the world. So you will need to budget and consider carefully the type of accommodation that you want to rent in Hong Kong, especially if you move to Hong Kong along with your family.
You can check out the average price comparison percentage in this article Cost of Living in Hong Kong section. We also have included a link to Numbeo’s comparison index page here to help you get a more detailed insight.
In Hong Kong, most real estate landlords use a standard government lease. But, the landlords are allowed to add their clauses. So you must read the contract thoroughly, to avoid any hidden charges or conditions that can set you back financially or legally.
The rental period in Hong Kong is generally two years, with a clause break after one year.
Two or three months' worth of rent will be required for the security deposit. The deposit will be returned once tenants have successfully and properly vacated the property.
Utility bills are rarely included in the monthly rental fee, so you will have to calculate and budget this on your own. The total costs vary depending on the amount of usage and the service provider you will subscribe to.
If you have the means and are interested in purchasing a real estate property in Hong Kong, you will need to have permanent resident status, which as mentioned in the above section, will take seven continuous years before you can apply and receive permanent resident status in Hong Kong. Without permanent resident status, it will be difficult for you to purchase a real estate property in Hong Kong. Additionally, most Hong Kong banks are reluctant to offer housing loans to those without a long-term good financial record track in Hong Kong.
Also, as we had mentioned above, Hong Kong’s real estate price is expected to perk back up this year after its 15.6% decline from last year. The evidence for this claim is that in January this year, the existing home index rose 2 points (0.6%) from last December to 336.1, indicating the largest increase since April 2022. This growth is expected to continue to pick up for the rest of this year, with some predicting a “v-shaped” recovery as a result of a steady influx of buyers and investors rekindling the transactions.
However, as we have mentioned, you have the option to rent a real-estate property which will be cheaper and has far more lax requirements and procedures. This is especially true if you are moving to Hong Kong along with family members, it’ll be much cheaper to rent a house and since the procedure to rent a house is simpler, you can get it done quickly and have a place ready for you and your family by the time you arrive in Hong Kong.
Of course, when you have just moved or are about to move to somewhere new, you will be completely unfamiliar with how things work or the best housing area or apartment complex; despite having researched the latter subject in advance.
So, opting for a real estate agency is the most efficient method to secure accommodation in Hong Kong, ensuring significant time savings and the ability to find a place that perfectly matches your needs. It is important to note that agent fees are applicable. Fortunately, finding a real estate agent online is a hassle-free process, and many agency offices are conveniently situated near popular residential complexes.
To further help smoothen your accommodation hunt in Hong Kong, we have listed several top online property search sites in Hong Kong for you to check out:
However, if you are an IT Professional expat planning to move to Hong Kong, you can leverage the housing initiative recently launched by HKSTP.
This housing initiative by HKSTP is called Innocell, a seventeen-storey co-living and co-working space that allows its residents to commune, collaborate and connect with the community. At Innocell, instead of the traditional clock-in and clock-out, successful applicants will be granted the right to accommodation on-site; work and live in the same area. At Innocell, residents will have access to various facilities such as a dedicated gym, gaming consoles, kitchens, outdoor areas, band rooms and seating, spread between the seven-storey building.
So, if you are an expat moving to Hong Kong as an IT professional, you can apply for admission to Innocell on HKSTP official page.
There are two choices available within Hong Kong's healthcare system: public healthcare and private medical care. If you decide to go for public healthcare, there is no need for Hong Kong’s private healthcare insurance, because Hong Kong’s government provides free or low-cost public healthcare services that are accessible to the public. However, if you opt for the private healthcare system, then it is crucial to have adequate private medical insurance, as expenses can become significantly expensive.
In Hong Kong, public health insurance operates differently. Individuals are not required to make any financial contributions to access it. The government extends healthcare coverage to all individuals, regardless of their status, with minimal to no charges. This inclusive system encompasses not only Hong Kong citizens and permanent residents but also extends to non-permanent residents. As a result, once you arrive in Hong Kong with a valid visa and obtain your Hong Kong ID card, you automatically qualify for public healthcare benefits.
Hong Kong’s public healthcare is administered jointly by the Hong Kong Department of Health and the Hospital Authority. To increase healthcare efficiency, all of Hong Kong’s clinics, doctors, and medical staff are organised into regional clusters. Hence, each district will be able to provide a medical specialise to care for its residents.
However, there is one thing that Hong Kong’s public healthcare doesn’t cover, which is dental care. Only in case of emergency, you will be entitled to use and access Hong Kong’s public dentist and dental care services.
The charges for using and accessing public healthcare services in Hong Kong are very affordable. For example, a visit to a public outpatient clinic will only cost nominal fees, approximately HK$50 for a general practitioner's consultation, HK$100 for a specialist appointment, and it will cost only around HK$60 for subsequent follow-ups. As for medicines, a minimal fee of HK$10 is applicable for any prescribed medications.
Hospitalisation in a regular ward at a public hospital will cost around HK$100 per day, with an admission fee of HK$50.
Private health insurance in Hong Kong follows a similar structure to global standards, providing healthcare coverage for individuals without access to public healthcare and those seeking more extensive medical services.
The current practice among expats working in Hong Kong is to leverage benefits from employer-provided medical insurance plans, covering both the employees and their families. The Hong Kong government typically grants visas to expats on the condition that their employers furnish them with healthcare coverage. This prerequisite serves the purpose of preventing individuals from becoming too reliant on the public healthcare system and avoiding additional burdens on public healthcare.
The pricing for health insurance in Hong Kong is typically influenced by several factors, such as your age, medical conditions, the provider, and a few other factors. For example, for an individual around 30 years old, the average cost for a health insurance plan can range between HK$2,000 and HK$25,000, and this also will depend on the specific details of your personal insurance coverage.
The Food and Health Bureau of Hong Kong has established the Voluntary Health Insurance Scheme (VHIS) initiative as a means to provide a better understanding of the local healthcare insurance market. Companies can choose to submit their insurance policies for certification according to specified standards. All eligible and approved policies will be showcased on the VHIS website, providing customers with the opportunity to compare and evaluate their options, ultimately enabling them to select the most suitable one.
The health insurance plans must include the following coverage:
In addition, the scheme also offers guaranteed insurance renewal until the age of one hundred years old, without lifetime benefit limits, and a cooling off period of twenty days, during which customers can cancel their policy and expect a full refund of their premiums. The transparency and accessibility of scheme information are ensured.
We also mentioned earlier in this article that fuel prices in Hong Kong are currently soaring, so it is more affordable to rely on Hong Kong's advanced public transportation system. There are five different modes of public transportation in Hong Kong’s public transportation system:
People choose taxis for their convenience, efficiency, and accessibility. Taxis provide door-to-door service, navigate the city's road network swiftly, and are available throughout the city, making them a popular choice for both locals and tourists. Taxis are particularly useful for reaching less serviced areas and offer a comfortable and private transportation experience. While taxi fares in Hong Kong are considered affordable compared to other major cities, they are more expensive than public transportation options like buses or the MTR. However, the cost is generally reasonable for shorter distances or group travel.
People choose buses and minibusses as a common mode of transportation due to their extensive coverage, affordability, and convenience. Buses provide a comprehensive network that reaches various neighborhoods, including areas that may not be easily accessible by other means. They offer a cost-effective option (ranging from HK$4.50 to HK$47 depending on your destination) for daily commuting and traveling longer distances.
Mini buses, on the other hand, are smaller vehicles that operate on fixed routes and provide a more flexible and faster alternative. They are particularly useful for reaching specific destinations within neighborhoods. The cost of buses and minibusses in Hong Kong is relatively low, with fares varying based on the distance traveled. The exact fare can be paid in cash or with the Octopus card, a rechargeable smart card widely used for public transportation in Hong Kong.
People in Hong Kong take the Tramway, also known as the "Ding Ding," for its unique charm, historical significance, and affordability. The Tramway runs along the northern coast of Hong Kong Island, offering a leisurely and nostalgic way to traverse the city. Passengers can enjoy the iconic double-decker trams, which provide an excellent vantage point for sightseeing, taking in the bustling streets, vibrant neighborhoods, and local life. The Tramway has a flat fare structure (HK$1.3 to HK$3), making it a cost-effective option for both locals and tourists. The Tramway's affordability, distinctive experience, and scenic route make it a popular choice for those looking to explore the city in a unique and budget-friendly manner.
For a more detailed look at the Tramway route, you may visit the official page and view the interactive route map to help you get the bearing on the tram route map.
The Star Ferry, operating since 1898, is an iconic and affordable mode of transportation between Hong Kong Island and the Kowloon Peninsula. It is also one of the best ways to enjoy the beautiful view of Victoria Harbour and the dazzling Hong Kong skyline. The ferry has two decks, the upper deck providing the best views and fresh air while the lower deck is a more economical option. The operation hour is from 6.30AM to 11.30AM
The Mass Transit Railway (MTR) is the preferred and highly convenient mode of public transportation in Hong Kong. It efficiently connects various regions, including Hong Kong Island, Kowloon, the New Territories, and Lantau Island. With an extensive network of ten lines, the MTR system boasts over 70 stations and operates from 6AM to 1AM.
To access and pay for all the listed modes of public transportation, you will need to be a holder of the Octopus Card. The Octopus Card is a prepaid electron card dedicated to functioning as a payment for public transportation systems in Hong Kong. Fares for all public transportation modes can be paid for using the Octopus Card.
In Hong Kong, education is funded by the government, and students attending public schools can receive free education from primary to senior secondary school, covering 12 years from ages 6 through 18. Public schools make up the majority of educational institutions in Hong Kong, with some being operated by charitable or religious organisations. Hence, you will be able to find a lot of Catholic or Protestant schools in Hong Kong.
In recent years, significant transformations have taken place within the Hong Kong school system. Before this, Hong Kong’s education system was known for its fierce competition, however, reforms were implemented to reduce the pressure on students. As a result, the compulsory primary and junior secondary school exams have been removed from the curriculum. Despite these changes, the culture of high expectations and demanding standards remains, causing a lot of students to experience mental stress and burden.
Alongside the local public schools, there’s also the well-regarded private school system in Hong Kong that includes numerous international schools. Parents of expats’ children often choose international schools due to their more Westernised educational approach. However, nowadays these schools are now steadily gaining popularity among local Chinese students and parents too.
Below we have listed several top international schools in Hong Kong for you to check out:
International schools typically start their academic year in August. To ensure your child secures a place at the international school of your choice, it is advisable to begin the application process one year in advance.Each international school has its specific admission requirements, so it is important to directly contact the school of your choice.
The advantage of enrolling your child in an international school is the smaller class sizes compared to local public schools, as a result, the environment is less competitive. However, international school fees can be quite costly. International school tuition fees can range from HK$100,000 to HK$200,000 or more per year, depending on the specific school and grade level.
Hong Kong has always been famous for its unique cultural blend where the East meets the West, which brings about a sense of familiarity to those just moving to Hong Kong from the West. As a result, expats can expect to see a unique blend of local Chinese customs and sprinkles of Western cultures as well. To be specific, it is a sophisticated mix of Confucian and British ethics and cultures.
Of course, besides the unique cultural blend, Hong Kong is also known for its vibrant nightlife, making it a hotbed for adults to meet, socialise and seek entertainment after a long day at work or during the weekends. Check out some of the notable nightlife hotspots in Hong Kong from Klook’s latest list
If you are looking for more family-friendly entertainment and attraction, Hong Kong has plenty of it as well.
The communication languages commonly used in Hong Kong are English and Cantonese. About 54% of people in Hong Kong speak English, 95% of them speak Cantonese, and 49% of the locals can speak Mandarin.
Also, to ensure you will not offend the locals while interacting with them; the social norms in Hong Kong are that you may stand close to each other while talking but must refrain from making physical contact --- unless you are in a close relationship and familiar with the locals you are interacting with. In addition, social interactions such as small talk and greetings are not a common practice. So, don’t be taken aback you experience such situations.
Another crucial piece of information to know is that the locals would call themselves Hong Kongers. So be sure to address other locals as such when interacting with local Hong Kongers. Hong Kongers are often described as culturally sophisticated, intelligent, fun-loving, hard-working, broody, and adept at operating in both the Western and Eastern worlds. On top of that, most Hong Kongers have a more traditional mindset and mindset compared to Westerners.
Hong Kong offers a unique blend of vibrant nightlife, advanced infrastructure, and diverse culture, making it an attractive destination for expats and multinational companies. The city serves as a gateway to world markets, providing ample job opportunities in industries such as tech, finance, and advertising. However, moving to Hong Kong as an expat comes with its challenges, including understanding the rules and regulations, adapting to the lifestyle and culture, and considering the cost of living.
In short, moving to Hong Kong as an expat offers numerous opportunities but comes with considerations such as visa applications, cost of living, accommodation, and healthcare choices. With proper planning and understanding of the requirements, expats can enjoy the vibrant city and its cultural diversity.
If you are interested in exploring the offerings of the Hong Kong tech hub firsthand, you should check out GRIT and HKSTP career networking events organised specifically for tech talent like yourself.
This event serves as a platform to not only explore deeper into Hong Kong's thriving tech scene but also connect with professionals who share your interests and industry leaders from well-known companies such as Lalamove, Fano Labs, Aerosim, and more. This is the opportunity to expand your professional network, gain valuable insights from experts, and potentially elevate your tech career to new heights.
Don't hesitate to register now and become an integral part of the dynamic tech hub in Asia.
To learn more about the event or register based on your current location, please refer to the details below:
Hong Kong has positioned itself as a thriving hub for technology and innovation, presenting abundant opportunities for companies and entrepreneurs seeking to make their mark in the tech industry. With a strategic location, robust infrastructure, and a supportive ecosystem, the city offers a unique blend of advantages that foster technological advancements, attract investment, and nurture talent.
One such example would be the growing fintech industry in Hong Kong where it is home to a whopping 800 fintech companies, up from 180 companies five years ago. It shows how fintech innovation is fueled by a collaborative effort between the government, industry players, and financial institutions. The government's proactive approach in revitalizing the fintech landscape has resulted in the implementation of forward-thinking initiatives and regulatory reforms. The Hong Kong Monetary Authority (HKMA) has spearheaded programs such as the Fintech Supervisory Sandbox and the Faster Payment System, providing a conducive environment for fintech experimentation while ensuring consumer protection. These initiatives have not only attracted established fintech players but have also paved the way for startups to flourish and disrupt the financial services sector.
In parallel, Hong Kong has also emerged as an attractive destination for tech companies beyond the fintech sphere. The city's robust tech ecosystem, epitomized by institutions like Hong Kong Science Park and Cyberport, plays a pivotal role in nurturing innovation and driving technological advancements across various sectors. Hong Kong Science Park, located in the New Territories, provides cutting-edge facilities, resources, and sector-specific programs to support tech companies and startups in areas such as biotechnology, electronics, green technology, information technology, and material and precision engineering.. Meanwhile, Cyberport, situated in the southern part of Hong Kong Island, focuses on digital tech innovation, including fintech, e-commerce, digital entertainment, and cybersecurity, creating an environment conducive to entrepreneurial success.
This dynamic tech ecosystem is further bolstered by the Hong Kong government's commitment to fostering innovation and attracting investment. The government's initiatives, such as the Innovation and Technology Fund (ITF) and the Innovation and Technology Venture Fund (ITVF), actively promote private sector investment in tech startups, providing crucial financial support and venture capital. Moreover, the government has implemented programs to attract and retain tech talent, including the Top Talent Pass Scheme (TTPS) and Technology Talent Admission Scheme (TechTAS), which streamlines visa applications for overseas tech professionals. The convergence of Hong Kong's robust tech ecosystem has created unparalleled opportunities for companies and talent seeking to advance on the city's tech prowess.
Amidst Hong Kong's flourishing tech ecosystem, a myriad of exciting opportunities awaits professionals seeking rewarding careers in the ever-expanding tech industry. As the city cements its position as a global hub for technological innovation, the demand for skilled individuals with expertise in cutting-edge technologies continues to soar. From artificial intelligence and data analytics to cybersecurity and software development, Hong Kong offers a fertile ground for tech enthusiasts to thrive and contribute to groundbreaking projects.
Hong Kong's rapid growth as a regional innovation and technology hub has resulted in a significant demand for software engineers. As the city strives to lead in sectors like fintech and digital transformation, software engineers play a crucial role in developing and maintaining software applications and platforms.
The increasing adoption of cloud computing, artificial intelligence, data analytics, and cybersecurity further amplifies the need for skilled software engineers in Hong Kong. Additionally, established companies undergoing digital transformations require software engineers to optimize systems and develop innovative solutions. The continuous evolution of technology ensures that the demand for software engineers in Hong Kong will remain strong as the city continues to pursue its technological ambitions.
As Hong Kong businesses recognize the benefits of cloud computing, there is a growing demand for cloud computing professionals to support this transition. The adoption of cloud technologies offers businesses greater flexibility, scalability, and cost efficiency. Factors driving businesses in Hong Kong to embrace the cloud include the need for digital transformation, agility, and improved customer experience.
To successfully implement and leverage cloud solutions, organizations require skilled cloud computing professionals who can design and implement cloud strategies tailored to their specific needs. These professionals play a crucial role in helping businesses migrate their data and applications to the cloud, ensuring seamless integration, data security, and regulatory compliance. Moreover, cloud computing professionals are instrumental in optimizing cloud infrastructure, managing workloads, and implementing cloud-based services to enable businesses to scale and adapt to changing market demands. The increasing demand for cloud computing professionals in Hong Kong is a direct response to the growing recognition of cloud technology as a catalyst for business growth and innovation.
AI and robotics play a pivotal role in driving Hong Kong’s technological advancements and fostering economic growth. The adoption of AI and robotics technologies in sectors such as healthcare, finance, logistics, and manufacturing is expected to bring numerous benefits, including increased efficiency, productivity, and enhanced customer experiences.
With the rise of AI and robotics in Hong Kong, there is a significant demand for professionals skilled in these domains, driving a strong hiring need for talent with expertise in AI algorithms, machine learning, computer vision, and robotics engineering. These professionals are crucial for developing AI-driven solutions, designing and programming robotic systems, and implementing automation technologies across industries. Their contributions are vital in driving innovation, optimizing business processes, and creating new opportunities in the emerging AI and robotics market.
The demand for data services in Hong Kong is soaring as businesses recognize the critical role of data in their operations. According to industry reports, the global big data market is projected to reach a value of $273.4 billion by 2026, with Asia Pacific being a key growth region. Hong Kong, as a prominent financial and technological hub in the region, is well-positioned to capitalize on this trend. In recent years, the Hong Kong government has committed over HK$100 billion of funding support for various aspects of I&T, including the development of robust I&T infrastructure, fostering research and development (R&D) activities, attracting and nurturing talent, providing support for enterprises, and promoting re-industrialization initiatives.
A study conducted by LinkedIn revealed that data-related roles, such as data scientists and data engineers, are among the top emerging jobs in Hong Kong. Companies across various industries, including finance, e-commerce, and logistics, are actively recruiting talent with expertise in big data analytics and data-driven decision-making.
Moreover, Hong Kong's strategic location, robust infrastructure, and strong legal framework provide a favorable environment for data services. The city boasts world-class data centers and connectivity infrastructure, attracting international companies to establish their data operations in Hong Kong. This further contributes to the growing demand for data professionals in the job market.
The importance of cybersecurity cannot be overstated in today's digital landscape. With the increasing digitization of economic and operational sectors in Hong Kong, organizations are becoming more vulnerable to data breaches and cyber-attacks. This has led to a surge in market demand for robust cybersecurity services and solutions.
According to a market research report by Technovio, the Hong Kong cybersecurity market is projected to grow at a CAGR of 13.43% over the forecast period (2022-2027). This highlights the critical need for effective cybersecurity measures in the country. The Hong Kong Computer Emergency Response Team (HKCERT) has emphasized the significant information security concerns in areas such as Metaverse security, Non-fungible tokens (NFT), cryptocurrencies, supply chain assaults, and targeted cyber-attacks. These factors contribute to the growing importance of cybersecurity in safeguarding sensitive data and digital assets.
To address the rising cybersecurity threats, companies in Hong Kong are introducing new security products and services to ensure a safe and secure experience for their customers. This has resulted in a sharp increase in the demand for cybersecurity professionals. Job opportunities in infrastructure and IT security fields have expanded, with various job titles and responsibilities available depending on regulatory and legal obligations.
The demand for digital marketing professionals in Hong Kong has surged in recent years, driven by the rapid growth of e-commerce, social media, and digital advertising. Businesses are increasingly investing in online marketing strategies to enhance their online presence and engage their target audience effectively. Roles such as digital marketing managers, social media specialists, SEO experts, content creators, and data analysts are in high demand as companies strive to stay competitive in the digital landscape.
Hong Kong's digital economy and the government's initiatives to promote innovation and technology have also contributed to the growing demand for digital marketing talent. The rise of startups and digital ventures in the city has created opportunities for professionals skilled in building brands, acquiring customers, and driving business growth through digital channels. As businesses prioritize digital transformation and online customer engagement, the demand for digital marketing professionals is expected to continue rising in Hong Kong.
In the vibrant landscape of Hong Kong's tech industry, numerous companies are experiencing remarkable growth and seeking top talent to fuel their expansion. From software and e-commerce giants to trailblazers in AI and robotics and more, these organizations are on a hiring spree, creating exciting opportunities for professionals in the city. With a strong emphasis on digital transformation, technological innovation, and a dynamic business environment, Hong Kong has become a magnet for tech companies that are actively scaling up their operations and attracting top talent.
As a global leader in e-commerce, Alibaba has a strong presence in Hong Kong and continues to expand its operations in the region. The company offers various platforms and services, including e-commerce, cloud computing, digital entertainment, and more.
JD.com has been expanding its presence in Hong Kong. The company operates an online marketplace and provides logistics and technology solutions to support e-commerce operations.
HKTV Mall is a popular local e-commerce platform in Hong Kong. It offers a wide range of products and services and has been experiencing rapid growth in recent years, leading to increased hiring.
Lalamove, an on-demand delivery technology company, revolutionizes the delivery experience by providing fast and reliable services worldwide. With a presence in 11 markets across Asia and Latin America, Lalamove connects users and drivers through user-friendly mobile and web apps, enabling efficient deliveries of various sizes using a diverse range of vehicles. As a homegrown unicorn startup in Hong Kong, Lalamove takes pride in its dedicated and driven team, comprised of passionate and talented individuals.
FreightAmigo is a leading digital supply chain finance platform that transforms logistics through its innovative TradeTech ecosystem. By combining artificial intelligence, big data, FreightTech, FinTech, InsurTech, and GreenTech, FreightAmigo offers seamless logistics, real-time tracking, and efficient cash flow management. With a regional presence in Hong Kong, mainland China, and Singapore, FreightAmigo is expanding globally to provide holistic and cost-effective delivery solutions across air, sea, rail, and express services.
Spaceship, a dynamic tech startup established in 2019, revolutionizes global logistics to enhance efficiency in worldwide commerce. With a vast network of 20+ carriers spanning across numerous regions, Spaceship ensures comprehensive coverage for deliveries worldwide. Notably, Spaceship successfully secured USD 6 million in pre-A round funding in 2022, garnering support from prominent investors such as 500 Global, Paragon Venture, HKSTP, ParticleX, and others.
Zeek, established in 2017 and rebranded in 2019, is a dynamic and intelligent last-mile logistics platform. Their comprehensive suite of services includes crowdsourced delivery, Software-as-a-Service (SaaS) business solutions, and last-mile delivery solutions for international food and beverage brands, fast-moving consumer goods, lifestyle services, and e-commerce platforms.
Known for its lifelike humanoid robots, Hanson Robotics is a Hong Kong-based company that combines robotics and AI to create intelligent machines capable of social interactions.
As one of the world's most valuable AI unicorns, SenseTime specializes in computer vision and deep learning technologies. The company provides AI solutions across industries, including finance, healthcare, retail, and more.
Rokid focuses on developing smart home devices and AI-powered technologies. Their products include smart speakers, augmented reality glasses, and robot companions, showcasing their expertise in AI and robotics. In the fintech sector, Hong Kong is a thriving hub with numerous companies driving innovation and hiring talent.
Fano Labs is a prominent AI company based in Hong Kong specializing in natural language processing and speech recognition technologies. Their innovative solutions enable machines to understand and process human language more effectively, finding applications in customer service, call centers, chatbots, and voice assistants
As an affiliate of Alibaba Group, Ant Group is a leading fintech company that offers a wide range of digital financial services, including mobile payments, wealth management, and digital banking solutions.
WeLab is a fintech company that specializes in providing online lending and virtual banking services. They leverage AI and big data analytics to deliver personalized financial solutions to individuals and businesses.
TNG Wallet is a popular digital wallet and payment platform in Hong Kong. The company provides convenient mobile payment solutions and has been expanding its services to include other financial products. These are just a few examples of companies in Hong Kong's software and e-commerce, AI and robotics, and fintech sectors that are experiencing growth and actively seeking talent. The list is not exhaustive, as there are many other innovative and fast-growing companies in these industries in Hong Kong.
Clustertech is a leading big data and analytics company in Hong Kong, specializing in providing advanced data analytics, AI, and machine learning solutions. They work with clients across various industries, including finance, healthcare, and logistics, to harness the power of big data and extract valuable insights.
Oddup, the leading startup ratings and analysis company, provides valuable insights and data to help investors navigate the ICO, cryptocurrency, and venture capital landscape. With extensive analysis of thousands of startups, investors, ICOs, cryptocurrencies, sectors, and locations, Oddup identifies potential winners and offers informed investment decisions. By considering factors like the competitive landscape and investor influences, Oddup's comprehensive analysis empowers investors to track historical performance and make better investment decisions.
UDomain is a leading cloud service provider that offers scalable and secure infrastructure solutions. They specialize in helping businesses manage and analyze large volumes of data by providing robust data storage, processing, and analytics capabilities.
Prenetics is a leading genomics and precision oncology company, transforming patient care through advanced genomic and molecular technologies. With a focus on precision oncology, particularly in early detection and treatment, Prenetics is dedicated to improving patient outcomes. Prenetics, listed on NASDAQ as PRE, is driving forward precision oncology to make a meaningful impact in the field of cancer treatment.
The Laboratory of Data Discovery for Health (D²4H) is a pioneering entity based in Hong Kong, spearheaded by The University of Hong Kong (HKU) and supported by global healthcare leaders. D²4H aims to bridge the gap in healthcare technology by curating extensive data resources and developing advanced analytics for precision medicine. With collaborations from esteemed institutions worldwide, D²4H strives to revolutionize global public health and individual healthcare outcomes through cutting-edge research and potential commercialization. Operating as a company incorporated by HKU, D²4H is at the forefront of driving innovation in the healthcare sector.
HKG Epitherapeutics Ltd., established in 2016 by Prof. Moshe Szyf, a renowned pioneer in Epigenetics, is dedicated to unlocking the vast potential of this rapidly evolving field. The company strives to make a significant impact on healthcare through tests, prevention, and early treatment for common diseases like cancer. By leveraging the science of Epigenetics, specifically DNA Methylation, they are aiming to improve the well-being, quality of life, and healthy aging of diverse populations globally. Additionally, they support researchers in advancing the clinical study of Epigenetics by offering cutting-edge DNA methylation analysis services.
PHASE Scientiﬁc, a high-growth biotech company headquartered in Hong Kong, is revolutionizing healthcare with its mission to inspire a new state of health. Through their proprietary technology, PHASIFY™, they are redefining the gold standard of diagnostics by enabling faster and more precise detection of target molecules. With a focus on cancer and infectious diseases, PHASE Scientiﬁc aims to make diagnostics more affordable, accessible, and accurate, ultimately supporting individuals in every step of their integrated healthcare journey. Their innovative approach has the potential to transform the way we detect and treat diseases, paving the way for a healthier future.
Hong Kong's tech job market is flourishing, backed by government support, rapid industry growth, and a wide range of job opportunities across various tech roles. It is an exciting time for tech professionals to be part of Hong Kong's dynamic and vibrant tech ecosystem.
Also, if you are interested in exploring the offerings of Hong Kong's tech hub, there is an exclusive career networking event being organized by GRIT and HKSTP; catered to top tech talent like yourself.
This event presents a unique opportunity for you to discover Hong Kong's thriving tech scene and connect with experts in the industry and the opportunity to interact with industry leaders from renowned tech companies such as Lalamove, Fano Labs, Aerosim, Huawei, and more.
By participating in this event, you will have the chance to expand your professional network, discover new and valuable insights from experts, as well as the opportunity to expand your tech career. Don't miss out on this exciting opportunity to be part of Asia's dynamic tech hub. To learn more about the event or register based on your current location, please proceed below.
Hong Kong is not only a food lover's paradise, a shopper's dream destination, and a tourist hotspot; it's also a thriving tech hub in Asia that's worth exploring. With strong government support for innovation, world-class universities, and a strategic location, Hong Kong's tech scene has been growing rapidly in recent years. Whether you're a seasoned tech professional or a fresh graduate with a passion for technology, Hong Kong offers a wide range of career opportunities that you shouldn't miss.
In this article, we'll introduce you to the key industries in Hong Kong's tech scene, discuss the necessary qualifications, skills, and experiences required for each industry, and provide some practical tips for job seekers who are considering a career in Hong Kong's tech industry.
With Hong Kong's status as a global financial centre, it's no surprise that fintech is one of the most prominent industries in the city's tech scene. Fintech startups in Hong Kong are disrupting the traditional banking and financial services industry, offering innovative solutions for payment, investment, insurance, and more.
Another industry that's booming in Hong Kong's tech scene is logistics technology or logtech. With the city's strategic location as a gateway to China and the rest of the world, logtech companies in Hong Kong are leveraging technology to improve the efficiency and sustainability of supply chain management, transportation, and warehousing.
The rise of e-commerce has transformed the retail industry, and Hong Kong is no exception. E-commerce startups in Hong Kong are providing consumers with more convenient, personalized, and affordable ways to shop online, from fashion and beauty to groceries and electronics.
As one of the most promising technologies of the 21st century, artificial intelligence (AI) and machine learning (ML) are attracting a lot of attention in Hong Kong's tech scene. AI and ML startups in Hong Kong are developing solutions for a wide range of applications, from natural language processing and computer vision to predictive analytics and autonomous vehicles.
With the explosion of data in the digital age, big data has become a crucial element in business decision-making. Big data startups in Hong Kong are using advanced analytics tools and techniques to help companies make sense of their data, extract valuable insights, and improve their operations.
Last but not least, the rise of Web3 and cryptocurrencies has created new opportunities and challenges for Hong Kong's tech scene. Web3 and crypto startups in Hong Kong are exploring the potential of blockchain technology, decentralized finance (DeFi), non-fungible tokens (NFTs), and other emerging technologies.
To work in Hong Kong's tech scene, you'll need to have the necessary qualifications, skills, and experiences required for each industry. Here are some general requirements and considerations to keep in mind:
In the tech industry, having a strong educational background is often seen as a key factor in securing a job and advancing in your career. In Hong Kong's tech scene, a bachelor's degree in computer science, engineering, mathematics, or a related field is typically the minimum requirement for most tech jobs.
A degree in computer science, for example, can provide you with a broad range of knowledge and skills in programming languages, algorithms, data structures, operating systems, and software engineering. This foundational knowledge can be applied to many different areas of tech, from developing mobile apps to designing cloud-based systems.
Similarly, a degree in engineering, such as electrical or mechanical engineering, can be valuable in industries that rely on hardware and physical systems, such as robotics, manufacturing, and transportation. These degrees provide students with a strong foundation in physics, math, and design principles that are essential for developing and improving technology in these fields.
For jobs in data science, big data, and artificial intelligence, a degree in mathematics or statistics can be beneficial. These degrees provide a deep understanding of mathematical concepts such as calculus, linear algebra, and probability, which are used to build predictive models and algorithms.
While a bachelor's degree is often the minimum requirement for most tech jobs in Hong Kong, having a master's or a Ph.D. can be beneficial for more specialized roles, such as research and development or academia. These advanced degrees can provide students with a deeper understanding of a particular area of technology and can open up opportunities for higher-level positions with greater responsibility and higher pay.
In addition to formal education, there are many opportunities for students and professionals to learn new skills and expand their knowledge through online courses, coding boot camps, and other training programs. These programs can be a great way to develop new skills quickly and stay up-to-date with the latest technologies and trends in the industry.
Depending on the industry and the job function, you'll need to have a range of technical and soft skills, such as programming languages, data analysis, project management, communication, and teamwork.
Here are some of the most important technical skills for tech jobs in Hong Kong:
Data analysis: The ability to analyze and interpret data is becoming increasingly important in many tech roles. Familiarity with tools and techniques such as SQL, R, and Excel can help you make sense of data and draw insights that can inform business decisions.
Cloud computing: With the growing demand for scalable, flexible, and cost-effective infrastructure, cloud computing skills are highly sought after in Hong Kong's tech industry. Familiarity with platforms such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud can be beneficial.
Cybersecurity: As cyber threats become more sophisticated and frequent, cybersecurity skills are in high demand. Knowledge of network security, threat detection, and risk management can help you secure critical data and systems.
DevOps: DevOps is a set of practices that combines software development and IT operations to enable faster and more reliable software delivery. Skills in tools such as Docker, Kubernetes, and Jenkins can help you streamline development and deployment processes.
In addition to technical skills, there are also a range of soft skills that are highly valued in Hong Kong's tech industry. These include:
Communication: The ability to communicate effectively with colleagues, stakeholders, and customers is essential for success in any industry, and tech is no exception. Clear and concise communication can help you build trust, resolve conflicts, and collaborate effectively.
Problem-solving: Tech jobs often involve solving complex problems and overcoming technical challenges. Being able to approach problems systematically and creatively can help you find innovative solutions and make a positive impact.
Teamwork: Collaboration and teamwork are important in tech jobs that involve working with cross-functional teams. Being able to work effectively with others, share ideas, and contribute to a positive team culture is essential.
Adaptability: The tech industry is constantly evolving, and being able to adapt to new technologies and trends is important. Being open-minded, flexible, and willing to learn can help you stay relevant and competitive in the industry.
Time management: Tech jobs often involve juggling multiple projects and deadlines. Being able to prioritize tasks, manage your time effectively, and deliver high-quality work on time is important.
Many tech jobs in Hong Kong require prior work experience, especially for mid to senior-level positions. Internships, apprenticeships, and volunteer work can also help you gain relevant experience and build your network.
Here are some of the key factors to consider when it comes to work experience in Hong Kong's tech industry:
Internships: Internships are a great way to gain practical experience and make valuable connections in the industry. Many companies in Hong Kong offer internships to students and recent graduates, and these opportunities can provide a stepping stone to a full-time job.
Volunteer work: Volunteering your time and skills to non-profit organizations or community projects can also be a way to gain relevant experience and make a positive impact. For example, volunteering to help develop a website or app for a charity can demonstrate your technical skills and commitment to social causes.
Apprenticeships: Apprenticeships are similar to internships but are often more structured and longer-term. Apprenticeships provide hands-on training and mentorship, allowing you to learn from experienced professionals while gaining practical experience.
In addition to having work experience, it's also important to have a track record of achievement and impact. Employers are often interested in candidates who have demonstrated the ability to solve problems, deliver results, and make a positive impact on their teams and organizations.
If you are not a Hong Kong citizen, you'll need to obtain a visa and a work permit to work legally in the city. The type of visa and work permit you need depends on your job function, your employer, and your nationality. You can check the Hong Kong Immigration Department's website for more information and guidance.
English is widely spoken and used in Hong Kong's tech scene, but Cantonese is also a valuable language to know, especially for customer-facing roles and dealing with local partners and vendors. Mandarin is also becoming more important as China's influence in the tech industry grows.
If you're considering a career in Hong Kong's tech industry, here are some practical tips to help you succeed:
To wrap things up, Hong Kong's tech scene offers a wealth of career opportunities for tech professionals who are passionate about innovation, creativity, and collaboration. From fintech and logtech to e-commerce, AI and ML, big data, and Web3 & crypto, there's something for everyone in Hong Kong's tech industry.
To succeed in Hong Kong's tech scene, you'll need to have the necessary qualifications, skills, and experiences, as well as a willingness to network, stay up-to-date, be flexible, and use resources and tools. So why not consider Hong Kong's tech scene for your next career move? With its vibrant culture, dynamic economy, and strategic location, Hong Kong may just be the perfect place to fulfill your tech dreams.
If you are interested to explore more about the thriving tech scene in Hong Kong and how exploring a tech career in Hong Kong can be beneficial for you in the long run, GRIT & HKSTP have joined forces to bring Hong Kong to you in a career networking event on 30th May 2023 in Singapore and 1st June 2023 in Kuala Lumpur! Learn more about the event or register for the event based on your current location below:
Over the past decades, Asia has seen and experienced a significant technological transformation and growth, and there is potential for more.
Tech industry capability in Asia truly shone during the Covid-19 pandemic; from mobile app-based track and trace to using robots to enforce health safety. Besides healthcare and safety, there are three other areas where Asia has a high share of both startup investment and strong patents; mobile devices (mobile applications and games), artificial intelligence (machine learning, etc.) and the Internet of Things (IoT). In addition, McKinsey Global Institute (MGI) made a survey in 2020 and looked at 33 companies, and found that Asia has built a strong startup investment and Intellectual Property (IP) creation.
On top of that, the Asia region continues to see more unicorns appear as technology develops and enables businesses in Asia to expand their reach. It was in 2014 when the Asia region saw an explosion of unicorns and by 2016 there were a total of 60 unicorns in Asia. And according to a report by Nikkei Asia, Asia has a cumulative amount of 321 unicorns as of late July last year.
In short, Asia has positioned itself well and set itself up for strong growth potential, despite multiple disruptions such as supply chain disruption, inflation, etc. that have occurred over the last two years due to the Covid-19 pandemic.
In essence, tech hubs are a space or a region with a high density of startup companies located in and become a part of the economic infrastructure of the community or area. Tech hubs are also the place where things happen and move faster; a place where product and ideation can be streamlined.
Tech hubs exist to educate new and encourage new talent to adopt new ways of thinking by providing them with a space where tech businesses can experience accelerated business growth, which in turn will contribute to the region’s economy. Besides polishing new talent, tech hubs also offer seminars, workshops and mentorship programmes to current talent, so that they can equip themselves with the appropriate skills and connect experts to expand their career network.
Tech Hubs Main Focus
Thanks to its prime location; in the heart of fast-growing Asia and well-developed infrastructure, Singapore has become one of the leading tech hubs in Asia; attracting talent from across the globe to contribute to the Republic’s tech industry growth. Thanks to Singapore’s unique position between East and West, the country is attracting over 600 investors and 200 incubators and accelerators.
According to the Economist Intelligence Unit's Asia Digital Transformation Index, Singapore was ranked in fourth place for digital infrastructure, after Denmark, the United States and Sweden, leading Asia’s ranking.
Singapore offers pro-business policies and environments; absorbs bank loans up to 70%, and grants to support training and building capabilities for research and innovation. On top of that, Singapore has fully streamlined and digitised the procedure for registering a company --- it only takes 15 minutes to register and approximately 1.5 days to set up a business. Furthermore, there are also various state and government-linked initiatives such as the Smart Nation Singapore programme and the Grants for Innovation to provide support for tech startups.
Also, according to a report from Deal Street, Singapore is the home to 25 unicorn companies. One of the unicorn companies is Grab, the renowned e-hailing service and one of the first unicorn companies in Singapore.
Currently, Singapore is invested in researching and developing communication technologies with a focus on 5G and the nationwide adoption of artificial intelligence (AI).
Hong Kong offers not only a geostrategic location that is close to some of Asia’s boom markets such as Mainland China, but it also offers a dynamic startup ecosystem, world-class infrastructure and a pro-business environment. As proof, Hong Kong consistently ranks within the top 10 for digital readiness, as reported by IMD.
Hong Kong provides a great and encouraging business environment for startup companies because of how easy it is to register and set up a business there. Besides easy business registration, Hong Kong also offers free economy and trade --- which means any business established and based in Hong Kong has permission to have a bank account anywhere without any restriction from the Hong Kong government.
Another perk that Hong Kong offers as a tech hub is that the government provides various support and initiatives for Hong Kong’s tech industry such as Hong Kong Science Park and Cyberport. The Hong Kong Science Park is managed by HKSTP, a statutory body set up by the HKSAR Government in 2001. As the largest R&D area and leading innovative ecosystem in Hong Kong, HKSTP is home to more than 1,100 enterprises and 17,000 innovators. With state-of-the-art facilities and support services for tech companies, startups, and research institutions, the high-tech hub fosters collaboration, nurtures talent, and drives technological advancements, contributing to the region's economic development and global competitiveness.
Apart from the R&D of artificial intelligence, which is currently the hottest trend, HKSTP also has another focus - healthcare technology. As a key driver of the biotechnology scene, the Hong Kong Science Park provides ample support from laboratory space to research facilities to funding opportunities, sparking innovation in medical devices, diagnostics, therapeutics, and personal care, as well as regenerative and traditional Chinese medicine. Some life-saving technology innovation spearheaded at HKSTP includes Phase and Biotheus, two pioneering healthcare startups with the aim of improving the health of humankind.
Besides Hong Kong Science Park, there is also another thriving digital community and area in Hong Kong; the Cyberport. The Cyberport is an innovative digital community and is currently the base of operation for over 1,900 startups and tech companies. Much like Hong Kong Science Park, Cyberport is managed by Hong Kong Cyberport Management Company Limited, a corporation wholly owned by the Hong Kong Government. Cyberport's main focus is to facilitate the growth of trending modern technology such as FinTech, smart living, digital entertainment and cyber security. Besides facilitating modern technology growth, Cyberport also aims to cultivate new talent and enhance current talent skills through various programmes and resources.
Cyberport’s potential to help grow Hong Kong’s tech industry has attracted 187 investments and 728 incubatees to join and choose Cyberport as their development and investment ground.
Tokyo is one of the biggest and most populous cities in Japan and the economic centre of Japan and has always been considered Japan’s hub for technology, business and innovation. Tokyo's current startup scene and ecosystem are booming; according to Startup Genome’s ranking, Tokyo ranks in 12th place. The current booming startup scene and ecosystem is the result of the Tokyo Government’s coordinated efforts in response to the acceleration of digital technology.
One of the efforts is an initiative launched in 2020, called Tokyo Consortium. Currently, Tokyo Consortium is moving as a leading member of Tokyo’s startup community made up of more than 270 leading companies, investors, incubators, universities and the government. There is also another initiative by the Tokyo Metropolitan Government called Global Innovations with Startups. The programme aims to build an encouraging startup environment and to attract overseas venture capital and accelerators to transform Tokyo into one of the most startup-friendly cities in the world.
Besides being the home to giant tech and engineering companies such as Sony, Mizuho, Honda, SoftBank, Mitsubishi and Toyota; there are currently over 1,200 startups in the city and the startup ecosystem is valued at $62 billion, with the most rapidly growing sectors being robotics, SaaS, Fintech and consumer services. There are already a few successful startup tech companies in Tokyo such as SIVA, Cogent Lab, PlayBrain, Visual Alpha and dotData.
With the emergence of the mentioned successful startups, Tokyo has become an ever-growing innovation centre with an advanced and efficient system. On top of that, sustainability and energy security are also the top priorities in Tokyo; making the city a great place for startups to establish a foothold.
The Korean tech hub and startup scene are centred around Seoul. With the recent announcement and showcase at CES 2023 by the Seoul Metropolitan Government (SMG) and its partner Seoul Business Agency (SBA), coupled with Seoul's recent jump in ranking to 4th place for Digital City Index 2022 as reported by The Economist Impact’s whitepaper — Seoul has positioned itself a potential tech hub and a city ripe for early stage startups. Because of that, Seoul is currently home to 39 incubators and accelerators and attracted 296 venture capital funds as of December last year.
This showcase is a display of Seoul's determination to become a haven for startup companies and to transform Seoul into one of the world’s leading startup and tech hubs. Though Seoul is already home to several successful tech companies such as PlusLab, LG, Oracle, and more; Seoul’s mayor --- Mayor Oh Se-hoon stated he plans to attract and bring in more foreign companies through the Invest Seoul programme for the aforementioned reasons. To further solidify Seoul’s efforts in transforming into a tech startup hub, the mayor also mentioned he plans to open a second FinTech Lab and a digital financial support centre to support FinTech startups in Korea. Aside from FinTech, Seoul is currently focusing on 6 other major industrial clusters; Biotechnology, AI and Big Data, Fintech, Robott, and IoT.
Besides the various government-backed programmes, Seoul also has a dedicated main tech hub, another Korean Government initiative to transform Seoul into a startup haven and tech hub; The Pangyo Techno Valley. Pangyo Techno Valley was built in 2012 as a Korean hub of innovation, similar to Silicon Valley. Currently, there are over 1,700 companies in Pangyo Techno Valley and 92% of them are tech companies. The current combined revenue is over $100 billion, marking Seoul’s Pangyo Techno Valley as a potential tech hub for tech startups to develop and establish their business.
The Zhongguancun Science Park, also known as China's Silicon Valley, has outlined ambitious plans for the growth of its digital economy in the next five years. The park's management committee has released a roadmap to achieve an average annual growth rate of at least 15% and a total income of over 6 trillion yuan (approximately $917 billion) by 2025.
The park has already demonstrated strong performance, with year-on-year revenue growth of 16.3% from January to October of the current year, reaching 2.56 trillion yuan. This growth has been driven by significant developments in various sectors, such as Internet applications for medical services, education, and offices. As a testament to this strong and ambitious development, Beijing placed itself in 5th place for Digital Readiness Cities Index 2022, reported by The Economist Impact.
Moving forward, the Zhongguancun Science Park aims to make breakthroughs in core and applicable technologies, provide support to digital economy enterprises, and advance industrial innovation. It will focus on enhancing innovation and the application of key sectors, including AI, big data, blockchain, and the Internet of Things (IoT). These areas are crucial for driving digital transformation and fostering the integration of the digital economy. The said aims have managed to attract and convince 34 incubators and accelerators to choose Beijing as their development ground.
By emphasising innovation and the utilisation of cutting-edge technologies, the park aims to solidify its position as a leading hub for technological development and entrepreneurship. The growth targets outlined in the roadmap reflect the park's commitment to driving economic growth through digitalisation and fostering an ecosystem conducive to innovation and industrial advancement.
Zhongguancun Science Park is also home to many world-renowned tech companies such as AMD, Google, Intel, Sony and Oracle Corporation. Further solidifying its status as Asia emerging tech hub.
Also, besides Zhongguancun Science Park, Beijing is home to 2 other tech and science research and development zones; Huairou Science City, and Future Science City. The three zones form and establish a world-class scientific platform.
Beijing also has another active initiative going on currently, the Beijing E-Town initiative. Beijing E-Town was launched to provide support to leading industries such as automotive, science, digital technology, etc. Aside from providing support, Beijing E-Town also aims to draw in foreign investment by attracting more industry-leading companies and unicorns and boosting China’s Free Trade Zone (FTZ). As of December last year, Beijing has 344 venture capitals investment. Signalling that Beijing has the potential to become one of Asia’s leading tech and startup hubs.
Since the 1980s, Taiwan has consistently strengthened itself to position itself as Asia’s leading tech hub. To ensure it won’t lag behind, the island nation launched a government-linked initiative called Taiwan Tech Arena (TTA).
Located in the Taipei Arena, the Taiwan Tech Area (TTA) is a specialised hub for technology innovation and entrepreneurship. Its mission is to establish itself as the preeminent tech-focused ecosystem in Asia, by facilitating collaboration and innovation among Taiwanese and international startups. TTA fosters an environment that cultivates entrepreneurship and encourages the exchange of ideas and expertise within the tech industry. This initiative has placed Taiwan in 11th place on IMD Digital Competitiveness Ranking 2022.
Funded by the Ministry of Science and Technology (MoST), TTA provides a co-working space that features 250 desks, 22 meeting rooms, and a mix of social and event spaces - an ideal launchpad for startups in the tech industry. TTA's immersive programs accelerate the growth of more than 100 startups each year. Moreover, it serves as a platform not only for startups to network with one another but also for investors seeking investment opportunities.
Other than TTA, there is another initiative to provide support for startups; Invest Taipei. This initiative was launched by the Taipei City Government's Department of Economic Development to provide assistance and support to both domestic and foreign companies or entrepreneurs by providing them with an understanding of Taipei’s business environment, including related policies and legislation. Thanks to this initiative, there are currently 26 incubators in the Taipei City startup hub. As a result, Taipei has become home to several successful startup techs companies such as KKDay, TXOne, Blocto, Vpon, and WOO.
Besides TTA and Invest Taipei, Taiwan also has another initiative programme to help build and develop the startup ecosystem in Taiwan. That initiative is called Taiwan Startup Stadium (TTS), the leading startup ecosystem builder in Taiwan. TTS was established in 2015, but it has already supported over 230 startups through a network of more than 120 mentors, 500 investors, and 30 corporations. TSS's primary objective is to foster strong connections among its member startups and forge partnerships with local and international entities, including international accelerators, conferences, partners, and corporate organisations.
Hong Kong's tech hub is a thriving ecosystem that has gained recognition as a major player in the tech industry. The city's strategic location, highly skilled workforce, and business-friendly policies have made it an ideal destination for startups and established companies alike. The key tech industries in Hong Kong include fintech, e-commerce, and logistics, as well as renowned companies such as Tencent and Alibaba, have contributed significantly to Hong Kong's growing tech sector.
Some of the advantages of working in Hong Kong's tech hub are access to a highly skilled talent pool, diverse funding opportunities, and supportive government policies that facilitate business growth. Hong Kong also serves as a gateway to the Chinese market, offering unparalleled access to a vast consumer base.
Compared to other tech hubs in Asia, Hong Kong stands out for its unique blend of Chinese and Western cultures, highly efficient infrastructure, and proximity to other major Asian markets. As a result, the city makes for an attractive destination for entrepreneurs looking to expand their business in Asia.
In addition to its unique culture, strategic location and highly efficient infrastructure, Hong Kong also offers various programmes and resources to support tech startups such as HKSTP's Hong Kong Science Park and Cyberport.
Hong Kong’s thriving tech hub is a testament to the city's ability to innovate and adapt to the ever-changing tech landscape. As the tech industry continues to evolve, Hong Kong's tech hub is poised to play an even more significant role in shaping the future of the industry in Asia and beyond.
Looking to discover more about what Hong Kong tech hub has to offer? GRIT and HKSTP are hosting a career networking event for top tech talent like you to not only learn more about Hong Kong’s thriving tech scene but also connect with like minded professionals and top industry leaders from companies like Lalamove, Fano Labs, Huawei, Aerosim, Centre for Artificial Intelligence and Robotics (CAIR) Hong Kong Institute of Science & Innovation Chinese Academy of Sciences, and more. This is an opportunity you don't want to miss to expand your network, gain valuable insights from experts, and potentially take your tech career to the next level. Register now and be part of the exciting tech hub in Asia. Learn more about the event or register for the event based on your current location below:
Hong Kong, located on the southern coast of China, this bustling and vibrant metropolis captures the hearts of its visitors with its unique blend of Western and Eastern cultures. Hong Kong has long been regarded as one of the world’s top and leading business and financial hubs. Besides the unique cultural blend and being a leading business hub, Hong Kong also offers sights that are no less amazing. From the impressive and dizzying heights of Victoria Peak to the vibrant and heart-capturing Mong Kok.
However, being a leading business hub in the world, amazing sights and cultures are not the only things that Hong Kong has to offer. There are also plenty of career and job opportunities to be found; but what is it like to work in Hong Kong? Well, we’re going to explore that and the reasons why you should consider working in Hong Kong.
Just like in other parts of the world, the Hong Kong job market was also affected by the ‘Great Resignation’ for nearly two years. However, things seem to slowly recover and emerge from the said phenomenon. But this emergence and recovery are currently affected by the last few years ‘economic curveball’ --- recovery from the pandemic, inflation and supply disruption. Despite all that, according to a recent report made by Bloomberg, 44% of company chiefs, including C-suite and human resources executives are expecting a rise in staff number this year by up to 40%. This means there will be an increase in demand for talent in Hong Kong; skilled professionals planning to build a career in Hong Kong can expect ample job opportunities this year.
In addition to being the world’s business and cultural hotspot, the tech industry in Hong Kong is gradually and steadily growing. The three main sectors that make up and push Hong Kong’s tech industry into the global spotlight are:
Hong Kong is an international FinTech hub with a diverse, resilient and dynamic landscape, home to over 800 fintech companies of which 10 of them are Unicorns, with the likes of ZA International, WeLab, and Airwallex. The city also has one of the highest consumer FinTech adoption rates in the world and a high B2B adoption rate of FinTech. Hong Kong also serves as a platform for mainland China, with 51% of companies operating or planning to expand in the Greater Bay Area.
Despite the impact from COVID-19 pandemic and other economical difficulties, the Hong Kong FinTech sector continued to grow, raise capital and hire, making it one of the most productive markets for FinTech start-ups to rapidly scale-up. On top of that, Hong Kong's strategic location, supportive framework, and strong connections with Europe also make it an attractive base for international banks like HSBC, Lloyds Bank, UBS, Citi, and Barclays, further expanding the fintech opportunities that are already thriving in the market.
The Artificial Intelligence and Big Data report by the FinTech Association of Hong Kong (FTAHK), which surveyed 88 tech companies found that Hong Kong is a desirable location for establishing an AI business because of its role as a financial hub and well developed tech ecosystem.
Hong Kong has adopted AI and integrated it into various aspects of its functioning such as addressing planning and governance concerns, including deploying chatbots to respond to citizens' queries and complaints, traffic management, and real-time data collection on pollution, landslides, and changing sea levels to prepare for disasters. They are also using AI for monitoring energy consumption and plan to use robotics to support the city's growing elderly population.
Hong Kong's adoption of AI and machine learning has attracted many notable companies to the city. One such company is Sensegrass, which uses AI to help farmers increase crop yields by monitoring soil health and providing real-time feedback. Another company, Sleekflow, offers a platform that uses AI to help businesses improve customer service through chatbots and automation. BackHome is another notable company that utilises machine learning to analyse real estate data and provide insights to homeowners and buyers. These companies represent a growing trend of businesses leveraging AI and machine learning to drive innovation and improve efficiency in Hong Kong.
The global big data industry is experiencing substantial growth. According to a report by Statista, the percentage of organisations employing 50 or more data scientists increased from 30% to almost 60% between 2020 and 2021.
Hong Kong is uniquely positioned to become a hub for big data due to several factors. The city has a reliable power supply, an abundance of skilled tech professionals, and stringent laws governing data privacy and security. Hong Kong already has a well-established data hub for key industries such as finance, logistics, trade, and retail.
Prominent players in this industry include InData Labs, Right Data, and IBM, a tech giant headquartered in New York and operating in 170 countries, including Hong Kong. IBM is the most significant vendor of big data-related products and services.
According to an analysis report from Simply WallStreet, Technology companies have seen their earnings increase by 10% per year over the last three years, which means technology companies in Hong Kong are generating more sales overall, thus subsequently their profits increase too.
Also, according to South China Morning Post; to further drive and encourage the development of the tech industry in Hong Kong, the government’s financial chief has earmarked more than HK$ 10 billion (USD 1.2 billion) in investment dollars. This means IT talent will be able to find plenty of demand for their skills in the thriving city of Hong Kong.
Hong Kong has been a popular destination for foreign investments since the beginning of its economic boom in the 1960s. In addition to attracting foreign investments, the city has also drawn in numerous international professionals. Its strategic location, free port status, well-developed infrastructure, and low taxation have all contributed to making Hong Kong a prominent regional investment hub and financial centre.
If those not convincing enough, here are five other reasons why you should take the leap to work in Hong Kong:
Hong Kong is a vital connection point for global businesses seeking to engage in trade with China, offering abundant career opportunities in a diverse range of industries. Its unique status as a financial hub and as an emerging technology hub, coupled with a bilingual and multicultural environment and reputation for innovation and technology, creates a dynamic and stimulating work environment. Hong Kong's strategic location also provides access to a rapidly growing Asian market, making it an attractive destination for those seeking career growth and development.
According to ECA International, Hong Kong is expected to offer the highest salary increase in the Asia Pacific region in 2023, showcasing the city's strong economic growth and potential for career advancement. With an expected average salary increase of 4.2%, higher than the regional average of 3.3%, Hong Kong is positioned as an attractive destination for professionals seeking higher salaries and opportunities for career growth. Moreover, the report highlights that Hong Kong offers the fourth-highest salaries for expatriate middle managers in the region, putting it ahead of other major markets such as China and South Korea.
On top of that, Hong Kong's tax system is also a key factor that makes it an attractive place to work. Hong Kong has a low and simple tax regime, with a maximum tax rate of 17%, making it one of the most competitive tax regimes globally. The city also has no capital gains tax, no withholding tax on dividends, and no value-added tax. Apart from the tax system, the Hong Kong government offers various financial incentives, including research and development tax deductions, tax concessions for start-ups, and various funding schemes for small and medium-sized enterprises. These financial incentives and the simple tax regime make Hong Kong an attractive place to work and do business, encouraging many foreign companies to establish their presence in the city.
Hong Kong boasts a highly modern and efficient transportation system. The international airport offers flights to numerous destinations within a short flight time. The city has an extensive subway system and affordable taxi services, providing easy access to any location, at any time of day. In addition to transportation, the convenience of Hong Kong's 24/7 lifestyle is a major draw, with a variety of food delivery options available round-the-clock.
Networking is a crucial aspect of professional life in Hong Kong and is often the key to unlocking new business opportunities and forging valuable relationships. The city's business community is tightly-knit, providing ample opportunities to connect with senior executives and other like-minded individuals. Expats in particular benefit from the close-knit bond among business leaders in Asia, which facilitates access to key decision-makers and potential clients.
Hong Kong boasts one of the highest standards of living and quality of life in the world. The city's efficient transport system, excellent healthcare facilities, and low crime rates contribute to its exceptional quality of life. Additionally, Hong Kong's thriving cultural scene, world-class cuisine, and stunning natural landscapes offer residents an unparalleled range of recreational activities.
For tech professionals seeking to advance their careers and new opportunities, Hong Kong's thriving tech sector offers a wealth of exciting opportunities. With its favourable location, lively startup community, and government programs aimed at promoting technological innovation, the city is an ideal destination for those interested in pursuing a career in tech.
Hong Kong's thriving business environment and global perspective create exceptional opportunities and an increasing demand for skilled tech professionals in recent years. Major multinational tech companies such as AWS, Meta, and Google have established offices in this international hub, providing an abundance of job opportunities for local and foreign tech professionals.
Furthermore, Hong Kong's burgeoning startup ecosystem is producing numerous exciting new companies in various tech sectors such as fintech and e-commerce, providing opportunities to tackle innovative projects. In response to the significant demand for tech professionals, competitive salary packages and other incentives are some of the primary drivers in retaining top talent in the industry. Hong Kong is the perfect location to start or advance your tech career.
Hong Kong took the 5th place as the world’s most competitive economy according to the latest World Competitiveness Yearbook released by the International Institute for Management Development (IMD), making it an attractive destination for tech companies aiming to expand into the Asia-Pacific region and the primary gateway to Mainland China. For tech professionals, this presents an opportunity to work with top international clients, experience cutting-edge technologies, and collaborate with talents from diverse cultures and backgrounds, offering a solid foundation for career advancement.
Hong Kong has recognized the importance of tech training in meeting the demands of a rapidly evolving industry. The government has launched various initiatives to boost the city's tech talent, including the establishment of the Cyberport and Science Park, and offering training courses in emerging technologies such as artificial intelligence, blockchain, and data analytics.
The Hong Kong Science and Technology Parks Corporation (HKSTP) is a notable example of a government initiative that supports tech training. The HKSTP offers a variety of programs and resources for tech start-ups, including access to funding, laboratory and office space, mentorship, training programs, and co-living space. In addition to HKSTP, Cyberport is another significant organisation in Hong Kong that aims to develop and promote the city's technology industry.
Additionally, there are several non-government organisations such as the Hong Kong Computer Society and the Institute of Information Technology Professionals that offer training and certification programs in various tech fields. These initiatives and organisations have contributed to the development of a robust tech ecosystem in Hong Kong and have helped to establish the city as a hub for innovation and technology.
The technology industry in Hong Kong has long been a hub for global talent, attracting professionals from all over the world to the city's thriving tech scene. Among them are many successful professionals from Southeast Asia, who have been able to thrive and build their careers in Hong Kong's dynamic and innovative tech industry. One such individual is Juliet Gimenez.
The owner and founder of Goxip, also known as “Shazam for the fashion world”. Goxip was founded in 2013, with the intention to help and allow users to take photos of a fashion item, and identify the said item using their powerful and advanced image recognition technology, then purchase it --- all on one single platform. Currently, Goxip collaborates with 500 e-commerce retailers, providing a range of more than six million fashion and beauty products to its user base of 300,000 individuals, predominantly based in Hong Kong and Malaysia.
During an interview with Tatler Asia, Juliet Gimenez shared a piece of advice to all startup tech entrepreneurs; “Be prepared for failures and don’t let them get inside your head, no matter what.” What can draw from her advice is that if we want to move and advance our careers, we must be prepared for failures and not give up when we are faced with one. Especially in a city with plenty of opportunities like Hong Kong.
Hong Kong's strategic location, thriving tech industry, and attractive business and financial environment make it an ideal destination for ambitious professionals seeking endless career possibilities. The city's supportive framework and strong connections with China, Europe, United States, and SouthEast Asia have made it a hub for international companies, while the government's commitment to investing in the tech industry has created abundant opportunities for skilled professionals. Despite the ongoing global job market uncertainties, Hong Kong is expecting to see an increase in staff numbers this year, with a surge in demand for skilled professionals.
Join the upcoming networking event to connect with industry leaders from top Hong Kong companies, including Lalamove, Fano Labs, Sensetime, and more, and discover firsthand why Hong Kong is the place to be for your career growth. Hosted by HKSTP and GRIT, this event offers a unique opportunity to expand your network, gain valuable insights from industry experts, and potentially take your career to the next level. Don't miss out on this chance to explore exciting Information & Technology career paths in Hong Kong and connect with like-minded professionals. Learn more about the event or register for the event based on your current location below:
In today's fast-paced professional world, making a good first impression can be the key to career success. Whether you're networking at a conference, interviewing for that dream job, or simply introducing yourself to someone new, a well-crafted and strong elevator pitch can quickly and effectively communicate your unique value proposition. But creating the perfect elevator pitch takes more than just a few rehearsed lines.
It requires a deep understanding of your audience, your strengths and goals, and the ability to communicate your message clearly and concisely. In this article, we'll explore some tips and tricks for crafting the perfect elevator pitch, from identifying your core message to practising your delivery. Whether you're just starting out in your career, or looking to take it to the next level, mastering the art of the elevator pitch can help you stand out in a crowded job market and achieve your professional goals!
An elevator pitch is a brief, persuasive speech that you can use to spark interest in what you or your business does. It's called an elevator pitch because it's meant to be delivered in the time it takes to ride an elevator from the top to the bottom of a building. Typically, an elevator pitch is 30 to 60 seconds long, and it should be concise, engaging, and memorable.
The purpose of the elevator pitch is to quickly and effectively communicate your key message to your audience. It's a way to introduce yourself or your business, explain what you do, and highlight your unique value proposition. The elevator pitch is often used in networking situations, job interviews, or when you meet someone new and want to make a good first impression.
Having a strong elevator pitch is essential in today's competitive job market. With so many people vying for the same opportunities, it's important to be able to quickly and effectively communicate your value proposition to potential employers or clients. A well-crafted elevator pitch can help you stand out from the crowd and make a memorable impression.
In addition to helping you land a job or a new client, a strong elevator pitch can also help you clarify your own goals and strengths. By distilling your message down to its core essence, you can gain a clearer understanding of what you have to offer and how to communicate it effectively.
A successful elevator pitch should include the following key components:
1) Your name and current position
Your name and current position should be the first things you mention in your elevator pitch. This helps to establish credibility and gives your audience a frame of reference for who you are and what you do.
2) Your unique value proposition
Your unique value proposition is the core of your elevator pitch. It's the thing that sets you apart from others in your field and highlights your strengths and skills. Your unique value proposition should be clear, concise, and memorable.
3) Your target audience
Your target audience is the group of people you are trying to reach with your elevator pitch. It's important to tailor your message to your audience so that they feel like you are speaking directly to them. This helps to create a connection and makes your message more relevant and engaging.
4) A call to action
Finally, your elevator pitch should include a call to action. This could be an invitation to connect on LinkedIn, a request for a business card, or an offer to schedule a follow-up meeting. The call to action helps to move the conversation forward and gives your audience a clear next step.
Crafting an amazing elevator pitch takes time and practice. Here are some tips to help you create a compelling and effective elevator pitch:
Delivering your elevator pitch with confidence is just as important as crafting the perfect pitch. Here are some tips to help you deliver your elevator pitch with confidence:
When crafting your elevator pitch, there are some common mistakes to avoid. Here are a few to keep in mind:
Here are a few examples of successful elevator pitches:
"Hi, I'm John, and I help small business owners increase their online visibility and attract more customers through targeted SEO strategies."
"My name is Jane, and I'm a graphic designer specializing in creating engaging and memorable brand identities for startups and small businesses."
"Hi, I'm Mike, and I'm an experienced sales professional with a track record of exceeding quotas and building lasting customer relationships."
Notice how each of these elevator pitches includes the key components we discussed earlier: the speaker's name and position, their unique value proposition, their target audience, and a call to action.
Here are a few exercises you can do to improve your elevator pitch skills:
Networking is an essential part of career success, and your elevator pitch can be a powerful tool in networking situations. Here are some tips for using your elevator pitch in networking situations:
Crafting the perfect elevator pitch takes time and practice, but it's an essential skill for career success. By identifying your unique value proposition, tailoring your message to your audience, and practicing your delivery, you can create a compelling and effective elevator pitch that helps you stand out from the crowd. Remember to be authentic, enthusiastic, and focused on the needs of your audience, and you'll be well on your way to achieving your professional goals.
Finding out that you have been offered a job is exciting, especially if it's the job that you have been dreaming of. But before you sign anything to accept employment, take some time to review the information provided to you.
Consider this: As an employee, what do you want from that company? According to a Gallup survey, there are other significant factors to take into account besides salary, such as:
It all comes down to finding a balance where one gives their personal and professional obligations equal priority. Work-life balance and well-being have also grown in importance over time, with 53% of employees describing them as "extremely important" in 2015, rising to 61% of today's workforce. It’s unfortunate that many previous Gallup workplace evaluations found many staff is stressed, overworked, and burned out. Nonetheless, the considerable increase in remote work has increased awareness of the significance of workplace flexibility alternatives, possibilities that are largely here to stay, even among workers who aren't suffering from burnout.
It's good to be able to use the talents and skills that each person possesses to their greatest advantage. When given the chance to perform something they are good at, people find their work more stimulating and enjoyable and look forward to going to work. Therefore, it's not surprising that 58% of employees believe that this matter is still very essential for employees. It has been discovered that workers who are not permitted to use their strengths often seek employment where they can, while workers can use their abilities frequently seek jobs where they can use them even more.
Job security is the assurance that one's position will not be terminated. It guarantees that you will be able to continue working in your existing position for the foreseeable future. Basically, employees feel safe from things like layoffs, economic downturns, and other variables that may have an impact on employment. This item's significance hasn't changed since 2015; About half of workers (53%) are looking for jobs that offer more stability and security than their current positions. However, since the beginning of the pandemic, what security means (and what seems secure) has probably shifted. Furthermore, stability and security are predicated on expectations for the future; if these expectations evolve, what job security entails is likely to do the same.
Although diversity and inclusion are related ideas, they are not the same thing. Diversity has to do with representation or how something is put together. Inclusion describes the extent to which the contributions, presence, and perspectives of different groups of people are valued and incorporated into an environment. Gallup asked survey respondents about this for the first time, and it scores at the top for employees at 42%. This demonstrates that societal advancement is evident in the growing support for establishing more inclusive and equal workplaces. Additionally, as many businesses have learned, today's workforce needs real, genuine change in these areas, not just platitudes. In order to discuss these shifts and commitments, recruiters must be ready.
Whenever someone mentions compensation, they frequently consider their annual salary or an hourly wage. However, remuneration or compensation involves much more than that. It's essential to understand the definition of compensation, the different types of compensation, and how it's determined, especially for those searching for new employment.
So, what is compensation? The Cambridge Dictionary define compensation in three ways:
In terms of employment, the third definition is most relevant because many businesses provide pay awards for employees' service and contribution. In addition to receiving a good basic salary, employees may be offered a variety of non-monetary or monetary compensation. These are the kinds of incentives that should be considered while deciding on a job offer.
Finding work should include more than simply accepting a job for the sake of having one. For individuals to be productive at work, they must feel inspired and content with what they are doing, achieving, and receiving. That's why getting compensation and benefits are among the factors that can either make or break employees.
Let's look at some of the primary reasons why this is important for any employee:
Two-thirds (66%) of workers believe benefits have become a more essential element of how they evaluate their overall salary. It stands to reason that three-quarters (75%) of employees consider benefits when deciding whether to stay or leave a job. 44% of workers are more willing to consider choosing a similar job at a different company that offers superior benefits (Compaas)
Personalised wellness programmes, along with a variety of non-cash incentives such as paid time off, would motivate 80% of employees to participate in company programming (Welltok). Similarly, 90% of workers think that receiving recognised motivates them to perform more (Achievers)
According to research, employees who receive low compensation are more likely to start their own businesses or take on side jobs. The side business will interfere with the quality of work and concentration of employees. The study also emphasises how evident it is that salary has a significant impact on employee productivity. Employee productivity would increase if it provided more appropriate compensation to employees. Conversely, if it provides lower compensation to employees, the employee's productivity suffers.
72% of employees responded that having greater work benefits would boost job satisfaction (Zoro), and 84% of employees who are satisfied with their benefits are satisfied with their jobs (Business Community). On the other hand, dissatisfaction is caused by employees' need for more benefits (57%), desire for benefits they do not yet have (24%), benefits they can’t use (22%), and benefits they feel pressured not to use (8%) (Clutch).
According to EBRI, almost two-thirds of employees who rated benefits satisfaction as extremely or very high rated their morale as outstanding or very good, while Healthcare Trends Institute found 68% of businesses believe health benefit plans have an impact on their reputations and can boost employee morale and satisfaction.
59% of those who discovered they were paid less than peers with the same experience or rank sought a new job within a year. In comparison, only 23% discussed it with their bosses, and 12% went to HR. Nearly half (46%) of those who did not take action did so because they believed speaking up would be futile, and 23% were afraid of retaliation. 66% of men who met with their supervisors or HR had their salary changed, compared to 43% of women (Compass).
Since compensation meaning any benefits or incentives provided by employers to employees, the possibilities are countless. Compensation may be anything from a commission to a housing allowance and medical benefits. Some firms might provide some of the best benefits, such as Adobe, which ranks first in the Comparably Best Compensation Award.
Depending on where and which industry you’re entering various elements can make up an employee’s compensation package, including:
Companies may choose from a variety of approaches to determine an employee's compensation. Some examples are provided below.
According to Christy Pruitt-Haynes, head of Performance Practice at the NeuroLeadership Institute, a global neuroscience-backed consultancy, employers consider "how much similar positions are paid within this company, and how much competitors are paying for similar positions" when making a pay offer to a prospective new employee.
In other words, an employer strives to strike a balance between making an offer that's equivalent to or more desirable than those made by other businesses and abiding by the restrictions placed on how much current employees can be paid.
When giving job offers to candidates, employers typically have a range of options at their disposal; seasoned applicants or those with appropriate experience typically qualify for the higher end of the range.
Pruitt-Haynes advised using a statement like, "I am certain that my five years of experience dealing with your specific client base will allow me to make an immediate positive impact on sales," if you have a strong work history to rely on. These assured and unambiguous claims may aid in raising the total compensation proposal.
The skill set of a candidate is another aspect that affects pay. Do you have any extra abilities that will help you in the position, or will you require some training to be effective?
According to Pamela Mattsson, Outreach's SVP for People and Organisational Development, having desired abilities and competencies may justify extra consideration for an offer.
Even if they weren't requested, highlight any specialised abilities you have, such as being bilingual. Pruitt-Haynes noted that you can never be too sure that they won't make you a more appealing prospect.
Whether or not qualified candidates are competing for a position as opposed to a candidate shortage affects compensation. In so-called "job-seeker markets" or highly sought-after industries like technology, employers must increase their pay packages. However, if there are a lot of applications, employers don't have to worry as much about letting a few walk away.
(Source: The Balance)
Companies can frequently still negotiate some benefits and compensations with you in the early stages before you take the employment. It doesn't harm to attempt because many people missed out on opportunities because they were too hesitant to ask or even begin to negotiate. Here are some suggestions for negotiating higher perks and remuneration.
Don't let other ideals be compromised just because there may not always be much leeway available in terms of pay or perks. Professional development expenses are an important perk that many people often overlook. You may, for example, suggest that your company pay for a certification or training course to help you execute your job more efficiently.
Remind your prospective employer of your value and the reasons they wanted to recruit you during the bargaining process. Describe how you expect to add the same value to their company while highlighting your professional accomplishments. Therefore, the benefits you earn should reflect that. Employers might be more willing to adjust to your demands if they are aware of the skills and advantages you provide.
Giving the justification for your demands can help your case. Explain why certain benefits are required and how they would improve your work performance. You may cite how having more vacation time or the option to work from home occasionally could prevent burnout in the office. Employers may take this into account since it can help them achieve their corporate objectives.
A written offer should be obtained once the bargaining process has been completed. Save the document somewhere safe after reviewing it to be sure it contains everything you both agreed upon. Keep all additional correspondence, including emails, that are pertinent and contain information about the bargaining process. Having this proof on hand can help avoid future misunderstandings and guarantee that you obtain the benefits you agreed to.
While a better salary is an obvious component in increasing employee motivation, other sorts of remuneration and benefits have also been identified as key aspects of an employee's motivation to work. Compensation such as bonuses, incentives, stock, share-sharing, and gain-sharing has been utilised by employers as a motivator for superior job performance.
When employees are fairly compensated, they feel appreciated as both employees and as people. They will consequently feel better about going to work as a result of this. The motivation of employees to produce greater results is also increased when they are aware of potential bonuses or commissions.
Furthermore, plans for bonus and commission earnings become a target goal for employees’ achievement. The best part of it all is that general company morale improves and people are motivated to show up for work and perform well.
With an attractive compensation structure, employers will be better positioned to attract and retain top talent. Although developing a compensation plan is not a simple task, adopting the measures outlined below may promote business growth and morale in the workplace.
When an employee is being paid fairly, they are more likely to stay with your business and are less inclined to hunt for other career opportunities. A poll by Indeed found that 39% of people hunt for jobs because they would like to earn more money. This demonstrates that salary has a significant impact on how long employees stay with a company since satisfied employees are more likely to feel that their needs are valued by their employer.
Paying well helps businesses retain employees for extended periods and recruit better talent. In fact, according to 66% of the companies surveyed, having a solid remuneration strategy is essential to ensuring employee retention, which is followed by stronger hiring practises and compensating for in-demand talents. A high retention rate is crucial because it ensures employees remain with the company for a long time, saving time and resources on training new hires and demonstrating the loyalty needed to manage a business.
Keep in mind that attracting new employees and keeping them on board depends on employers’ ability to comprehend the nuances and create an effective plan. The remuneration package provided to employees plays a significant role in luring and keeping talent. In addition to improving retention, a generous compensation plan may help boost brand advocates and engagement.
You know the feeling – palms sweaty, knees weak, arms heavy, heart pounding. Not the song lyrics, but the exact moment before you walk into a room with the hiring manager. Already a nerve-racking experience, interviews can be tricky to manoeuvre because there are a lot of factors to take into consideration: Your dressing, research on the company, non-verbal behaviour, and your choice of words, to name a few.
What happens if, during the interview, you're suddenly hit with a few curveball questions and you're unprepared? Not only will your stress levels shoot through the roof, you run the (very real) risk of accidentally saying the wrong thing which may jeopardise your chances of securing the role. Which is why we highly encourage you to be prepared for any possibility, that'll help you feel much more in control, in addition to maintaining the confidence to express yourself.
With that said, our guide to some of the more popularly-asked tricky questions by recruiters should give you the edge you need. You’ll be able to anticipate what will get asked in an interview; imagine acing the session if you're cool, calm, and collected! The recruiter may try to intimidate you to observe how you conduct yourself, but throw in steady eye contact and adopt a humorous approach (but don’t overdo it), and you're on your way to impressing the panel.
What do employees look for in a job? Besides fulfilling career goals, the essentials on the list are now focused more than ever on decent remuneration, better work-life balance, remote working opportunities, and (a modern favourite) good company culture.
While it may seem like an afterthought, corporate culture is a strong indicator of how one’s everything-related-to-work will be: Work life, environment, colleagues, processes, hours, the list is endless.
Company culture is dynamic, and isn’t ‘one size fits all’. Organisations across the continent have distinct values, objectives, and even working environments, so a good company culture is one where you fit in the most and belong!
If you’ve ever wondered what kind of company culture a business practices, head to the ‘Values’ page on their website (if they have one). While it's most often a culmination of shared values, traits, goals, and leadership styles, it's also about the experience at work.
Corporate culture forms the daily experience of an organisation; a guideline for how employees should feel about their work, perform their tasks, and carry their business beliefs. One example is Zoom, which values care – for their customers, employees, community, etc.
An organisation’s leading values (that make up company culture) are typically a variation of these and more:
With a strong culture, employees have greater assurance, objectives, commitment, engagement, and the ability to act based on their company values. They're also inclined to enjoy their work and form better work relationships with their colleagues, as they resonate strongly with the culture and values they're exposed to every day.
The big picture of what corporate culture is, is based upon these 8 styles:
|Caring||Collaborative, inviting, prioritising support for one another.||United by loyalty.||Emphasise positive relationships, teamwork, and genuinity.|
|Purpose||Compassionate and prejudice-free, fueled by ideas and selflessness.||United by a goal of sustainability and worldwide communities.||Emphasise idea-sharing and working for a better cause.|
|Learning||Full of exploration, innovation, and open-mindedness.||United by curiosity, stimulating new ideas and thoughts.||Emphasise the pursuit of knowledge, adventure, and endless ‘what ifs’.|
|Enjoyment||Lighthearted and fun-filled, freedom of expression and to be happy.||United by mutual excitement and stimulation.||Emphasise spontaneity and humour.|
|Results||Heavy importance on results and achievements.||United by a will to succeed and prove their capabilities.||Emphasise accomplishing goals.|
|Authority||Highly competitive to gain personal advantages.||United by unyielding control.||Emphasise dominance and confidence.|
|Safety||Advanced planning and preparation, plus considerable risk consciousness.||United by a feeling of safekeeping and acting on change.||Emphasise long-term planning and being realistic.|
|Order||Rule-abiding and striving to fit in.||United by cohesive teamwork.||Emphasise structured procedures and time-honoured traditions.|
The styles a company chooses to adopt would reflect its business, and influence how stakeholders view the organisation. Internally, it can create an environment of independence or interdependence, and flexibility or stability.
Certain styles can coexist naturally and compliment each other (eg: results and authority), but those on opposing spectrums require work to maintain. For instance, combining enjoyment and order may cause strife because of the latter’s rigidity, so leaders must apply the best methods to calibrate and integrate the two.
Whether purposely fostered or as a result of decisions over time, good corporate culture is one where employees are well-versed in their expected outcomes, and take action accordingly. Most obviously, it's evident through an organisation's daily tasks and goals.
Netflix practices judgement, selflessness, courage, communication, inclusion, and integrity – values that employees uphold and apply to all aspects of the business. With selflessness, employees are encouraged to seek the best for the organisation as a whole, not just for themselves or their team.
By applying company culture practices to work, employees experience significantly better motivation and working environments, as they feel like they’re working towards a common purpose and with people who are just as driven.
Organisational culture doesn’t transpire overnight. It can take years to nail down the exact shared principles and beliefs. Some factors that contribute to shaping it are:
Just a glance at the values of a company is enough to have prospective candidates feel if they fit in or not. And it’s important because employees who belong are not only more likely to be happier, but productive too. Satisfied employees will also want to stay on longer, which makes for better retention and lower hiring costs.
When your company culture is part of your employee’s usual culture, it can make them feel excited, involved, and form better coworker relationships, which develops positive business outcomes. Engaged employees were 17% more productive and had lower absence rates compared to lesser-engaged colleagues, reported the Gallup State of the American Workplace Report.
Besides company values that lead with innovation, an established organisational culture affects the entire workplace experience – from leadership to growth, systems, and risk-taking. Employees are more confident and proactive in sharing their ideas, letting their voices heard, and being flexible during challenging times.
Not only does company culture affect the people inside, but those looking from the outside like customers and the media. Building a resilient organisational culture bridges the gap and enforces what you stand for, creating a culture that aligns and integrates with your brand identity.
There's no avoiding corporate conflict, but a positive organisational culture can mitigate it. At times, an optimum level of conflict can boost organisational performance and employee morale, which in turn contributes to company productivity.
There are no two same cultures, which means neither is superior to the other. The benefits of a robust organisational culture far outweigh the downsides, making it a solid factor in a company’s success. For that to happen, here are some ways to develop company culture:
For small and medium businesses, corporate culture may seem like the lowest priority to establish compared to things like overhead costs, supply-and-demand needs, managing resources, etc. But they're important to take care of existing employees if they want to retain and bring in top talent.
Singapore, in particular, has been struggling with talent shortages – so much that unconventional methods like rehiring older employees and greater salary adjustments have been considered. Hong Kong faces similar issues too, as companies race to hire top talent.
These case studies solidify the importance of good company culture: to retain valuable employees and drive productivity. On paper, it may look like words strung together to evoke a fancy business image, but it's a direction for employees to work with, taking action and bringing change to the organisation, and the greater community.
It’s not every person you meet who’ll be able to proudly say they love their job, even more so if they’re only in it for the money. Most people dream of doing what they’re passionate about, while meeting their career aspirations AND at the same time earning enough to fund their chosen lifestyles.
Sounds like a very far shot? Not really; if you’re willing to put in the hard work and dedication in a job where you’re well remunerated, you could actually be able to achieve that.
No matter whether you’re a fresh graduate or a job seeker with years of experience under your belt, Singapore has always been one of the top destinations for those who seek greener pastures. In a country with attractive job opportunities (so long as you know where to look!), your efforts could be paid off with a considerably attractive income.
Where it once faced economic woes bad enough to create severe unemployment rates (the highest ever was 6.5%, recorded in 1986), Singapore is now one of the most advanced in the world, and has even topped lists such as “Most attractive countries to relocate to for work”. They placed a very respectable 8th place, by the way! And it’s not hard to see why, considering how its international competitiveness is robust, and the currency is the 13th-most traded in the world (by value).
So, if you’re looking to find your very own well-paying tech or digital career niche on this island, it’s time to check out this list.
Before we get to what are some of the lucrative careers you can consider, if you’re not a citizen/permanent resident, there are a few legal aspects you’d need to familiarise yourself with first.
The first and most important thing is to ensure you possess a valid pass (also known as a ‘work visa’). There are four main types to take note of: Employment Pass, EntrePass, Personalised Employment Pass, and ‘S Pass’. Here’s what each one means, in a nutshell (information taken from the official Ministry of Manpower (MOM) website):
|Pass Type||Who Is It For|
|Employment Pass||For foreign professionals, managers and executives. Candidates need to earn at least SG$4,500 a month and have acceptable qualifications.|
|EntrePass||For eligible foreign entrepreneurs who are keen to start and operate a business in Singapore that is venture-backed or possesses innovative technologies.|
|Personalised Employment Pass||For high-earning existing Employment Pass holders or overseas foreign professionals. The PEP offers greater flexibility than an Employment Pass.|
|S Pass||For mid-level skilled staff. Candidates need to earn at least $2,500 a month and meet the assessment criteria.|
Quick tip: You can use the online self-assessment tool created by the MOM to help you get a rough idea of your eligibility.
You’d also need to read up on the Singaporean government’s common employment practices, to ensure that they’re a good fit for your lifestyle. Think: Leaves of absence, public holidays, working hours, and salary, for example. The MOM’s exhaustive list of aspects covered will help you get a rough understanding of what working in Singapore will be like!
We’ve now come to the highlight of this article: What are the careers you could be considering that would pay you well for all your hard work! The data was taken from GRIT’s latest Salary Report and Market Outlook 2022/2023, where the monthly salary ranges were derived from the knowledge of senior recruitment professionals within the GRIT teams, as well as latest data from multiple job databases.
Editor’s note: The list below has been arranged in ascending order, and doesn’t include roles that are of managerial level and above.
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To be a successful software engineer, you'd need to know how to use the right programming languages, platforms, and architectures to design and develop computer applications or programmes. This high-responsibility role will have you in charge of various types of projects, from computer games to network control systems. You may even be tasked with overseeing your very own team of software developers! Some of the soft skills you'd also require are problem-solving, a strategic mind, and communication. Don't forget to earn relevant certifications, because you can then build new skills and validate those skills to potential employers.
Trade marketing (also known as 'B2B marketing') focuses on increasing the demand of the product/service among the various supply chain partners. Whereas consumer marketing (also known as 'B2C marketing') focuses on both acquiring potential customers, and retaining current customers. Whichever you fall under, you're going to be in charge of promotional activities and marketing strategies that would communicate the value of the product/service to either the businesses or consumers. You'd need to personalise brand experiences too, as well as develop ideas on how to promote sustainable brand development.
DevOps is not only a cultural shift, mindset, or just a set of technologies; DevOps is the new way forward! First off, you'll have to understand the full software development lifecycle, because you're chiefly responsible for coming up with an organised solution to deal with the difficulties in the given system. You do this by examining the large system environment, and selecting an application framework which fits best. Generally, you must have a bachelor’s degree in software engineering, computer science, or a related field in order to seek employment in this role.
Companies nowadays are increasingly reliant on data to make important business decisions, such as which new products to develop or new/existing customers to target. As a data architect, your role is to know how to translate those business requirements into technology requirements, as well as define data standards and principles. You'd typically also need to act as liaison between the IT side of your company and the other departments, aligning data collection and distribution policies, with the company's operational and strategic objectives. In other words, you're the harnessing the power of data that drives modern-day businesses!
What exactly is a 'data scientist'? Imagine a data expert who has keen analytical skills, technical skills to solve complex problems, and enough curiosity to explore alternative solutions to the problems that need to be solved. As someone who's in high demand right now, they use data to understand and explain the phenomena around them, as well as help companies make better decisions. Plus, since their role seems to have a foot in both the business and IT worlds, they’re highly sought-after and well-paid. And it shows, since they made it onto this list as the top 10!
In the crypto/blockchain/Web3 space, someone in product management is capable of creating a strategy behind a product, and then oversee the launch from start to finish. But above all, they would need to coordinate the work done by others, such as product designers, data scientists, and software engineers. Once a particular project has achieved a considerable user base and the company wants to consolidate market advantage, that's when things like a product roadmap become necessary. In short, you'd provide much-needed coordination for a project, and ensure objectives are met.
Cloud computing architecture covers everything that's involved with cloud computing, including the front-end platforms, servers, storage, delivery, and networks required to manage cloud storage. So, this role basically refers to a person who has the skills and knowledge in converting the technical requirements of a project into the architecture and design that will guide the final product. He/she would also be responsible for bridging the gaps between other members of a tech team, plus be able to stay on top of the latest trends and technologies to keep abreast of the constantly evolving field.
When a company hires someone for growth acquisition, this job role typically means that in the crypto/blockchain/Web3 space, you'd be required to develop and execute creative strategies to help the company procure base customers/target audiences as well as uncover valuable partnership opportunities. In addition, you'd also be tasked with increasing both the Acquisition (e.g., work closely with the Head of Growth to build growth tactics that will generate traffic) and Activation (e.g., help the sales team close more deals by supporting them through the journey of all their prospects) conversion rates.
With this role, you'll essentially be responsible for proactively identifying new business opportunities, and developing relationships with various assigned institutional accounts (read: an account that's opened by/for an institution for the benefit of banks, mutual funds, or others). Furthermore, you'd need to maintain and develop the platforms of clients based around the world, as well as take charge of selling and pitching to new investors. Sounds like a lot of stuff on one plate? That's why this job role commands the second highest salary in the tech and digital industry!
We've reached the #1 spot, and what a hefty salary this highly-skilled individual will receive! And it's no wonder, because you'll be the one-person wonder who's a complete package of skills required to perform the operations, designing, developing, analysing, implementing, and supporting a distributed blockchain network. You're literally the expert mind behind the technology that powers cryptocurrencies and NFTs (Non-Fungible Tokens), so you're going to have to be familiar with various programming languages like Solidity, C++, Golang, and Java. Additionally, employers would expect you to already have prior knowledge of blockchain architecture.
If this list of the top 10 highly paid tech and digital jobs in Singapore is making you want to quickly start looking for available roles, WAIT.
First, you need to ensure that you’re adequately equipped with the skills and knowledge to perform at your best in this industry. You can do so by checking out all the job descriptions currently posted to see what hiring managers are looking for, and then cross-check with your own current skill sets. If you’re lacking in one or two, go take up courses and get certified, so that you can list them as strengths in the interview. Secondly, while getting theoretical knowledge is a good move, you can give yourself an edge over the rest of the candidates by getting some practical knowledge too. Get yourself some hands-on experience by joining internships, summer camps, and taking on small freelance jobs soonest possible.
According to Cham Hui Fong, deputy secretary-general, National Trades Union Congress (NTUC), employers and employees should constantly transform themselves so that they remain competitive and seize opportunities that come their way as the economy is recovering with the resumption of activities post-pandemic. This should lead to better business and work prospects, so that in the longer term, it leads to higher productivity and better wages.