79% of jobs in Hong Kong will be transformed in the next three years | Human Resources Online
By 2021, digital transformation will add an estimated US$9 billion to Hong Kong’s GDP, and increase the growth rate by 0.5% annually, according to a new business study released by Microsoft in partnership with IDC Asia/Pacific.
The study found that 79% of jobs in Hong Kong will be transformed in the next three years, 60% of which will be redeployed to higher value roles, or reskilled to meet the need of the digital age.
While there is also concern about job displacement, the study found that 23% of new jobs are expected to be created from digital transformation, which is about the same number to be automated, or about 19%; in other words, the effect will be slightly positive.
“Despite the impact on jobs being mitigated, organisations should still work on partnering with governments and educational institutions to provide feedback, training and reskilling programs so that the workforce is equipped with future-ready skill sets,” added Chan
The study predicts a dramatic acceleration in the pace of digital transformation across Asia Pacific’s economies. In 2017, about 5% of Hong Kong’s GDP was derived from digital products and services created directly through the use of digital technologies, such as mobility, cloud, Internet of Things (IoT), and artificial intelligence (AI). This is expected to surge to around 60% of Hong Kong’s GDP by 2021.