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White Paper

People strategies for the new economic reality

Insights from Hong Kong Business Leaders

Executive Compensation|Future of Work|Health and Benefits|Retirement|Talent|Total Rewards|Bienestar integral
COVID 19 Coronavirus

By Massimo Borghello , Greg Kuczaj , Eva Liu and Lee Robinson | July 27, 2020

Business leaders in Hong Kong shared how they would operate under the new economic and consumer reality brought about by the pandemic

The COVID-19 pandemic has brought into sharp focus the impact that human capital has on business performance and the economy.

Willis Towers Watson interviewed CEOs and CHROs at ten leading large local and multinational companies in Hong Kong, to gain insights into how they are preparing themselves to operate under the new economic and consumer reality brought about by the pandemic.

The pandemic has challenged many of the assumptions and behaviors that have underpinned business for decades. But rather than proving problematic, the leaders we spoke to recognize it as a catalyst for much needed change. We identified 6 key focus areas which are top of mind with Hong Kong business leaders:

  • Embracing agility to deal with an ever-changing business environment
  • Accelerating the focus on digital capabilities to meet consumers’ new-found affinity with digital channels
  • Changing the mindset of the business, revising the role of middle managers and truly empowering employees
  • Embracing a broader set of stakeholders, taking more explicit responsibility both for employees and the community
  • Caring for employee wellbeing in highly stressful, unprecedented times
  • Rethinking the employee experience to bring the other focus areas to life

We have summarized in a report the main themes that emerged from our conversations with these leaders, and how they are leveraging the current environment to shape the human capital agenda in their organization by first restoring stability and then positioning their organizations to effectively operate post crisis.

Authors

Global Services and Solutions - International Geography Leader

Managing Director, Talent & Rewards

Head of Health & Benefits

Director, Retirement

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