SEEK Asia releases Job Outlook Report 2018
Growth of startups and foreign companies providing candidates with more choice but also demanding broader skill requirements
JobStreet.com powered by Jora saw growth in candidate attraction to job opportunities at foreign companies increase ten-fold in 2018 against 2017 and was higher than at local companies, according to the latest report conducted in seven countries by SEEK Asia.
At a press conference on “Key winning strategies to gear up for a robust job market outlook 2018” held in Ho Chi Minh City on July 20 by JobStreet.com. Ms. Angie Phang, Group Regional Sales & Operation Director of SEEK Asia and Country Manager of JobStreet.com, Ms. Nguyen Thi Thu Trang, Country Head of JobStreet.com, and Ms. Le Thi Huyen Anh, Head of Sales at JobStreet.com, held a Q&A session with local media on how hiring growth has ignited greater competition in talent acquisition in Vietnam, with online platforms empowering candidates to select fro a vast array of job opportunities. They also touched on key winning strategies to gear up for Vietnam’s job market outlook in a candidate-driven market.
Based on the exclusive survey Job Outlook Report 2018 by SEEK Asia, hiring expansion remained robust though not as phenomenal as in 2017. The number of hirers planning to expand recruitment was 50 per cent, or 18 per cent less than in 2017. Meanwhile, 10 per cent said that they will maintain their hiring rate in 2018. The number of newly-established enterprises and their registered capital increased three-fold in 2018 compared to 2014, according to a report from the Ministry of Planning and Investment.
The growth of startups and foreign companies gives candidates more choice. It also presents a challenge for candidates, however, because new technology has also created new job titles and the need for cross-category skills and competencies.
Candidates prefer online job portals when seeking new job opportunities, at a higher rate in 2018 than in 2017.
Competition for desirable jobs has increased, with a lower score from candidates on the question “Is applying for a good job easier than in 2017?” The job market is also expected to increasingly diversify, with new types of skills and jobs, while the competition in a particular field will become tougher.
“Based on the Job Happiness Index Report, we were fully updated on which factors will impact the attraction and retention of candidates, which are not just salary or position title,” the report noted. “The development of technology, as well as the number of companies and candidates, led to the recruitment industry no longer being a hirer- but a candidate-driven market.”
In contrast to the region, hirers and candidates in Vietnam see the market as not being brighter than in 2017. However, the number of jobs across the region, including Vietnam, has increased dramatically, hence the greater competition in acquiring and retaining talent. Similar to Vietnam, medical coverage for families is the most desired but least offered benefit in the region.
Transportation and housing rental allowances are also desired in Vietnam, while flexible working hours and childcare support are desired in other regional countries. Junior and supervisor positions in Vietnam see higher salary increments as well as guaranteed bonuses, which accounts for the increase in the number of candidates seeking better job opportunities.
An innovative platform must be utilized for talent acquisition and retention. Technology offering continuously-updated candidate analytics must be in place. Cross-nation insight should also be in use, for solving the puzzle of recruiting top talent.