Looking for a job? Try your luck in these hiring hotspots

This quarter is usually one of the most active for hiring, as senior talent comes back in demand and bonuses are paid out over the next few months, and this year should be no different. Chris Mead, General Manager of Hays in Singapore, discusses trends and current opportunities across Asia from the latest Hays Quarterly Report.

Asia’s resilience is ensuring vacancy activity remains a feature of the banking and finance market. While market volatility has inevitably led to delays in hiring plans for many firms across Asia, both replacement hiring and strategic additional hires are taking place. Volume depends on quarterly results, but in general hiring managers are keen to recruit talent and many of the roles which were put on hold in recent months are expected to once again open up.

Having said this, the market does remain very competitive for candidates, who need to be proactive in seeking new roles. . Candidates should also expect longer processes as firms take time to get the necessary internal approvals to hire.

Turning to individual country trends, the Japanese market has seen a pickup in senior level roles with employers looking to hire senior talent this quarter. This includes backfills and new roles to manage new business initiatives. But senior level candidates are still advised to start the process early and be prepared for it to take time to find the right role.

Middle management candidates in both Accounting and FP&A continue to be in high demand. CFO/Controller level positions are also available and require candidates with strong FP&A skills.

It’s a similar story in Hong Kong, with a noted increase in demand for executive level candidates, particularly CFOs with international experience gained in a multinational corporation.

Compliance and control also continues to be an area of demand following increased regulations and internal governance. As a result, finance professionals with experience in audit and risk assessment, internal control and compliance are sought. Also needed are experienced FP&A candidates, including Financial Controllers, Finance Directors and CFOs to provide support on management decision making, including strategic consultation on financial impact and strategy development. Demand is driven by the retail sector.

Employers are willing to raise salaries to attract the right calibre candidates; however their recruiting timeframes are longer. They are hiring people who demonstrate a good cultural fit and closely meet the job requirements as retaining top talent is seen as the most critical challenge.

Turning to China, we expect to see an increase in vacancy activity this quarter as most companies mapped out their 2012 hiring needs at the end of last year. As per the normal recruitment cycle, natural attrition will occur as employees leave after bonus payouts.

Following Chinese New Year, candidates will be sought for both replacements and newly created positions. Employers will also fast track their recruitment processes if it means they can secure talent. During this period we expect candidates to become more active after they receive their year-end bonus payouts. They will be more receptive to new job opportunities and on the lookout for a higher package.

Singapore has weathered the downturn in the banking market relatively well and signs are positive that the next two quarters will see a return to a healthier recruitment market, although cost reduction is still a buzz word and budgets can feel very tight. Consequently bloated relocation expenses, expatriate packages and big uplifts are being avoided.

There has been a rise in the number of candidates approaching agencies in a passive nature to register and get advice on their next career move.

Finance Technology
Finance technology continues to be an active area of recruitment across Hong Kong, Japan, and in particular Singapore. Hong Kong has based its hiring on anticipated rather than confirmed needs this quarter as it closely follows the economic outlook. Specialists in Wealth Management, Business Analysts, Java Developers and C++ Developers are sought. Front Office Developers, Project Managers and Business Consultants are also needed. Many skill sets continue to be in very short supply.

Meanwhile in Japan bilingual Project Managers will be in high demand due to offshore project growth in finance technology. Insurance IT will emerge as another hotspot as insurance firms start allocating new hiring budgets, which were lost as a result of the earthquake in March last year.

Developers with e-commerce experience also continue to be in high demand in Singapore. Those with high-throughput and ultra low latency platform development experience are in particular demand and speed to market is becoming essential in this increasingly competitive area.

On a more general note, the local or regional banks are really bucking the trend in terms of hiring and are continuing to make strategic or niche hires across both infrastructure and application development at a consistent pace. They are attracting more candidates due to their ability to distance themselves from economic events in other parts of the world, combined with their own regional growth.

Candidate trends
This quarter is usually a popular time for candidates to make a move after collecting their bonus. Candidates are optimistic given the improved economy and most have higher expectations in terms of salary increments and career advancement.

Banking candidates are more willing to consider roles with smaller tier China banks this quarter. While a number of candidates are concerned about moving jobs during uncertain times, a growing number are looking to move into safer growth organisations to secure a position before the applicant pool begins to heat up.

We are experiencing a candidate short market, however the quality of the candidates remains the same so employers are being very selective to ensure they secure the right person.

More information
For more information see the Hays Quarterly Report at www.hays.cn/report, www.hays.sg/report or www.hays.co.jp

Hays, the world’s leading recruiting experts in qualified, professional and skilled people. 

Chris Mead, General Manager, Hays Singapore