According to a report carried out by Staffing Industry Analysis, the study showcased the job market structure of the whole Asian region with individual reference to the major countries.
With the growth of GDP in Singapore, the job market has shown good signs of recovery from the effects of the pandemic. The job vacancies in the country increased on a year-on-year basis amid growing demand by companies seeking to add new employees and to fill positions left vacant due to retirements, despite prevailing concerns regarding potential consequences of the Omicron variant. Findings show that the job vacancies were up by 32% against the Q4 of 2020 but at the same time down by 10% against Q3 of 2021.
Being an economy with large and potential job seekers, the vacancies soared by as high as 75% over the last year and by 14% over the Q4 of 2021. As the recruitment market rebounds to the pre-pandemic levels gradually, employers have started intensifying their recruitment efforts, particularly companies in the manufacturing sector, accounting consultancies, service-related firms, and other such businesses.
The island country has witnessed an increase in the number of job vacancies with specific attributes to the automobile industry and deoxygenation. The employers of Japan have also been found to be encountering several challenges in the recruitment process of the individuals who are skilled with foreign language proficiency. In the country job vacancies jumped 20% over the previous year and up 7% on the quarter.
The giant economy of China is likely to witness a sudden momentum of professionals seeking job change post to Chinese New Year. The corporate need for hiring continues to be strong in the country. Through the study, JAC has found that some Chinese market entrants have been trying to increase the employee headcount in order to meet the business turnover needs. Vacancies were up 6% over the year and down 5% over the quarter.
In Malaysia, the job vacancies rose to the pre-pandemic level with the increased hiring across several industries which was accompanied by a demand for multilingual professionals for the overseas business needs. The number of job vacancies was high by 4% than that of Q3 2021, while the same was 71% higher than that of Q4 2020.
The study shows that in Thailand, the number of job vacancies were up by 7% in comparison to the same quarter of the previous year, while the same was lower by 10% as compared to the Q3 of 2020. Experts are of the view that the robust momentum of the hiring market accompanied by the urge to increase the headcount of the employees are the factors driving this change.
Indonesia’s job vacancies have gained traction by 60% over the year but the recruitment for the vacancies is yet to regain the pre-pandemic pace. In Q4 2021, the vacancies were 7% higher than the previous quarter but were 47% lower than the fourth quarter of 2019.
In Vietnam, the recruitment rate is gradually mounting but the momentum is lacking. The vacancies in the 4th quarter of 2021 did not increase in comparison to the same period of 2020. In fact against the 3rd quarter of 2021, it was down by 27%. During the study, while some respondents reported that there is a need to hire talents in order to meet the business needs, some from the manufacturing sector reported having cut down on production due to labour shortage.
In South Korea, there is an urge among employers to hire junior but high-potential professionals. In the fourth quarter of 2021, there were 17% more job vacancies than in the third quarter and 75% more than in the fourth quarter of the previous year.