The Changing Hiring Trends in Asia. Is It Worth Applying For A Job Now?

Recently, S&P Global warned that job losses across Asia Pacific could double due to the coronavirus pandemic — and some of these jobs may not come back for a while. Among the nine major economies in Asia-Pacific, the largest increases in unemployment rates on average were seen in Australia and Hong Kong, according to S&P. In Malaysia, unemployment rate is now the highest in a decade at 3.9%, as people saw their livelihoods affected amid COVID-19 and the movement control order (MCO), according to the Department of Statistics. In Singapore, more than 19,900 jobs were shed during the first quarter of 2020 in retail and consumer industries, the biggest unemployment jump since SARS. While in India, unemployment rate jumped to 27.1%, the highest ever according to a Mumbai-based think tank Centre for Monitoring Indian Economy.

For perspective, the market might appear gloomy but on the bright side, data from our markets show an increased availability for legacy and niche roles and potential improvement in the next quarter. Devi Kumar, Managing Director, Hong Kong of The Edge Partnership said that even though there were growing unemployment concerns in the market, especially after a difficult last half of 2019, and now the global pandemic, it was not to be forgotten that there has been a continued demand for talent in specific sectors as well as levels.

“The primary consistent factors among the vast majority of those positions that are being hired for are either that they are niche in terms of a technical skillset (think risk, quants, valuations) or they are deemed critical hires (the determination of which varies situation to situation),” said Guy Erricker, Managing Director for India, The Edge Partnership.

This proves to those who have wondered if the crisis will bring about a change in the way new positions and talents are managed. In a nutshell, nearly all companies are hiring, albeit the processes are much slower and the new job flow is much lower.

Here are a few things to keep in mind before figuring out your next step and some questions that we have answered to clear a few of your burning questions.

Is it worth applying for jobs now? Are companies hiring?

The short answer is: Yes, absolutely. However, it would be worthwhile to adjust your expectations according to the current state of the industry. It is tempting to apply for positions that are available, however, job seekers should pause and take time to research and identify specific industries and companies who are hiring in order to customise one’s application.

Don’t forget to tap into or build your network and connect with recruiters. Even if you haven’t found the right job, signalling you’re looking can help you find opportunities in the future. If you would like to research more about local companies, use this time to learn and dig into deeper details. Use Glassdoor or LinkedIn, and spend your valuable time on good companies or connecting with recruiters to identify jobs that suit your role.

Can I switch jobs even if I am employed currently?

If you can afford to put your job search on hold, you may want to wait it out. However, if you feel ready for a new job, it never hurts to be on the lookout. You could focus on compiling interesting contacts or connections and note what they are saying, commenting or writing about.

“Use this time to understand how to network with people and think about how you might respond, if someone approached you. For example, you see the Head of HR at Google, writing a piece on Linkedin about diversity. If in your existing / former role you were / are a champion of diversity, or if you’re passionate about diversity – why not reach out to them on Linkedin and see if they’d be open to a quick conversation about diversity?,” said Sam Belcher, Managing Director for Singapore, The Edge Partnership.

Should I be preparing for virtual interviews and networking chats?

Face-to-face interviews will be cancelled for a while, and thanks to technology like Zoom, having an interview remotely is now the norm.

To get ready to ace an interview or networking chat, it would be wise to practice with a friend beforehand. Have your friend ask questions and give you feedback on your delivery. Make sure you know how to angle the camera so the person you are meeting with can see your entire face, not just your forehead or your left eye. Once you have mastered the technology, invite professional contacts to meet for a virtual coffee.

I have seen that many critical roles require both good technical and people skills and the ability to self-start. How do I focus on picking a skill to boost during this downtime?

During this downtime, upskilling is the perfect way to break away from the monotony of job searching and focus on yourself. You could spend some time analysing job descriptions and filling the skill gap. Use that information to determine what you need to brush up on to make yourself an even better candidate when the job market picks up again. For instance, if you’re applying to be a Finance Head, the listing will likely require experience with Funds Transfer Pricing policies and sharpening of Excel skills when it comes to forecasting and budgeting.

There are plenty of free online course including LinkedIn courses, MOOCs (Massive Open Online Courses), EdX classes (featuring free courses from MIT and Harvard), and free Microsoft training and tutorials.

Remember, this is temporary.

During an economic slowdown, it’s important to focus on what you can control — improving your skills, reaching out to your network and connecting with recruiters.

Priya Bala, Managing Director, Malaysia of The Edge Partnership recently said that digital, technology, data and e-commerce talent are in demand. “Also, business leaders who have the ability to navigate through a crisis and adapt their business models to the new challenges and environment (are in demand).”

She also said the bright spot is that post-Covid-19, there will be a lot more opportunities and possibilities than ever before. “Working from home will be part of our accepted work culture and there will be more communication channels via digital platforms and tools that will be the norm.”

One significant benefit for candidates is that the new roles that are being released now by companies are highly important and you can be assured that these are important roles that need to be filled and hiring managers are committed to finding the most suitable candidate, said Erricker. “While the process may be slower for practical reasons, you can bet that the hiring manager had to ‘fight’ to get approval for their role and they are going to make damn sure they fill it.”

If you’re looking to explore new roles based in marketing, banking, finance or supply chain industries, consider reaching out to us at The Edge for a confidential discussion or check out our job boards. We can help you identify the best opportunities for you and review what’s in store for those seeking a position in these industries.