The hiring expectations of multinational corporations across major Asian markets continue to rise, according to the quarterly Hudson Report for Asia.
Over 1,500 key employment decision makers were surveyed in December 2010 from multinational organisations of all sizes in all major industry sectors. The locations surveyed were China (Beijing and Shanghai), Hong Kong and Singapore.
Respondents in all three markets report an increase in hiring expectations this quarter. The steepest rise in expectations is in China, followed by Singapore.
In China, across all the sectors surveyed, 72 percent of respondents plan to grow headcount in Q1, a sharp rise from 65 percent the previous quarter. Hiring expectations are now at their highest level since The Hudson Report was launched in Q4 1998. The Banking & Financial Services sector has the highest expectations this quarter: 79 percent expect to hire more staff, up from 68 percent in Q4. Much of the demand for new staff is driven by the expansion of overseas banks as they start operations in second and third tier cities.
Expectations in Hong Kong are also higher than at any time since the launch of The Hudson Report. Overall, 66 percent of respondents expect to increase hiring, compared with 65 percent in Q4. In the IT&T sector, 77 percent plan to grow headcount, up from an already high 70 percent. In the banking and financial services sector, 75 percent of respondents forecast headcount growth this quarter, compared with 68 percent in Q4. Professionals with experience in corporate finance in Mainland China are sought after and other key areas include equity sales, private banking and prime brokerage.
Across all sectors in Singapore, hiring expectations have risen for the seventh consecutive quarter and are at their highest level since Q2 2000. Overall, 62 percent of respondents expect to increase hiring this quarter, up from 58 percent in Q4 2010. The IT&T sector reports the highest expectations this quarter: 72 percent expect to hire more staff, up from 68 percent in Q4. Many of the positions that disappeared during the economic downturn are now being filled again and key areas include mobile applications, business intelligence and cloud computing.
A substantial majority of employers in every market will pay discretionary bonuses for 2010, says the reports. Employers in China will pay the highest bonuses, those in Hong Kong the lowest. Employers in all three markets are increasingly willing to pay salary rises to existing managerial staff.
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