Antal International reports strong performance among professionals.
The Chinese professional job market is still booming this quarter, with higher employer activity levels and more focus on employee’s work efficiency. The news comes from Antal International’s latest ‘Global Snapshot’ survey which asked 10,000 organisations in major markets all over the world whether they were currently hiring or firing at professional and managerial level. The survey also seeks to identify whether businesses planned to hire or fire in the coming quarter.
According to the survey a massive 75 per cent of Chinese employers are recruiting or replacing staff at senior levels, despite only 54 per cent saying they expected to do so in the previous Q1 edition of the Snapshot. This shows a significant increase in hiring confidence for replacement and growth positions, as employers clarify their needs for the year.
However, the downside of the active recruitment market is that there is also a clear increase in the number of companies firing employees. The region has demonstrated high recruitment growth over the past years but this has occurred alongside increased labour costs so overall employee performance is becoming much more important which in turn is driving replacement recruitment. This quarter is seeing the number of businesses letting staff go rising from 14 per cent to 26 per cent, and firing levels are expected to further increase to 28 per cent in the next three months, five per cent higher than APAC’s average. According to Antal’s analysis however, this should only be considered together with similarly high hiring levels, and a stabilising job market, where employers now look for higher quality talents, rather than quantity.
“Jobs and opportunities are still available, but there is an increase in caution among job seekers and employers,” observes James Darlington, Antal’s Head of Asia. “The market is constantly evolving and companies are adapting to these changes and replacing people with the necessary new skill sets. Sales and Marketing remain strongly in demand within companies as they focus on acquiring market share with tier 2 / 3 / 4 cities in China. There remains to be strong hiring within the back office functions as companies improve their internal capabilities.”
Indeed, it appears growth is not consistent across the region. Some industries are booming, while some are being more conservative in their growth. The salary increase over the last two years brought more disposable income to the population and the consumer led sectors are performing very strongly. Among this quarter’s hiring champions, the survey revealed: Automotive industry (92 per cent), Retail and Luxury goods (91 per cent), and Healthcare specialists (88 per cent). Demand in these areas is expected to remain high, with Sales and Marketing, IT and Accounting, as well as R&D specialists highly sought after in the country.