There’s a new outlook for recruitment in 2009
The latest Hays Quarterly Report reveals a more balanced outlook for recruitment, with the impact of the economic turmoil generating a return to demand and supply in more equal measure in 2009 than has been the case in recent years.
“In the current market there have been areas of both expansion and contraction,” said Nigel Heap, Managing Director of Hays in Asia. “While come companies have certainly suffered as a result of the economic turmoil, others are adjusting their focus effectively and taking advantage of the broader and deeper pool of talent now available.
“There has been a levelling of salaries and a levelling of salary expectations, with increases falling into more sustainable ranges. Bonuses too have become more sustainable as the focus shifts back to performance-based payments. Candidates are realising the need to remain flexible during interviews and are now valuing other non-monetary elements, such as opportunities for growth, ahead of short-term financial gain.
“In the absence of such high salary increases, employers need to become more creative in their offering, incorporating a range of lifestyle benefits to attract the best candidates. Work/life balance continues to gain importance across Asia, and the more strategic companies will recognise that they need to make a change to their hiring approach.
“Business critical positions are the focus, and candidates who can show skills across a range of specialities will be in the greatest demand this quarter. Employers are looking to engage candidates who can provide immediate return on their investment. This is a results-oriented market and the candidates who produce the best results will find no shortage of opportunities.
“Temporary and contract recruitment have gained prominence as companies look to fill short-term staffing gaps with a flexible workforce.
“Candidates who have a range of skills, including fluency in multiple languages, will be the best placed to compete for jobs in this market”.
According to Hays, the most active skills in demand this quarter are as follows:
Accountancy & Finance: Internal auditors, financial analysts, and cost accountants. In Japan, mid-level accountants and auditors.
Banking: Candidates skilled in credit risk, credit analysis, and valuations control, experience in areas of structured and trade finance, senior private bankers, CFP qualified financial advisors, operations candidates, and candidates with skills in derivatives. In Japan, mid-level risk and compliance professionals.
Construction & Property: Architects and engineers, particularly those with experience in transport infrastructure. In Hong Kong and China, project managers and general managers. In Singapore, project managers and project directors.
Information Technology: Network engineers and architects in the telecommunications industry, consulting and business development professionals as well as consulting directors.
Legal: Private practice lawyers in energy, project finance and banking, generalists with experience in the oil and gas industry, specialised lawyers with experience in mergers and acquisitions and intellectual property. In Hong Kong, litigation insurance and funds lawyers, restructuring and insolvency lawyers, company secretaries, PRC corporate lawyers, and paralegals.
Oil & Gas: Drilling, exploration, geoscience, operations, and project controls staff, as well as experienced engineers in the offshore market. In Singapore, design and construction engineers with 5 to 20 years relevant experience in the oil and gas industry.
Pharma: Sales representatives. In Japan, new graduates.
Further details of these hotspots, in addition to recruitment activity, executive activity, candidate trends and salary movements by sector, are contained in the Hays Quarterly Report, available at www.hays.com.sg/forecast/
