COVID-19 is a key factor that has changed employees’ views on workforce mobility

• Four Asia-Pacific countries made the list in 2020, suggesting that employees now consider a country’s COVID-19 management success as a criterion for relocation
• 44% of Singaporeans are willing to work abroad, a sharp drop compared with 79% back in 2014
• Australia, China, Taiwan and New Zealand are the top overseas destinations that Singaporeans want to work in

SINGAPORE – Media OutReach – 22 March 2021 – COVID-19 is one of the key factors that has drastically changed the way talent think about their work and mobility preferences. This is the conclusion drawn from the 2021 “Decoding Global Talent” report, which examines how the pandemic has impacted global attitudes and preferences towards working abroad. The report also finds that Singapore has leapt from the 24th position back in 2014 to become the 8th most attractive country that employees would be willing to relocate to.

A partnership between SEEK Asia, The Network and Boston Consulting Group, the report is one of the world’s largest survey on workforce mobility, involving 208,807 respondents across 190 countries. Matching over 15 million jobseekers with reputable employers across seven countries, SEEK Asia has the strongest presence in Asia’s online employment marketplace. It aims to empower hiring decision makers by offering the right expertise and tools to help them land the best candidates. The deep and timely insights from the Decoding Global Talent 2021 report will help companies to strategize their hiring plans in a challenging climate as well as allow candidates to understand key movements in the employment market.

COVID-19 has changed views on workforce mobility

When it comes to employee relocation, several Asia-Pacific countries, such as Singapore and New Zealand, have become the preferred choices of talent in 2020. In 2014, just one Asia-Pacific country — Australia — was in the top 10. The 2020 list now sees a total of four Asia-Pacific countries. This is likely due to the countries’ management of COVID-19, which have largely registered low mortality rates and kept infection cases in check.

“Since Q4 2020, we observed an average of 28% growth in job openings compared to the peak of COVID in Q2 of 2020 across the seven countries that we operate in – Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Currently, there are more than 208,000 jobs available in our database, signaling an encouraging recovery for Asia-Pacific countries,” says Peter Bithos, CEO of SEEK Asia.

“COVID-19 has engendered a new kind of mobility — virtual mobility,” he adds. “According to the report, 57 per cent of respondents now say they are willing to work remotely for an employer that does not have a physical presence in their home countries, a level that is higher than the proportion who are open to physical relocation. Not only that, about 62 per cent of candidates who have a master’s degree are also open to virtual work. For hirers who are struggling to fill job openings, the time is ripe to warm up to the option of offering virtual employment, so as to attract competent and suitable talent.”

Singapore’s competitiveness a selling point for talent

Beyond commendable COVID-19 preparedness and response, Singapore has always been an appealing work destination for global talent. Other than robust international trade and investment, her digital infrastructure, national stability and culture of innovation also inspire confidence. The top 10 countries from where PMETs, specifically in the digital field, would like to come to Singapore to work include China (5^th), Qatar (6^th), United Arab Emirates (8^th) and Switzerland (10^th). These talent enjoy a high quality of life, and Singapore’s standard of living and working matches their home countries’.

Singaporeans’ willingness to work abroad has dropped

As the world is still in the throes of a pandemic, fewer Singaporeans are expressing a desire to seek overseas job opportunities. Back in 2014, 79 per cent of the Singaporean respondents involved in the survey then wished to work overseas. This number has dropped to 44 per cent in 2020. Australia remains the top destination where Singaporeans would like to work in. Australia is known for her work-life balance and multicultural society, which are likely the main factors that draw Singaporeans to the country.

The United States and United Kingdom were in second and third positions in 2014; now China and Taiwan have replaced the two countries respectively. New Zealand takes fourth place. The data suggests that Singaporeans are more willing to work in countries that have emerged as role models where COVID-19 management is concerned.

About JobStreet

JobStreet is a leading online job board presently covering the employment markets in Malaysia, Singapore, the Philippines, Indonesia and Vietnam.

About SEEK Asia

JobStreet and JobsDB are part of SEEK Asia, which is the leading online employment market place in Asia. SEEK Asia covers 7 countries namely Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.

SEEK Asia is the extension of the Australian Securities Exchange listed company called SEEK. The company’s purpose is to help improve people’s lives through better careers. SEEK Asia’s database consists of over 105,000 corporate hirers and over 29 million candidates.

• Hong Kong small businesses register lowest confidence on record in CPA Australia survey.
• Seeking government support most common action in response to COVID-19.
• Only 8.5 per cent of Hong Kong small businesses will innovate in 2021.

HONG KONG SAR – Media OutReach – 22 March 2021 – Amid the prolonged impact of COVID-19 and a record economic contraction in 2020, Hong Kong small business confidence slumped to record low. Only 16 per cent of surveyed Hong Kong small businesses reported growth last year, and only 21 per cent expect their business to grow this year.

These results are part of CPA Australia‘s 2020-21 Asia-Pacific Small Business Survey, published today. The survey canvasses the views of 4,227 small businesses in 11 markets across the Asia-Pacific region, including Australia, Mainland China, Malaysia and Vietnam to understand their business strategies and outlook. Three hundred and six Hong Kong small businesses took part.

“For two consecutive years, expectations of business growth among Hong Kong small businesses have been the lowest of the surveyed markets. 53 per cent of respondents identified COVID-19 as having had a major negative impact on their business operations in 2020, and 65 per cent of them expect to need one year or more to recover.” said Mr. Janssen Chan, CPA Australia’s Greater China Divisional President 2021.

When asked what major actions businesses took in response to COVID-19, small businesses in Hong Kong were most likely to have sought government support and subsidies (33 per cent), reduced capital expenditure (32 per cent), and reduced staff numbers / costs (22 per cent).

“The relief measures announced by the SAR Government supported small businesses to combat the worst of the pandemic. According to the survey, 44 per cent of respondents sought external funds for business survival. Using government grants as the main source of external finance jumped from 9 per cent in 2019 to a record high of 33 per cent last year,” Chan said.

As a response to COVID-19 last year, beginning or increasing the focus on online sales was one of the key actions taken by small businesses in many of the markets surveyed. However, only 17 per cent of Hong Kong respondents took action to begin or increase online sales, which is lower than the survey average of 25 per cent. Although 57 per cent of Hong Kong respondents received more than 10 per cent of their sales through digital payment options, this is lower than the survey average of 64 per cent and significantly behind leader Mainland China (91 per cent).

“The issuing of electronic consumption vouchers, announced in the Hong Kong Budget, is an excellent opportunity for small businesses to take advantage of digital payment and e-commerce. In light of the overwhelming response to the Distance Business Programme, we suggest that the government consider re-opening applications to the Programme to continue driving the digitalisation and technology adoption of small businesses.” Chan said.

Small business confidence in Hong Kong remains subdued. Only 21 per cent of respondents expect their business to grow in 2021, compared to the survey average of 61 per cent. This weak outlook is reflected in the cautious approach Hong Kong small businesses’ low intention of increasing their headcounts. Only 12 per cent of respondents expect to increase staff in 2021, compared to the survey average of 36 per cent.

Hong Kong small businesses are also less inclined to innovate, with only 8.5 per cent of respondents stating they will introduce new products or services in 2021, compared to the survey average of 23 per cent.

“While business innovation may involve additional expenditure in the short term, small businesses in Hong Kong should be more proactive in reassessing their resource allocation and consider innovating through the adoption of technology. This could enhance their long-term competitiveness and help them keep pace with their peers in other Asia-Pacific economies,” Chan said.

CPA Australia recommends Hong Kong small businesses consider the following measures:

• consult a trusted professional adviser to improve recovery prospects.
• seek government financial support where appropriate to your circumstances, such as the Special 100% Loan Guarantee under the SME Financing Guarantee Scheme and the Pre-approved Principal Payment Holiday Scheme.
• manage cashflow and debt closely paying attention to the cost of external financing.
• leverage government support schemes to increase the adoption of technology.
• identify, invest in and adopt new technologies to keep innovating.
• explore opportunities to diversify and expand into new markets, especially to cities in Mainland China and ASEAN countries.

About CPA Australia

CPA Australia is one of the largest professional accounting bodies in the world, with more than 168,000 members in over 100 countries and regions, including more than 20,000 members in Greater China. CPA Australia has been operating in Hong Kong since 1955 and opened our Hong Kong office in 1989. Our core services include education, training, technical support and advocacy. CPA Australia provides thought leadership on local, national and international issues affecting the accounting profession and public interest. We engage with governments, regulators and industries to advocate policies that stimulate sustainable economic growth and have positive business and public outcomes. Find out more at cpaaustralia.com.au

Link to CPA Australia’s Asia-Pacific Small Business Survey 2020-21 Report (Eng only)

HONG KONG SAR – Media OutReach – 22 March 2021 – Conventional cryptocurrencies have had a fair share of backlash in the first quarter of this year. Their major pitfalls include lack of physical backing and reliance on digital transfering. Under this demand, a particular upgrade to the long-lasting and robust Bullion ecology has taken place. ACUG – the newly launched- digital token is one of those gold-backed token. By its appealing performance, investors’ interests in gold-backed digital assets have increasingly raised recently.

A gold-backed digital currency is a digital asset that is pegged to the value of gold. The concept of a gold-backed digital currency is very similar to stablecoin, which is commonly known as a digital asset that pegged to the value of one or a basket of fiat. ACUG, a digital asset attached to the value of gold, is planned to be issued in a total of one million tokens in the first launch. Each one equals to one ounce of physical gold.

ACUG has brought a splash to the market by its distinguish features: first of all, its stability on a long-term scale in terms of value performance differs to other mainstream digital currencies that are usually criticized for their lack of intrinsic value. With physical gold being its backing. Each ACUG has a one-to-one redeemable physical gold counterpart in Asian Digital Gold.. Secondly, ACUG will withstand the rapid price fluctuations since gold has relatively low volatility and is not subject to inflation.

In addition, this tokenised gold has made ACUG more accessible: In the past, if a trader wants to participate in gold investment, one has to overcome a cumbersome process to complete. However, ACUG provides better accessibility to users in the form of tokenised gold. Traders can trade digital assets at any time with multiple options to buy, sell and store assets.

By leveraging the advanced blockchain technology, ACUG, the gold-backed crypto currency, offers new opportunities to investors. Moreover, benefit by blockchain applications and Defi solutions, ACUG will expand its possibilities under more viable infrastructure for future growth.

Predictably, digital assets will become the trend. The approach of associating the ‘newborn’ with the traditional investment world is something that every investor should focus on. ACUG is definitely one of those who will empower digital investment methods in the foreseeing future.

HONG KONG SAR – Media OutReach – 22 March 2021 – Amidst a global biodiversity crisis, Hong Kong authorities seized a record breaking 649 metric tonnes (MT) of rare and endangered wildlife in 2018 and 2019, according to a report released today by ADM Capital Foundation (ADMCF), which monitors the trade through the city.

Photographs: Paul Hilton / Earth Tree Images, further press materials: http://bit.ly/2OTHc9b

In its latest wildlife trade report, “Still Trading in Extinction: The Dark Side of Hong Kong’s Wildlife Trade” ADMCF detailed Hong Kong’s growing wildlife seizures (2018-2019), prosecutions (2017-2020) and the city’s continuing role in the global illicit wildlife trade.

Based on government data, the report shows that volumes of wildlife seized in 2018 and 2019 surpassed all annual totals for the preceding decade with the exception of 2015. Figures indicate a shift in trade dynamics with a decline in ivory in trade following the local ban, pangolins at devastatingly high levels and a worrying diversification of other endangered species seized.

Indeed, the “Other Endangered Species” seizures, including everything that is not ivory, pangolin or wood, were at an all-time high in 2019, a threefold increase over the previous year, which itself was a threefold increase since 2017.

“It is vital that decisive action is taken to change our city from being a hub for the illegal wildlife trade to become a global leader in the fight against it” said Sophie le Clue of ADM Capital Foundation. “If not, we will continue to inflict irreversible damage on the world’s biodiversity and suffer impacts long into the future.”

Facilitating enhanced enforcement to stem the illegal trade in Hong Kong, a Member’s Bill submitted by Hong Kong law maker Elizabeth Quat was tabled in LegCo’s Environmental Affairs Panel today. The proposed policy reform to amend the Organised and Serious Crimes Ordinance (OSCO) to include wildlife offences in its schedules, could demonstrate Hong Kong’s global leadership in combating wildlife trafficking.

“This bill to amend OSCO is urgently needed and we commend the government for responding to the global biodiversity crisis” Said Amanda Whitfort, Associate Professor of Law at The University of Hong Kong.

The 1,404 seizures over the two years reflected in the report also included almost 7,000 live animals. This meant that in 2019 alone, over 2,300 seized endangered animals had to be euthanized by government authorities.

“The unrelenting rise in Hong Kong’s wildlife seizures is a clear signal that we cannot continue to ignore the wildlife traffickers who exploit our city” said Dr David Olson, Director of Conservation at WWF-Hong Kong.

Wildlife contraband seizures consistently rank within the top five customs seizures in terms of value, annually. The value of 2018-2019 seizures was estimated at HK$207 million according to government data. Sentences for convicted carriers ranged from a fine of HK$300 to 32-months imprisonment. “Enforcement in the wildlife trade typically focuses on carriers of the products instead of investigating what are often syndicates behind the trade” said Dorothy Cheng of WildAid Hong Kong.

Members of Hong Kong’s Wildlife Trade Working Group formally delivered a co-signed letter to the Chairman of Panel on Environmental Affairs, in support of the Member’s Bill.

JOHANNESBURG, SOUTH AFRICA – Media OutReach – 22 March 2021 – 2020 proved that the only constant is change — organisations were forced to unlock new levels of investment in transformation in order to adapt, remain resilient and ultimately change the way we work forever.

Perhaps one of the hardest things for businesses was the uncertainty — overnight, technologies that were once 3-5 years away are now commonplace. This alone placed enormous pressure on IT teams tasked to do more with less.

To get to grips with the latest technologies and innovation without breaking the bank, IT News Africa and industry experts alike are set to lead the digital transformation conversation at the Digital Transformation Webinar on 24 March 2021.

Under the theme ‘Using Hybrid Cloud Agility to Put your Organization Ahead‘, this free webinar will tackle how to take advantage of the cloud. It will impart knowledge on how to build a solid IT environment that allows organizations to navigate difficult global situations, making the right architectural decisions to unlock freedom without sacrificing security and control and “right-size” VMs to minimize resource waste to maximize application performance.

Confirmed Speakers Include:

• Kumaran Selvarajalu, Senior General Manager at the Payments Banking Association Of South Africa
• Dr. Michael Modiba, Cloud Engineer at Standard Bank
• Martin Walshaw, Strategic Account Manager at Nutanix

Who Should Attend:

CIO, CMO, Chief Digital Officer, Head of Customer Experience, CTO, Strategy Director, Digital Transformation Manager, CSO, Chief Digital Officer, Chief Data Officer

How to participate:

Register for this virtual conference HERE

For more information on this webinar visit: https://itnewsafrica.com/events/event/digital-transformation-webinar/