Asia Pacific Market Snapshot May 2020
The impact of coronavirus (Covid-19) is being felt by all countries around the world. Like in most industries, Financial Services business leaders are navigating a broad range of issues that span from keeping people safe to their organisations’ commercial outlooks. As many countries in Asia Pacific begin to return to a new “normal” environment, we are starting to see an increase in hiring activity.
Critical hires across Compliance and Risk are essential to firms. Hiring managers have a clear sense of their talent acquisition needs and are proceeding with their critical hiring strategies. Regulations and legislation are still in place and firms still have a requirement to adhere to them.
Understandably, there are some organisations that are cautious about hiring new headcount. Roles linked to business expansion or reorganisation are currently on hold or delayed, although we expect to see this change as the summer progresses. For hiring managers who want to get ahead of their competitors by securing the top talent, they should initiate the process and sourcing of candidates with early-stage interviews, albeit remotely, using video conferencing facilities.
Senior hires are essential to businesses, and in some local markets such as Hong Kong, there is a shortage of experienced Vice President (VP) to Managing Director (MD) level candidates, as a result of talent heading overseas and it being more difficult to attract foreign talent due to current travel restrictions and uncertainties.
Across Asia Pacific most governments have taken a proactive approach to managing the Covid-19 outbreak; this is enabling them to loosen restrictions and work towards a more “normal” working climate. Historically the Asia Pacific market trends to bounce back quickly from downturns and hiring managers should activate their recruitment strategies as soon as possible.
As a global headhunting firm that specialises in Compliance, Risk and Legal within the Financial Services industry, we are supporting those clients who are proceeding with their critical hiring strategies and those clients that want to ensure they have the hiring advantage.
We have successfully adapted our methods to support virtual recruitment, including video interviewing, and we are guiding both clients and candidates effectively through the process.
Please contact me to discuss any current or upcoming hiring, or to ask any questions about the changing landscape.