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BALANCE OF POWER SWINGING BACK TO JOB SEEKERS
Internal Auditors, Risk and Compliance professionals, Infrastructure Engineers and Retail Operations staff are some of the skills in high demand reports Hays, the leading recruiting experts in qualified, professional and skilled people.
The April - June edition of the Hays Quarterly Report reveals the balance of power is indeed swinging back to today’s top candidates.
“Jobseekers today have more choice and the surplus of candidates that employers experienced for much of 2009 has, in most industries, been absorbed back into the workforce,” said Emma Charnock, Regional Manager of Hays in Hong Kong and China.
“In the post-global financial crisis (GFC) workplace, employers now have less choice, and are even taking steps to minimise the impact of future skills shortages. For candidates, particularly top talent, this means they have some power back.”
“Candidates are starting to objectively examine job vacancies in far more detail than they did during the GFC. They are now more focused on their career and will evaluate a vacancy to make sure it will provide the progression they want. They are asking for more information about a job’s responsibilities to work out if it is a step up, or at least a step in the right direction. They want to know if clear career paths are offered. They’re also utilising their networks to see what others say about the company.”
“In addition, with the first cases of multiple offers again taking place for top talent, these candidates can potentially leverage an improvement in salary for the first time in well over 18 months. Some employers are starting to enter into such salary negotiations once again for top talent, although this trend will take time to be evident across the board.”
According to the Hays Quarterly Report, the following skills are in high demand:
Hong Kong hot spots
Accountancy & Finance: The rapidly growing market is creating demand within Equity Derivative Product Control. There is also growth in Internal Audit and Management Reporting roles.
Banking: Increased regulations in the banking sector are creating high demand for Risk and Compliance professionals.
Construction: Major infrastructure and new building projects is creating demand for Infrastructure, Tunnel and Rail Design Engineers as well as Site Engineers
Insurance: Back office support will see new headcounts emerging due to insurer"s plans to restart expansion across Asia. Those with Asia based experience in US GAAP, IRFS and Life Insurance will be highly sought after.
Legal: Capital Markets (Debt/Equity), US securities, M&A/IPO and structured lending are the prime areas of demand as markets improve. There is also a shortage of local lawyers with the appropriate technical knowledge and Mandarin language skills.
Property: Professionals with an asset management, leasing or investment background with experience in PRC and retail
Sales & Marketing: Consumer demand for new products will rise as confidence returns. As a result demand will be high for Retail Operations staff and Merchandisers in particular.
China hot spots
Accountancy & Finance: Due to an increased focus on risk management, candidates experienced in Compliance and Internal Control are in high demand. There are very few suitable candidates available in the China market so a skills shortage is imminent in this area.
Architecture: There is growing need for commercial buildings and business hotels as China"s development sprawls westward and urbanisation increases. As a result experienced architects will be in demand, largely in second and third tier cities.
Education: Demand is high for all specialist subject teachers particularly those able to teach A-level, IB or AP to higher level Physics, Maths, Chemistry and Economics.
Information Technology: Candidates experienced in Microsoft .NET and Java are in high demand, as are those with core banking system experience including analysis, consulting, development and architecture.
Manufacturing & Operations: More companies are relocating their Research & Development functions to China which is creating high demand in this area. Candidates with a history of manufacturing excellence will also be highly sought after as companies face increasing pressures from the consumer market for lower-cost and better quality products.
Pharma: Regulatory Affairs professionals are therefore highly sought after as companies seek efficient and timely approvals so as to minimise the time it takes to get the product to market.
Sales & Marketing: Those in high demand include candidates experienced in integrated marketing, digital and e-commerce, in particular creative people who can also manage these functions.
For further details on these skills in demand, as well as employer and candidate trends, see the Hays Quarterly Report at www.hays.com.hk/report.
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