Executive hiring in Asia to remain firm in Q1 -Hudson
Executive hiring by multinationals is set to reach a six-year high in Japan this quarter and be firm across Asia, despite a global credit crisis, as companies in sectors like pharmaceuticals and healthcare see good business growth, a survey by rec...
By Agencies |
HONGKONG: Executive hiring by multinationals is set to reach a six-year high inJapan this quarter and be firm across Asia, despite a global credit crisis, ascompanies in sectors like pharmaceuticals and healthcare see good businessgrowth, a survey by recruitment firm Hudson shows. The report was slightly lessupbeat than a previous survey three months ago because hiring expectations inChina and Singapore have dipped.
Hudson said rising concernthat the United States is heading for a recession would make banks and financefirms in the region more cautious about hiring. Still, 66 percent of managers atmultinationals in Japan expect to increase recruitment this quarter, accordingto the survey released on Thursday, up from 65 percent three months ago and thehighest level since the survey was launched in late 2001.
In China, 61 percent ofmanagers at multinationals plan to increase headcount in the next three months,down just slightly from 64 percent in the previous quarter. The survey byChicago-based Hudson Highland Group Inc covered responses from 2,500 managers atmultinationals across industries in China, Hong Kong, Japan and Singapore. "Themarket in Asia is still looking buoyant and it is quite separate from issues inthe United States," said Gina McLellan, Hong Kong manager for the U.S. firm."But from February to April we'll start to see the actual size of bonuses andwhether recently announced global headcount cuts by some investment banks willcome in Asia." Asia's financial services sector is booming, helped by China'sand India's rapid economic development, and international finance companies areexpanding in the region.
JPMorgan says it could hire up to 1,900 people in Hong Kong in the next threeyears and Credit Suisse plans to hire at least 70 bankers in the Asia-Pacificthis year. However, there could be job losses too in financial centres HongKong, Singapore and Tokyo as investment banks including Citigroup , LehmanBrothers and UBS have announcedplans to lay off thousands of staff worldwide in the wake of the credit squeeze,even though those cuts are likely to focus on the United States and Europe.
In Hong Kong, 58 percent ofmanagers plan to add staff this quarter, up from 54 percent three months ago,but nearly a third at IT&T companies and 23 percent in finance and bankingsay the global credit squeeze triggered by problems in the U.S. subprimemortgage sector would have an impact on hiring. In Japan, 12 percent of managersacross sectors say hiring plans will be affected by the credit squeeze comparedwith less than 10 percent in Singapore and China. "Hiring expectations remain ata high level in all the markets surveyed and the outlook is positive," McLellansaid.
"But employers arecaught between sharply rising salaries and bonuses on one hand and high staffturnover rates on the other. This is most marked in China." The survey showed athird of managers in China expect to increase managers' starting salaries bymore than 20 percent to attract candidates, compared with 19-20 percent ofmanagers in Hong Kong and Singapore and 4 percent in Japan.
Hudson said rising concernthat the United States is heading for a recession would make banks and financefirms in the region more cautious about hiring. Still, 66 percent of managers atmultinationals in Japan expect to increase recruitment this quarter, accordingto the survey released on Thursday, up from 65 percent three months ago and thehighest level since the survey was launched in late 2001.
In China, 61 percent ofmanagers at multinationals plan to increase headcount in the next three months,down just slightly from 64 percent in the previous quarter. The survey byChicago-based Hudson Highland Group Inc covered responses from 2,500 managers atmultinationals across industries in China, Hong Kong, Japan and Singapore. "Themarket in Asia is still looking buoyant and it is quite separate from issues inthe United States," said Gina McLellan, Hong Kong manager for the U.S. firm."But from February to April we'll start to see the actual size of bonuses andwhether recently announced global headcount cuts by some investment banks willcome in Asia." Asia's financial services sector is booming, helped by China'sand India's rapid economic development, and international finance companies areexpanding in the region.
JPMorgan says it could hire up to 1,900 people in Hong Kong in the next threeyears and Credit Suisse plans to hire at least 70 bankers in the Asia-Pacificthis year. However, there could be job losses too in financial centres HongKong, Singapore and Tokyo as investment banks including Citigroup , LehmanBrothers
In Hong Kong, 58 percent ofmanagers plan to add staff this quarter, up from 54 percent three months ago,but nearly a third at IT&T companies and 23 percent in finance and bankingsay the global credit squeeze triggered by problems in the U.S. subprimemortgage sector would have an impact on hiring. In Japan, 12 percent of managersacross sectors say hiring plans will be affected by the credit squeeze comparedwith less than 10 percent in Singapore and China. "Hiring expectations remain ata high level in all the markets surveyed and the outlook is positive," McLellansaid.
"But employers arecaught between sharply rising salaries and bonuses on one hand and high staffturnover rates on the other. This is most marked in China." The survey showed athird of managers in China expect to increase managers' starting salaries bymore than 20 percent to attract candidates, compared with 19-20 percent ofmanagers in Hong Kong and Singapore and 4 percent in Japan.
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