Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? Description

The case examines two major transitions currently taking place in Hong Kong-the transformation into a knowledge-based economy (KBE) and the replacement of the Gen Xers by the Gen Ys in the workplace. It sheds light on the skills that workers require and the strategies that government and industries should adopt to suitably develop a KBE. In doing so, the case elaborates on the policy initiatives Hong Kong has undertaken to create the desired human capital and to leverage innovation and technology across knowledge-based industries. It tabulates the key statistics and trends that enable manpower planning and projections. While the case presents issues arising in the workplace due to intergenerational differences between Gen X and Gen Y, it questions how Gen Ys can effectively replace the retiring baby boomers and aging Gen X workers. It aims to arouse the attention of human resource (HR) managers in coming up with the appropriate strategies to incorporate and motivate the Gen Ys to fill the gap. In the end, can both transitions be successful and sustained? Can the new generation help transform Hong Kong into a KBE?

Case Description Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Strategic Managment Tools Used in Case Study Analysis of Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

STEP 1. Problem Identification in Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study

STEP 2. External Environment Analysis - PESTEL / PEST / STEP Analysis of Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study

STEP 3. Industry Specific / Porter Five Forces Analysis of Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study

STEP 4. Evaluating Alternatives / SWOT Analysis of Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study

STEP 5. Porter Value Chain Analysis / VRIO / VRIN Analysis Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study

STEP 6. Recommendations Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study

STEP 7. Basis of Recommendations for Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study

Case Analysis of Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? is a Harvard Business (HBR) Case Study on Organizational Development , Texas Business School provides HBR case study assignment help for just $9. Texas Business School(TBS) case study solution is based on HBR Case Study Method framework, TBS expertise & global insights. Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? is designed and drafted in a manner to allow the HBR case study reader to analyze a real-world problem by putting reader into the position of the decision maker. Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study will help professionals, MBA, EMBA, and leaders to develop a broad and clear understanding of casecategory challenges. Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? will also provide insight into areas such as – wordlist , strategy, leadership, sales and marketing, and negotiations.

Case Study Solutions Background Work

Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study solution is focused on solving the strategic and operational challenges the protagonist of the case is facing. The challenges involve – evaluation of strategic options, key role of Organizational Development, leadership qualities of the protagonist, and dynamics of the external environment. The challenge in front of the protagonist, of Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?, is to not only build a competitive position of the organization but also to sustain it over a period of time.

Strategic Management Tools Used in Case Study Solution

The Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study solution requires the MBA, EMBA, executive, professional to have a deep understanding of various strategic management tools such as SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

Texas Business School Approach to Organizational Development Solutions

In the Texas Business School, Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study solution – following strategic tools are used - SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

We have additionally used the concept of supply chain management and leadership framework to build a comprehensive case study solution for the case – Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Step 1 – Problem Identification of Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? - Harvard Business School Case Study

The first step to solve HBR Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study solution is to identify the problem present in the case. The problem statement of the case is provided in the beginning of the case where the protagonist is contemplating various options in the face of numerous challenges that Gen Ys is facing right now. Even though the problem statement is essentially – “Organizational Development” challenge but it has impacted by others factors such as communication in the organization, uncertainty in the external environment, leadership in Gen Ys, style of leadership and organization structure, marketing and sales, organizational behavior, strategy, internal politics, stakeholders priorities and more.

Step 2 – External Environment Analysis

Texas Business School approach of case study analysis – Conclusion, Reasons, Evidences - provides a framework to analyze every HBR case study. It requires conducting robust external environmental analysis to decipher evidences for the reasons presented in the Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?.

The external environment analysis of Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? will ensure that we are keeping a tab on the macro-environment factors that are directly and indirectly impacting the business of the firm.

What is PESTEL Analysis? Briefly Explained

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study. PESTEL analysis of " Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

How to do PESTEL / PEST / STEP Analysis? What are the components of PESTEL Analysis?

As mentioned above PESTEL Analysis has six elements – political, economic, social, technological, environmental, and legal. All the six elements are explained in context with Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? macro-environment and how it impacts the businesses of the firm.

How to do PESTEL Analysis for Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

To do comprehensive PESTEL analysis of case study – Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? , we have researched numerous components under the six factors of PESTEL analysis.

Political Factors that Impact Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Political factors impact seven key decision making areas – economic environment, socio-cultural environment, rate of innovation & investment in research & development, environmental laws, legal requirements, and acceptance of new technologies.

Policy Making Impact on Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Government policies have significant impact on the business environment of any country. The firm in “ Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? ” needs to navigate these policy decisions to create either an edge for itself or reduce the negative impact of the policy as far as possible.

Data safety laws – The countries in which Gen Ys is operating, firms are required to store customer data within the premises of the country. Gen Ys needs to restructure its IT policies to accommodate these changes. In the EU countries, firms are required to make special provision for privacy issues and other laws.

Competition Regulations – Numerous countries have strong competition laws both regarding the monopoly conditions and day to day fair business practices. Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? has numerous instances where the competition regulations aspects can be scrutinized.

Import restrictions on products – Before entering the new market, Gen Ys in case study Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?" should look into the import restrictions that may be present in the prospective market.

Export restrictions on products – Apart from direct product export restrictions in field of technology and agriculture, a number of countries also have capital controls. Gen Ys in case study “ Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? ” should look into these export restrictions policies.

Foreign Direct Investment Policies – Government policies favors local companies over international policies, Gen Ys in case study “ Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? ” should understand in minute details regarding the Foreign Direct Investment policies of the prospective market.

Taxation & Regulation Impact on Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Corporate Taxes – The rate of taxes is often used by governments to lure foreign direct investments or increase domestic investment in a certain sector. Corporate taxation can be divided into two categories – taxes on profits and taxes on operations. Taxes on profits number is important for companies that already have a sustainable business model, while taxes on operations is far more significant for companies that are looking to set up new plants or operations.

Tariffs – Chekout how much tariffs the firm needs to pay in the “ Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? ” case study. The level of tariffs will determine the viability of the business model that the firm is contemplating. If the tariffs are high then it will be extremely difficult to compete with the local competitors. But if the tariffs are between 5-10% then Gen Ys can compete against other competitors.

Government Scheme & Subsidies Impact on Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Research and Development Subsidies and Policies – Governments often provide tax breaks and other incentives for companies to innovate in various sectors of priority. Managers at Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study have to assess whether their business can benefit from such government assistance and subsidies.

Consumer protection – Different countries have different consumer protection laws. Managers need to clarify not only the consumer protection laws in advance but also legal implications if the firm fails to meet any of them.

Political System & Stability, and its Impact on Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Political System and Its Implications – Different political systems have different approach to free market and entrepreneurship. Managers need to assess these factors even before entering the market.

Freedom of Press is critical for fair trade and transparency. Countries where freedom of press is not prevalent there are high chances of both political and commercial corruption.

Corruption level – Gen Ys needs to assess the level of corruptions both at the official level and at the market level, even before entering a new market. To tackle the menace of corruption – a firm should have a clear SOP that provides managers at each level what to do when they encounter instances of either systematic corruption or bureaucrats looking to take bribes from the firm.

Independence of judiciary – It is critical for fair business practices. If a country doesn’t have independent judiciary then there is no point entry into such a country for business.

Government attitude towards trade unions – Different political systems and government have different attitude towards trade unions and collective bargaining. The firm needs to assess – its comfort dealing with the unions and regulations regarding unions in a given market or industry. If both are on the same page then it makes sense to enter, otherwise it doesn’t.

Economic Factors that Impact Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Social Factors that Impact Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Technological Factors that Impact Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Environmental Factors that Impact Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Legal Factors that Impact Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?

Step 3 – Industry Specific Analysis

What is Porter Five Forces Analysis

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study. PESTEL analysis of " Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap?" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

Step 4 – SWOT Analysis / Internal Environment Analysis

Step 5 – Porter Value Chain / VRIO / VRIN Analysis

Step 6 – Evaluating Alternatives & Recommendations

Step 7 – Basis for Recommendations

References :: Assessing Hong Kong's Human Resources in Its Transition to a Knowledge-Based Economy: Can Gen Ys Fill the Gap? case study solution