AI Boosts Productivity and Salaries in Hong Kong, but Training Gap Must Be Bridged, Says AWS Study
AI could increase Hongkongers' salaries by up to 28%, according to Amazon Web Services (AWS) study. Hong Kong workers in IT, research and development, and sales and marketing expected to see highest pay bumps. AI has the potential to improve organisational productivity by up to 47%.
However, a new study conducted by Amazon Web Services (AWS) highlights the need to bridge the training gap in order to fully harness the benefits of AI.
According to the study, Hong Kong workers with AI expertise could see their salaries improve by up to 28%. The highest pay bumps are expected for those working in information technology, research and development, followed by sales and marketing professionals.
In addition to salary increases, AI has the potential to improve organisational productivity by up to 47%. The report, conducted by Access Partnership on behalf of AWS, reveals that most employers and employees surveyed expect AI to be used for improving workflows, automating repetitive tasks, and supporting learning.
The survey also found that generative AI, which creates content such as text and video, is gaining traction in Hong Kong. 94% of employers and 91% of employees expect to use generative AI in their jobs within the next five years.
Robert Wang, AWS's managing director for Hong Kong and Taiwan, emphasises the opportunity for Hong Kong businesses to drive innovation and enhance productivity through the rise of generative AI.
However, the study highlights a significant challenge. Currently, employers in Hong Kong lack the necessary resources to train employees in AI tools. While 70% of employers prioritise AI-skilled talent, 76% admit to lacking the knowledge to implement an AI workforce training program. Additionally, 70% of employers cite financial constraints, and 69% believe employees do not have enough time to learn AI skills alongside their core responsibilities. As a result, 73% of employers find it challenging to recruit suitable AI talent.
Wang emphasises the importance of nurturing an AI-skilled workforce to unlock the full potential of these technologies.
Despite these challenges, Hong Kong is ahead of its global peers in AI adoption. A survey conducted by the Oliver Wyman Forum revealed that 84% of Hong Kong employees use some form of AI in their jobs, surpassing the global average of 80% and on par with Singapore.
The financial services sector, which contributes a quarter of Hong Kong's gross domestic product, shows particular optimism about the impact of AI. According to the AWS survey, 71% of finance workers expect AI to have a positive impact on their careers and organisations. The majority of finance workers already use AI tools, and an even higher percentage expect to use them by 2028.
With 81% of finance workers considering themselves "intermediate" or "advanced" in AI fluency, they are well-positioned to reap the benefits of AI, according to AWS.
AI could increase Hongkongers' salaries by up to 28%, according to Amazon Web Services (AWS) study
Hong Kong workers in IT, research and development, and sales and marketing expected to see highest pay bumps
AI has the potential to improve organisational productivity by up to 47%
Source: SCMP