Opportunities in Greater Bay Area attractive for job seekers
People visit the Science and Technology Innovation and Human Intelligence Exhibition Area of the Guangdong-Hong Kong-Macao Greater Bay Area at the 19th Conference on International Exchange of Professionals in Shenzhen, South China's Guangdong province, on April 24, 2021. [Photo/IC]
An increasing number of job seekers consider opportunities in the Greater Bay Area attractive for relocation, according to the Hong Kong Executive Salary Outlook 2021 released by KPMG on Tuesday.
A survey participated in by 702 business executives, 549 of whom work or live in Hong Kong, indicated that about 65 percent of Hong Kong respondents are willing to relocate to other Greater Bay Area cities for work in 2021, up from 61 percent in 2020 and 52 percent in 2019.
The top three attractions for their relocation are better career and industry prospects, travel convenience and broader work exposure in 2021, the second consecutive year in which non-monetary factors were among the top reasons for relocation.
"Tax incentives to align individual income tax rates between Hong Kong and other cities in the GBA alleviate the financial barriers to mobility. As individuals and businesses gain confidence in the implementation of the incentives and their requirements, we expect nonmonetary factors to become even more prevalent," said David Siew, a partner with People Services, KPMG China.
Business-led moves became a main area for relocation and about 42 percent of respondents, including 56 percent of C-level executives, highlighted a company's business needs as a reason to relocate.
Innovation and technology, financial services and professional and consulting services are expected to be sectors that will create the most job opportunities in 2021.
The trade and logistics sector grabbed fourth position on the list of industries in which the GBA will create more job opportunities this year.
Healthcare and life sciences overtook real estate and property as the fifth industry most likely to create job opportunities in GBA cities, reflecting booming concerns around public health and the influence of the pandemic, the report said.
Developing the Guangdong-Hong Kong-Macao Greater Bay Area is a strategic plan devised by the central authorities, which will be promoted in an active and prudent manner, according to the outline of the country's new five-year plan.