Thriving HR Practices in Times of Economic Uncertainty
Our 2020 Asia Salary & Market Insights provides an overview of the Asia employment market in 2020 and also insights into how HR leaders across Asia are developing streamlined and agile HR functions that excel in uncertain times.
Top 5 findings from the 2020 Asia Salary & Market Insights include:
- Senior roles being moved out of Hong Kong
To mitigate risks and continue to attract foreign talent, increasing numbers of companies with a regional presence are shifting the headcount for senior roles out of Hong Kong and China and into other business hubs like Singapore.
- Strong IT job market to continue
IT projects across Asia continue to see stable investment and as such IT candidates remain in hot demand. While the IT job market is one of the only job markets not significantly affected by the US/China trade war and other economic uncertainty, IT candidates are showing a decreasing appetite to change roles which means companies are having to fight harder to attract IT candidates.
- HR leaders focused on cost optimization
Recent research shows that 92% of HR leaders are now prioritizing budgeting and cost optimization initiatives in light of the uncertain economic environment, however, the same research shows only 20% of these HR leaders are reported to be considering the impact of these initiatives on the organization’s overall efforts.
- Increased investment in HR Transformation projects
Attracting and retaining top talent continues to be seen as the x-factor in most organization’s success. As such HR teams across Asia are continuing to invest in HR transformation projects that are aimed at digitalising and streamlining their HR functions and ultimately improving employee experience. Increasing numbers of HR teams are rolling out global or regional Human Capital Management systems and exploring ways in which Robotic Process Automation and HR technology can be used to automate their administrative tasks and elevate the impact the HR team has in the organization.
- Taiwan and South East Asia win big
While the US/China trade war and economic uncertainty significantly impacted traditional powerhouse economies like Singapore, China and Hong Kong, organizations in other countries like Vietnam and Taiwan businesses have been big winners with increased trade and investment and business growth off the back of the trade war. In addition, some local firms in China are reporting stronger growth from decreased competition as MNC’s in China redirect their investment elsewhere.