News Story
HOT ISSUES FOR 2010
Are candidates back in the driver’s seat?
2009 was a tough year for many. But employers are now strengthening their operations in preparation for the economic recovery. So what can we expect from the recruiting market in 2010? Here recruiting experts Hays share their market insights:
Increased vacancy activity: “The beginning of a steady recovery is already taking place,” says Emma Charnock, Regional Director of Hays in Hong Kong and China. “Employers tell us they sense new optimism in the market. They are thinking of long-term strategies to strengthen their business and this includes planning for recruitment during 2010.”
Candidate movement: “Following a particularly tough year, we will see a significant increase in the number of employed people changing jobs as their confidence grows. Some will be passive job seekers, tentatively keeping an eye on opportunities that become available. Others will look for their next step up. Whatever the reason, it is inevitable that there will be an increase in the movement of candidates as they become aware of more attractive options.”
Skills shortages: “As we emerge from the economic downturn, the challenge for talent remains and will once again rear its head. Skills shortages will again become evident. Already there are shortages of particular skills. As the search for the best talent rises, the pool of available talent will diminish throughout the year. Roles such as IFRS, China GAAP and Basel II within the Financial Services sector, experienced Civil Design Engineers and Commercial technical IT specialists are some examples.”
Good employers will thrive: “Employees were front-row spectators to their company’s GFC response. During the downturn, the ‘good’ employers shone. They maintained their focus on their employees’ career development and staff relations. These companies are now viewed very positively by job seekers. They are well-placed to attract the top talent in 2010 as a result.”
Temporary assignments: “This risk-free solution for clearing backlogs or helping with project work will remain popular with employers during 2010. Employers have become very confident in the skills available to them at short notice and this approach allows them to recruit while remaining cautious. There are many positives for candidates too. As many discovered during 2009, a career as a contractor can be very exciting. But more than this, the variety of assignments and organisations also add skills and experience to your CV.”
Fixing the GFC effects: “Companies tightened the purse strings in 2009. But some went further by making changes that had not been possible in the previous skills-short market. Employers suddenly had much more choice when recruiting. They could become far more demanding in the skills required, while some felt the need to offer a competitive salary was reduced. As recruiting activity picks up, these changes need to be remedied.”
Internal communication: “The renewed focus on open and honest communication between management and employees is a positive change of 2009 which we hope will remain. Employees still want to be reassured that their company is performing. They have become genuinely interested in the senior management team and their decisions.”
Career change: “In 2009, candidates looked at roles they might not have otherwise considered. Candidates that were made redundant and were unable to secure a role at their previous level widened their opinion about the type of work they would take. In some cases, candidates are enjoying their new less-pressured job, and despite the reduced salary do not intend to return to their old job now the market is picking up and vacancies are again available. With candidates thinking seriously about what they really want in terms of their career, we expect further career changes in 2010.”
Generation Y: “Prior to the GFC, Generation Y had only known a job market where there was a skills shortage. The GFC was a reality check for this generation, and they have become more flexible in their location and role specifications as a result. But they remain career focused, and there are signs of frustration from those working for companies where career progression opportunities are not available. We expect to see an increase in turnover rates as this generation of candidates look for a new role to achieve their career development.”
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
For further information, please contact Caroline Stallion, Marketing Executive of Hays in Asia on caroline.stallion@hays.com.au or phone +61 2 8062 6122.
Back to News
