The hiring expectations of multi-national corporations across major Asian markets are falling in China, Hong Kong and Singapore, according to a study released by Hudson.
The survey of employers’ expectations of an increase or decrease in staffing levels represents a significant indication of their optimism about the growth of both their organisation and their industry. Nearly 1,700 key employment decision makers were surveyed in September 2011 from multinational organisations of all sizes in all major industry sectors. The decision makers surveyed were located in China (Beijing and Shanghai), Hong Kong and Singapore.
Hiring expectations show a decline in all three markets this quarter, which is unsurprising in the light of the difficulties currently facing the global economy. China reports the smallest fall in expectations and Hong Kong the greatest, by a substantial margin.
Nearly two-thirds (64 percent) of respondents in China expect to grow headcount in Q4, a much higher proportion than in either Hong Kong or Singapore. This compares with 72 percent the previous quarter.
IT&T, the only sector to report an increase this quarter, has the highest expectations: 75 percent of respondents plan to increase hiring, up from 64 percent in Q3. Many large IT vendors saw their revenues rise in Q2 and Q3 and they are confident about taking on more staff.
Hiring expectations are falling fastest in Hong Kong, from 61 percent in Q3 to 38 percent this quarter. It is emphasised, however, that there was an unbroken rise in expectations for the two years from Q3 2009 and that a correction had begun to appear inevitable.
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