In 2023, Hong Kong firms adjusted their employee training budgets due to economic uncertainties, yet increased training hours to enhance proficiency with emerging artificial intelligence (AI) tools. This insight, revealed by the Hong Kong Institute of Human Resource Management from a survey of 115 local companies across 17 sectors, highlights the evolving training landscape. Conducted from January to April, the survey revealed that training budgets constituted 4% of total annual base salaries—down 0.3 percentage points from the previous year, yet above pre-pandemic levels of 3.4%. Actual training expenditure also decreased to 3.1% from 3.8% in 2023. Chester Tsang Wing-cheong, co-chairman of the institute’s Learning and Development Committee, noted the global economic climate’s challenges impacting these training decisions. Despite budget cuts, firms remain committed to enhancing employee skills amid evolving technological demands. This trend demonstrates a balancing act between financial constraints and the necessity for workforce advancement in AI.
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Hong Kong Companies Prioritize AI Skill Development Amidst Training Budget Constraints: Survey Findings
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