3 Ways Hong Kong Businesses Can Attract and Retain Talent Amid Global Team Challenges

In recent years, attracting and retaining global talent has become a top priority for Hong Kong. The city has successfully welcomed over 140,000 skilled professionals from around the world through various talent admission initiatives.

As this diverse pool of skilled workers merges with the local workforce, organizations face new challenges in maintaining a cohesive company culture, ensuring international compliance, and managing multi-currency payroll systems.

According to Deel’s APAC Business Leader Pulse Check: Workforce and Hiring Report, Hong Kong enterprises identify the following top three challenges:

1. Follow local tax regulations, labor laws, data protection laws, and other legal requirements.
2. Accurately processing payroll across multiple currencies.
3. Navigating the complexities of data management and reporting.

To address these challenges and successfully cultivate a global and distributed workforce, local organizations must focus on three critical strategies if they are to continue attracting and retaining global talent.

1. Create a cohesive global team experience

Deel’s APAC Report highlights that company culture is the second most important factor for Hong Kong business leaders, following competitive salaries.

While attractive compensation can draw in talent, it’s a strong company culture that fosters employee engagement and alignment with the organization’s mission and values, regardless of location. This alignment plays a crucial role in retaining employees for the long term.

To enhance the overall team experience, businesses must ensure fairness and equity across their workforce. This includes offering comparable benefits tailored to local needs and providing access to collaboration tools that enable seamless communication and interaction among team members, regardless of location and worker type.

Deel’s global people platform improves team cohesion by:

• Streamlining onboarding and offboarding processes for a seamless transition
• Offering equipment through Deel IT and workspace memberships to ensure your team is fully equipped
• Providing visa and immigration support to help navigate global work policies
• Facilitating company equity opportunities
• Convenient payment processing through the Deel App, featuring flexible withdrawal options.
• Optional Deel Card for seamless global transactions, along with early access to funds through Deel Advance for contractors
• Supporting comprehensive employee communication, training, and performance management with Deel Engage
• Offering a user-friendly self-service portal for easy access to personal records
• Granting access to global benefits and perks to support employee well-being through Deel HR
• Providing access to essential tools and integrations to enhance operational efficiency with Deel plugins

See also: Enhance Employee Experience with a Unified HR Tech Stack

2. Build an integrated operations infrastructure

Many Hong Kong organizations depend on separate tools to manage their global workforce, which poses significant challenges due to the lack of integration between local and global software. HR and finance teams often navigate, on average, 11 to 15 different tools to effectively manage workforce and payroll operations.

This fragmentation leads to administrative errors and presents regulatory challenges in international markets, consuming valuable time and resources. It also prevents organizations from establishing a unified source of truth for data consolidation and insights. As a result, these inefficiencies can disrupt global operations, hinder growth, and decrease employee satisfaction, ultimately complicating their work experience instead of simplifying it.

To successfully manage global teams, Hong Kong organizations should consolidate their operations via a single operational infrastructure. Deel’s global platform centralized key functions—such as hiring, onboarding, payroll, HR, and compliance—within a cohesive and transparent system. By doing this, business leaders can redirect their efforts toward driving growth and enhancing overall organizational success.

Deel is the leading global people platform offering the most comprehensive solution to manage and support international teams. It’s been named the G2 leader based on having the highest user satisfaction score and largest market presence.

See also: Global HRIS: Why It’s the Best HR Solution for Global Teams

3. Prioritize team development

Team experience and seamless global operations are only effective when backed by robust team development initiatives. If employees don’t perceive clear opportunities for progress and growth, they may feel stagnant in their roles. However, managing performance and development within global teams can be particularly challenging.

AI-driven talent solutions like Deel Engage provide a comprehensive platform for overseeing career development, conducting performance evaluations, and implementing training programs. By adopting these advanced tools, organizations can retain top talent and foster a culture of high performance and continuous improvement across their global teams

See also: 8 Effective Career Development Tools for Building a Thriving and Engaged Workforce

Attract and Retain Global Talent with Deel

With an increasingly distributed workforce worldwide, companies must first get the foundation right—positive work culture, integrated infrastructure, and solid team development—to run a smooth and compliant operation for a global workforce. By doing so, Hong Kong businesses can position themselves for sustained success in the global marketplace.

Deel is everything your organization needs to hire, pay, and manage a global workforce. With our all-in-one platform, you can:

• Pay anyone, anywhere, in minutes
• Expand your team and hire globally
• Consolidate your HR operations
• Simplify, speed up, and scale global IT operations
• Set your team up for success with performance tools
• Attract and retain talent with immigration support

Sound like the ideal solution? Book 30 minutes with a product expert to get your questions answered

This article was originally published in Bloomberg Businessweek (Chinese Edition).