Disruptions of businesses and employment market in Hong Kong.
It’s pretty ironic that Hong Kong like anywhere else in the world under the COVID 19 pandemic has suffered tremendously. There is a huge impact on the economical and human cost associated with the complete disruption of these activities. Certain businesses have suffered more than others while the majority of the blunt were seen on the small businesses, retail sector and the Food and Beverage segments.There were significant layoffs, time off without pay and outright closures of business due to the financial difficulties, coupling with high rents and social distancing measures deployed by the government.
There is a major shift in the overall methodology on the conventional way of conducting business, ranging from spending behaviors to working from home and schooling. It can be argued that these significant shifts in normal or routine pattern in the daily lives would somehow bring changes to the better for the future. But at what cost?
The ripple effects of the entire business activities would re-create other opportunities and the work force especially the younger generations should adapt to these changes in a positive light. According to the HKSAR Government the un-employment rate stands at 5.2% (up until April 2020) and expected to rise in the next few months. Desperate times calls for unconventional ways if we were to survive the current brutal economic conditions.
Re-engaging an experienced work force would require some balancing act where we should attempt to accommodate fresh blood i.e. fresh graduates and or younger work force to integrate into “re-start” mode of business. Young talents with skills in IT sectors, digital transformation stands a better prospect for this “change economy” as traditional business are adapting and re-inventing their old school thinking and new ways of conducting business.
Various financial relief stimulus packages from the government would somewhat help in easing some of these difficulties facing both the employer and employees alike. With the resiliency and resolve of Hong Kong, we can and will come out better and stronger.
Finally, to practice what we preach… we are hiring young talents “Graphic Designer” position. This positing will be available in July 2020. Please send in your resume through our “Career page” at www.redmountainasia.com