Balance of power swinging back to job seekers

Accountancy & Finance, Banking, and Finance Technology are the skills in demand across Asia.

The April - June edition of the Hays Quarterly Report reveals the balance of power is 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.

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 our latest Quarterly Report, the following skills are in demand across Asia:
China
•    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.

Hong Kong
•    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.

Singapore
•    Accountancy & Finance: Financial Planners and Analysts as companies are looking to the future, making more strategic investments and implementing more projects. 
•    Banking: With the heightened state of the regulatory and controls environment, Operational Risk Management (ORM) and Compliance professionals with solid relevant experience in the region are in continued demand.
•    Finance Technology: Candidates with strong object oriented skill sets (C++/Java based) combined with specific Greek or options based risk-trading experience. There is more demand across the System and Development space in general as the move to online trading systems continues.

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.