Sweeping lay-offs by the US Department of Government Efficiency have reportedly eliminated over 275,000 federal jobs and displaced skilled professionals in academia and the sciences, intensifying global talent competition.
Faced with uncertainty, many are now seeking opportunities abroad. This has created a space for other countries and regions to step in, utilising flexible immigration policies, strong support systems and effective integration strategies to attract top-tier talent.
Hong Kong can only become a key global talent hub by adopting a strategic, forward-thinking approach. Despite its unique position within the Greater Bay Area development zone, the city has struggled to establish itself as a leading destination for skilled professionals.
Initiatives like the Top Talent Pass Scheme and the Quality Migrant Admission Scheme have drawn significant interest, receiving over 440,000 applications and approving at least 280,000 as of the end of last year. However, their impact remains limited. Many participants face challenges securing suitable employment, revealing a disconnect between talent attraction efforts and the cityโs economic priorities.
These returnees underscore the intense global competition that Hong Kong encounters in attracting top talent. If the city fails to provide comparable support and implement more effective retention strategies, it risks falling behind other locations.