More than 300 application forms were handed out on the day the Admission of Talent scheme was launched last December. Most were collected by employers who misread the scheme as a way of importing cheap labour from the mainland, even though it was stressed from the outset that the aim was to recruit highly-qualified professionals to help the SAR develop as the technology hub of Asia.
Five months later, everyone involved has learned that talent does not come by the busload and it comes at a price. Due to a worldwide shortage of technical expertise, every developed nation is competing for the top brains. Thus, rather than some 2,000 experts who were expected to clamour for admittance, only 19 have been processed.
The mainland has its own burgeoning hi-tech economy and a similar shortfall of qualified staff. Major cities have schemes to lure native-born talent back to the motherland, by offering 'red-packet' bonuses and tax incentives. So the message to Hong Kong companies trying to recruit from abroad is simply that they must bid high if they are serious about attracting the best.
The early response is disappointing largely because the scheme lacked direction, despite its good intentions. The Security Bureau is stepping up a publicity drive so it can source talent and alert companies which might benefit. But it must impress on local firms the message that talent comes at a price. More exotic destinations are bidding for the best, and they often can offer new ideas, the promise of venture capital and the ability to create even more jobs.
Everyone must come to understand that, in the IT world, Hong Kong is no longer the city whose streets are paved with gold. Unless it offers real incentives, it risks losing the race.