Innovation for Hong Kong's Upward Social Mobility

34 4.2.7 In the meantime, millennials believe that their influence on the strategic direction of the organization and charitable initiatives is negligible (Figure 4.5), and that may explain why they regard the start-up ecosystem and entrepreneurship as the most important means of empowerment. That can also explain why millennials have been attracted by the start-up community and technology organizations. In developed economies, about 54% of millennials have started or plan to start their own business, while 27% have already been self-employed78. Figure 4.5 Millennials’ Perception of Influence and Responsibility 79 4.2.8 Given the outstanding characteristics of millennials, they have become target by government in more and more countries and regions. The Global Talent Competitiveness Index (GTCI) found that countries are competing globally to grow better talents, attract the talents they need, and retain those who contribute to competitiveness, innovation and growth. The top ten countries are Switzerland, Singapore, the United States, Norway, Sweden, Finland, Denmark, the United Kingdom, the Netherlands and Luxembourg. The top ten cities are Zurich, Stockholm, Oslo, Copenhagen, Helsinki, Washington D.C., Dublin, San Francisco, Paris and Brussels80. While encouraging young people to go to Shenzhen for development, Hong Kong should also cultivate and attract outstanding talents. 78 Deloitte (2017) Millennials and wealthy Management. Trends and challenges of the new clientele. 79 Source: 80 Global Talent Competitiveness Index (2018) “Talent diversity to fuel the future of work”. 80% 70% 60% 50% 40% 30% 20% 25% 30% 35% 40% 45% 50% 55% 60% Charitable initiatives / partnership programmes Strategic direction of organization Recruitment of new people / promotions Financial performance of the organization Products / services provided by your organization Ethical behavior / organizational integrity Overall reputation of the company General processes / ways of working Working culture / atmosphere Client / customer satisfaction Level of accountability Level of in uence 4 Youthquake and Quarter-Life Crisis