A new analysis has highlighted a significant disparity between supply and demand within the job market across the Greater Bay Area (GBA) last year, with the overall employee turnover rate reaching 11 percent amongst businesses operating in the region.

The study, reported by Hong Kong’s public broadcaster RTHK, was a collaborative effort between researchers at Sun Yat-sen University and the Hong Kong-based recruitment firm, KOS International. It involved surveys with 150 GBA companies conducted between April and December last year, alongside 71 in-depth interviews with firms from various key sectors, including traditional and advanced manufacturing, and services.

Focusing on talent development in the GBA, the report noted a prudent approach to recruitment: more than 70 percent of companies adopted cautious hiring programmes last year. These firms indicated plans to recruit fewer than 30 new staff members over the next three to five years. Compounding the challenge, employee turnover climbed to 15 percent in both Shenzhen and Jiangmen.

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He Junzhi, the director of the Institute of Guangdong, Hong Kong and Macao Development Studies at the university, commented that these troubling indicators point to a structural issue symptomatic of the age of AI.

Despite the cautious hiring, there is considerable demand from employers for professionals possessing multidisciplinary skill sets. The most sought-after hybrid candidates are those proficient in both technology and management, who also demonstrate an international outlook.

Urging GBA city governments to establish more public training platforms to cultivate this essential talent, He also suggested that Hong Kong was positioned to take a leading role in attracting global talent. Researchers say a cohesive, GBA-wide set of policies focusing on internationalisation and integration is necessary to bring in more global talent and foster its development collaboratively.