Hudson Survey – Employers in Asia more optimistic
Employers in Asia are feeling optimistic about recruitment, with China at the forefront as 27% of employers report plans to increase headcount.
According to Hudson’s latest quarterly report, while China is leading the way in recruitment, this number is slightly lower than the 30% reported in Q2 2009.
In Singapore, slightly more than a quarter (26%) of employers say they plan to grow their headcount in the coming months, an increase from 20% last quarter. While in Hong Kong, 22% of employers say they plan to hire, up from 14% the previous quarter. This is also the first increase since Q1 2008.
The survey also found 28% Hong Kong employees that say they expect to see an economic recovery this year, while 39% of Singaporeans say they believe a recovery would only be felt in Q1 2010.
Overall, 77% of Asia respondents say they expect Asia’s economy to recover by the end of 2010.
And the economic downturn, motivation and retention are on top of the minds as faced by employers, as 23% of Singapore employers say it is their biggest concern. This is followed by career development (17%), communication (13%) and enhanced leadership competencies (12%). Remuneration and reduced headcount were at the bottom of the Singapore employers worries, coming in at 5% each.
Employers in China and Hong Kong echoed the same sentiments as well, as they reported that employee motivation and retention, as well as career development were their biggest concerns now.
Furthermore, 38% of respondents in Singapore say the economic crisis has meant lower starting salaries for new managerial hires, with 16% reporting a decrease of 10% or more. An additional 56% say starting salaries have now been depressed by 6 to 10%.
Hong Kong also reported similar numbers as 36% say starting salaries are now lower by 1 to 5%. However, the same is not true for China, as only 31% of employers say managerial hires are now lower than before.
Sources and references: Sandbox Advisors, HR Online, Hudson
interesting figures and data. But what’s the reason for it?