Research Reports 20 March 2020
Towards a Digitised and Flexible Future: Asia's Recruitment Trends
The 2020 Hays Asia Salary Guide
A growing caution from employers in response to market uncertainty, undimmed expectations of candidates, a growing acknowledgement of skill gaps and their impact on innovation are among trends highlighted in the annual recruitment and salary guide.
Publisher: HaysDownload PDF
Despite optimistic projections, 2019 meted out market uncertainties that had some industries bracing for impact. Marked by continued digital innovation and a slowing global economy, 2020 is expected to be a period of measured hiring and compensation where candidates must prove their worth and companies must match growing expectations to attract and retain them.
A few interesting trends stand out in this year’s guide. The first is the growing caution from employers as they prepare in response to less certain market conditions. The hiring activity in terms of job volumes has remained fairly constant, but processes are now taking longer, which can present some challenges for both employees and employers. Candidate sentiment is also a little more cautious, and where both parties approach the hiring process with caution, the risk is that both subsequently miss out. Whilst it makes sense to practice a little conservatism when approaching recruitment, too much prevarication and the deal is often left undone.
Although candidates may be more cautious in their approach to seeking new opportunities, their expectations from employment remain undimmed. They are still driving for better pay packages, and seeking new challenges, always on the lookout for a way to improve their career trajectory. This optimism is inspiring and sends a strong message to businesses looking for the best talent in the market. At the same time, the rapid pace of change, particularly within the realm of digital transformation, will undoubtedly push more candidates to give their skillset a good hard look, and to examine their relevancy and potential to upskill.
The third trend is the growing acknowledgement of skill gaps, as well as awareness of its impact on innovation. Unsurprisingly, digital skills such as data analytics have topped the list of priorities for
employers, but soft skills such as problem solving and communication are catching up very quickly. Interestingly, many employers look to contracting or temporary workers to bring these highly sought-after skills to an organisation, marking an interesting shift in Asia as they start understanding the value of alternative recruitment models. Flexible recruitment solutions are certainly dynamics that both candidates and employers would do well to keep an eye on, as this approach gains in popularity and adoption.
Director: Scott Lee
Content manager, Editor: Piotr Zembrowski, CFA
Coordinator: Natalie Yiu