Hong Kong is one of the most popular and attractive business destinations in Asia. Not only is it the home of a growing tech industry, it also offers endless opportunities for new businesses to develop and expand. Its robust economy is very appealing to many investors around the world.
Over the last few years, there has been an increase in the number of business owners choosing remote working as a way of operating their businesses in Hong Kong, China. Remote working, in simple terms means working outside a traditional office space. Some see this as a good way of entering the Hong Kong business market.
This guide will discuss the future of remote working in Hong Kong and why many business owners have chosen this path.
Virtual offices offer great facilities that make remote working a lot easier and much more appealing. Check out www.servcorp.com.hk/en/virtual-offices/ to find virtual facilities that are available in prime locations around Hong Kong. These facilities offer essential tools such as receptionists, fast internet, dedicated secretarial support and many more that will be beneficial in effectively operating a business.
Unlike renting a conventional office space, there are no long-term contracts and most virtual services operate through a month by month term. With no overhead costs of a full-time physical office suite and no firm commitments, a virtual office is becoming a great solution for new businesses starting out or looking to expand in an expensive city like Hong Kong.
Wide Range of Talents
With technology to avail, companies can hire employees from different parts of the world. This is one of the most attractive features of remote working. Companies based in Hong Kong can hire remote employees and are no longer restricted to candidates in or willing to move to the city.
This will significantly widen the talent pool, giving companies better options to hire the best employees for specific job roles. Most remote employers that are starting out in Hong Kong will find this beneficial for the growth of their businesses. This is a good way of finding cheaper candidates who are better fits for the brands.
Remote working can be very useful in getting a work-life balance. A work-life balance is a concept of having an equilibrium between a job and a lifestyle outside of work. In a survey carried out in 2015, Hong Kong is ranked number one in the worst work-life balance in the Asia Pacific. This has been a concern for many employers for many years.
With the long-standing demand of a better work-life balance, more companies are slowly providing the ability to work more flexibly to employees. As technology rises and the notion of flexible working becomes more popular, more and more companies in Hong Kong will go virtual, allowing employees to work remotely.
Cost and Time Efficiency
In a huge and busy corporate city like Hong Kong, the cost of living is very high. Working remotely will not only reduce commuter costs, it will also save time spent commuting around a busy city. More time can be spent on building a successful business.
With the costs saved, resources can be relocated to other effective agendas such as attracting customers and travelling to industry events to build connections. As Hong Kong gets more hectic and expensive, business owners will need to find a more cost and time efficient way of running a business. Remote working could be the best solution to that.
While remote working is not suitable for every business, it is a great solution to new and smaller businesses. In an emerging market like Hong Kong, more and more companies have chosen to embrace this setup. As the world gets more globalized, remote working will slowly take over the business norm in Hong Kong, China and the rest of the world.