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Talent now transcends the industry barriers in the ESG & Sustainability [ESGS] space, and the meaning of ‘sustainability’ has become more diverse and complex. As a result, we have extracted this function as a dedicated specialism and have spent much of 2024 speaking with a wide range of professionals ranging from Heads of Sustainability down to graduates entering the sector. These conversations and our wider research have given us insights into the trends, challenges and attitudes shaping the space which we have outlined here. Moving forwards, we will continue to share our findings and will launch a quarterly newsletter in November ( follow us on LinkedIn to get the notification). The Last 12-18 months Overview If you have been blissfully ignorant of the employment market situation in Hong Kong (in which case, we envy you!) then you can review our quarterly Talent Insight Reports to get the low down. In short, it has been a difficult period with a much lower volume of employment opportunities in Hong Kong. Economic challenges, such as high inflation and slower growth, along with geopolitical tensions, have impacted the pace of the green transition and the associated job market dynamics. Hong Kong Headcount ESGS has seemingly weathered this period without any significant headcount loss, other than the trimming of a smaller number of senior positions in some larger corporates. Team structures supporting data and reporting seem more mature and embedded, and hence have survived any downsizing. However, investment in wider training exercises or earlier stage projects have more commonly been put on hold. Cost-cutting and fiscal conservatism have proved to be the norm across most sectors. This restraint on new projects and the ability for individuals to make an impact is becoming a leading cause of frustration amongst sustainability professionals. This is one of the biggest reasons for talent to look outward into the market. However, new roles have been extremely limited with a small uptick in hiring only beginning to be seen in the current quarter. Leading by Example One of the key organisations pushing forwards this year has been the Hong Kong Jockey Club, solidifying a core team and outlining the beginning of a journey to pull together disparate projects and articulate their sustainability goals in a more cohesive way. When a major institution such as this sets out a clear vision, it can only be a positive message to the rest of the market. We see that their efforts will likely set the standard for other Hong Kong institutions to follow. The Next 12-18 months Reporting Talent In the short term, we are likely to see a rise in demand for individuals with reporting experience to help organisations transition to HKFRS 1 and HKFRS 2 / IFRS S1 & S2 and the new HKEX standards. Whether this talent is hired on a permanent, contract or consulting basis will depend on the current maturity of the relevant reporting function. Currently we observe that while there are companies who have well-established in-house reporting structures, there is another set of organisations who are lagging, and have been managing by outsourcing their reporting to third parties. With the increasing complexity of mandatory requirements, it is likely that these organisations will need more in-house capacity and resources. The mid-level reporting talent currently sitting in more mature teams/departments are likely to become a prime target for these companies. Salary increases and bigger titles will be an attraction which will likely mean an increased demand in a relatively tight talent pool. One defence against attrition in these functions will be the increased use of automation for ESG reporting and data systems. As these platforms become more sophisticated, it will enable teams to keep up with the ever-evolving HKEX & ISSB/IFRS standards without the need for increased headcount. However, we don’t see this being effective to the degree where these efficiencies will balance the increased talent demand in the shorter term. Strategy & Integration The general sense from professionals in the sector (across all industries) is that there will still be a strong future demand for talent in Hong Kong. This growth is likely to come from the integration end of the spectrum as the need to pull the ESGS goals into the wider business strategy is becoming critical to ensure positive impact is embedded and measured. In this area, we already see major gaps in expectations versus reality. Hong Kong lacks depth in its senior pool (most senior leadership in sustainability are not home grown). At one layer down, outside of data/reporting/compliance, the same problem exists. Organisations are often expecting to find a perfect combination of technical sustainability knowledge, relevant business exposure, plus the change management skills. However, this mix of skills is in very short supply The two solutions to this are either to cast the net wider and recruit globally or, pull talent with the business knowledge and soft skills across and cross-train them. The challenge with the latter is that not everyone in a functional specialism wants to make this shift but, candidates from transformation/change backgrounds could be a key target. Hong Kong’s Role For Hong Kong, whilst it has had a slower start in terms of development in this space, there is an opportunity to play a pivotal role in the regional and global ESGS ecosystem. With both Hong Kong and Beijing governments framing HK as the key place for Chinese firms to IPO in the coming years, the complexity of cross-border and global requirements will lead to increased need for harmonisation of regulations. HKFRS S1 and S2, are designed to fully align with the IFRS S1 and S2 standards and this alignment will help to better integrate Hong Kong businesses with global and Mainland Chinese capital markets. This is an area in which Hong Kong can play a leading role, particularly if the government’s efforts to strengthen its position as a global talent and green financing hub continue to gain traction. With the HKMA’s latest net zero targets for the banking sector, the flow of capital looks like it will continue to advance against a more sustainable agenda. One thing is for certain, corporate sustainability is here to stay and this is not just a listed company issue. The Sandpiper Global Reputation Capital Index report highlights what we see on that ground - that even some larger private organisations are seeing the sense in ensuring their ESG reporting meets the market standards. Key Observations Reporting and data talent will likely be in demand once again as we head into 2025 Experienced strategy and integration talent is in very short supply. Global talent sourcing or cross-functional training are the key solutions. Our Core Services We can support organisations with their ESGS talent agendas in a number of ways: Executive recruitment Retained executive search Contract resources (individuals sub-contracted for specific periods on yours or our payroll) Statement of work driven projects (you have a goal to achieve, and we deliver the team and run the program) Talent management, leadership and wellbeing consultancy Our Value Adds We are happy to assist our clients with additional data, insights and opportunities such as: Salary surveys Case study sharing and strategy benchmarking Webinar and events support/co-creation Industry roundtables Written by Mathew Gollop & Aadya Kapur . For more information, please reach out to Mathew at mat@connectedgroup.com

For much of 2023 and through 2024 we have experienced a period of economic uncertainty in Hong Kong which is worse than anything we have seen since the 2001 dotcom bubble burst and bled into the SARS outbreak in 2002. Social unrest followed by the Covid pandemic, geopolitical instability, and a sluggish mainland economy have all led to a challenging time for jobseekers. Here we try and share some of the responses to common questions that we have been consistently answering. Some of these were addressed in a better market back in 2022 by our MD in this article but, here we look at the issues in the current climate. When Will Things Improve? The short answer is, of course, we don’t know for sure. If we did, it is likely we would be making our money in something easier than recruitment! What we can say is that there is a sense that we are through the worst and, at the time of writing (late October 2024), dropping interest rates and economic stimulus are looking like they should kickstart a recovery. The impact of this on hiring is less likely to become significant until organisations move into their next financial year (commonly January or April) and, even then, we expect the first half of 2025 to remain conservative. Why Do I Not Receive Feedback? Applying for jobs online can feel like throwing your CV into a blackhole and this is the greatest frustration we hear from all jobseekers. The reasons why this has become so prevalent are not 100% clear but it seems to be a combination of factors: Limited resources – employers and agencies are stretched after reducing headcount. With increasing numbers of candidates on the market, there just isn’t the bandwidth to offer meaningful feedback to all applicants. Automation – recruitment automation has focused on screening efficiency but has not improved the candidate engagement process. Headcount anxiety – organisations have budgeted headcount, and roles are posted, but hiring managers remain conservative and don’t move the process forwards. For more commentary on this – see pages 12, 13 & 14 of our recent Talent Insights Report. The best advice we can provide is not to take this personally – it is not an issue that only you are suffering from. This doesn’t make it any less frustrating, but it does hopefully enable you to see it more objectively and less emotionally. Do All Roles Really Need Chinese Language Skills? The reasons why Cantonese has become an increasingly common prerequisite on job descriptions are complex and nuanced. It would need another article to explain why but, here we focus on how to approach this issue if you are a non-Cantonese speaker. Don’t assume that agency recruiters are using this criterion without good reason. External recruiters are driven by client expectations but will do what they can to widen the funnel of potential talent. In this market, employers have very specific requirements that need to be met to justify the cost of recruitment fees and so the influence of recruiters over the screening criteria is limited. If you can resign yourself to the previous point that you may not receive feedback on your application, still apply for roles that state the need for local language skills. If an organisation later relaxes the requirement, then they may revisit your profile. Equally, they may see you as a fit for other roles that have not yet been posted. Language skills can sit on job descriptions in the HR database, but the hiring manager may not see them as critical. Where possible, in addition to making an application, reach out directly to the potential hiring manager (via best guess on LinkedIn or, even better, through referral by personal connection). Our expectation is that, as the markets begin to recover and demand for talent increases, the need for more diverse talent pipelines will become clear. The government has been promoting the need for Hong Kong to position itself as an international talent hub and this will see more momentum as hiring volumes increase. Is There a Better Way to Approach My Job Search? One piece of advice for any candidate in an active job search is that the process itself is an opportunity to expand your network. Consider the value of the network itself, rather than just as a transactional means to and end and use these tips to help you. Create a way to track your progress. A simple format would be a spreadsheet with companies, names, titles and contact information with a note of the date of your last message/call/VC/meeting so that you can follow up at regular intervals. Use any connections you have from past roles and your social network to help with introductions and reach out directly to people on LinkedIn that seem appropriate. Unless there is a specific role you are aware of, don’t ask if someone is hiring as a way of making a connection. Ask for their advice and help to understand and navigate the market. This way they won’t feel like they have to let you down and it will be a more positive experience for them. Include recruiters in this exercise. Nudge them gently every few weeks, ask whether specific jobs they are advertising could be a fit, but remain respectful and polite. Recruiters are handling a lot of frustrated candidate communications in markets like these whilst trying to meet their own targets in an environment where salary reductions and layoffs are common. Treat each meaningful connection you make as a win. You will get more rejections and disappointments than positive results so, see the value in each new addition you bring to your network. You will also see that you have a stronger resource in your next role that you are able to leverage. Anything Else? To close out, here are a few CV tips: If you are not a Hong Kong National but you have a working visa, state this clearly on your resume (suggest at the top, under your name) i.e. ‘Hong Kong Permanent Resident’ or ‘Dependent Visa Holder – No Sponsorship Required’ etc. Don’t include a photo on your resume – this is not a market norm and therefore makes your CV look like an outlier. Make sure your contact details are on your resume in case it gets separated from your e-mail and/or cover letter. Mobile phone number and e-mail address are enough – any more than this is a data risk. You can check our current vacancies here. Feel free to make a general application via infoHK@connectedgroup.com

Hong Kong's Board & Advisory space is changing, with regulatory developments impacting the likely structure and strategy of future board composition. At ConnectedGroup we see that the future supply of talent will need to come from a more diverse range of backgrounds and experience to meet the needs of an evolving regulatory framework and rapidly changing economic landscape. To clarify, there are 3 main types of formal board role categories in listed companies: Executive Directors – employees of the organisation in the senior leadership team, some of whom may sit in the board, usually the CEO or equivalent on the main board. Non-Executive Directors – board members who are not employees but who represent significant shareholding interests. Independent Non-Executive Directors – board members who are not employees and who have no other connection to the business. It is the 3 rd role of INED on which the regulatory changes focus. A very useful ‘Snapshot of INED’s Roles and Responsibilities’ produced by HKEX can be found here . There are 2 key regulatory pressures: 1. Trimming the Seats: HKEX’s Push to Reduce Over-boarding Recently, the Hong Kong Exchanges and Clearing (HKEX) has announced a proposal to limit the number of board roles an individual can hold across listed companies. While this number was not restricted in the past, the proposal is that an individual can only hold maximum of six board roles. This is an effort to ensure that the directors can devote sufficient time to each company. These changes will be implemented from 1st January 2025 with a proposed three-year transition period for the changes relating to INEDs. As reported by the South China Morning Post, the "over-boarding" proposal has sparked significant debate among company directors because the proposal would force them relinquish some of their roles. At the end of 2023, 23 over-boarded INEDs served on the boards of 181 companies listed on the HKEX (approximately 7% of all HKEX-listed companies), and five INEDs held 10 or more listed company directorships. HKEX firmly believes that it will lead to positive outcomes as INEDs will demonstrate better performance for their board roles. At the end of the day, “Independent non-executive directors and other non-executive directors should make a positive contribution to the development of the issuer’s strategy and policies through independent, constructive and informed comments.” (HKEX, Rules en Guidance C.1.7). 2. Board Composition and Gender Diversity Gender diversity remains a persistent challenge in Hong Kong’s board composition. Nearly 57% of students enrolled in business and management courses are female and women hold over half of entry-level positions. However, their representation decreases as they progress up the corporate ladder. In the financial sector, women occupy only a third of senior management roles. More concerning is their presence in board composition, where women currently hold just 18.8% of directorships among Hong Kong-listed companies as shown in Figure 1. This disparity highlights the urgency of addressing gender diversity on boards. This is why another key regulatory change is the HKEX's mandate requiring all-male boards to appoint at least one female director by December 2024. It is a part of the broader efforts to improve gender diversity in corporate governance. By December 2024, Hong Kong’s firms are expected to show substantial progress in enhancing gender diversity on their boards. This shift aims to create a more balanced and inclusive corporate environment, offering equal opportunities for aspiring leaders of all genders. As companies work to meet these targets, the hope is that boards will reflect a fairer and more equitable landscape, ensuring that leadership roles are accessible to talent from diverse backgrounds, ultimately contributing to stronger governance and decision-making processes.