Job hunters not put off by economic financial crisis
Author: PM editorial | Date: 28 Oct 2015
Number of finance professionals seeking new jobs up 10 per cent, says report
The number of finance professionals looking for new roles in Asia-Pacific has grown by 10 per cent year-on-year this quarter, according to the Q3 2015 Asia Pacific Employment Monitor from professional recruitment firm Morgan McKinley.
The number of people seeking new employment in the financial services sector was also up by 7 per cent in Q3 compared with Q2 this year, to 34,844. But the number of vacancies available in Q3 2015 was down 5 per cent compared with the previous quarter, to just under 15,500.
“We’re seeing a generational shift in the jobs market,” said Richie Holliday, chief operations officer, Asia-Pacific, at Morgan McKinley. “Generation Y are more willing to change employers. While money is an important factor to them, so is recognition. They want quicker career progression and to get those promotions they realise a change of employer often speeds up the process”.
Holliday also noted that salaries across APAC are coming more in line with those offered in other international financial centres such as London. Data from salary benchmarking site Emolument suggests that 25 per cent of middle and back-office professionals in Asia earn more than US$100,000, compared to 36 per cent of similarly ranked professionals in the UK.
However, the ramifications of the Chinese financial crisis are being felt across the region’s job markets. Unemployment in Singapore was 2 per cent in June 2015, up from 1.8 per cent in March this year. Overall employment rose to 15,700 in the same quarter, largely because of growth in the construction and services industries.
In Hong Kong financial secretary John Tsang has warned that economic growth could slow in the second half of 2015. But data released in August showed that the local economy had grown by a better-than-expected 2.8 per cent.
And despite poor economic results in China, jobseekers’ confidence remains high. The China Institute for Employment Research Index was 2.03 for Q2 2015, lower than the record high of 2.46 reported in Q1 this year.
“Although the region saw a severe financial shock because of the market correction in China, professionals seeking new roles remained confident,” said Holliday. “The fourth quarter should see a pick-up in hiring, providing that the markets remain stable.”