One in three people in Asean and Hong Kong looking for new jobs; 2023 remains a 'jobseekers' market'
A new study by JobStreet and BCG found that 70% of talent in Asean and Hong Kong believe they have 'strong negotiation power'.
Despite the possibility of an economic slowdown looming, 2023 remains to be a jobseekers’ market in Southeast Asia and Hong Kong, according to a new report from JobStreet by Seek and the Boston Consulting Group (BCG).
The study, titled “What Jobseekers Wish Employers Knew: Unlocking the Future of Recruitment”, surveyed some 97,000 respondents in Indonesia, Hong Kong, Malaysia, the Philippines, Singapore and Thailand, and found that 34% of talent surveyed are actively looking for a new job.
Surveyants' top three motivations for searching for a new job include looking for a more interesting position or higher seniority (49%), lacking opportunities for upward career progress at current place (30%) and unsatisfied with salary and benefits at current job (27%).
According to Jobstreet, workers feel confident to look out for new opportunities despite fears of a recession as the majority surveyed are aware of their attractiveness to employers. The study found that 74% of respondents are approached multiple times a year about new job opportunities, with 36% approached every month.
In Singapore, these numbers are equally high at 75% and 31% respectively. In addition, 70% of the region’s respondents and 62% of Singaporeans feel that they are in a “strong negotiating position” when looking for a job.
On the findings, CEO of Seek Asia Peter Bithos says: “When faced with a possible recession, the balance of power in the labour market tends to shift towards employers as hiring tightens. However, we believe the situation is different this time as many organisations in Asia are still recovering from the jobs lost during the pandemic.”
“While hiring growth may slow down during times of uncertainty, there is no doubt that it is still a jobseekers’ market right now, and so it’s important for employers to know how to attract, recruit and retain talent,” he adds.
The survey also reveals that those working in IT roles are still highly sought after across Indonesia, Hong Kong, Malaysia, the Philippines and Singapore, and are frequently approached with job opportunities on weekly and monthly bases.
“Despite the waves of layoffs by tech companies in the region and around the world, the demand for tech talent still remains based on the report’s findings. This is consistent with Seek’s observation of a 29% y-o-y increase in job ads for tech roles in the region between 2021 and 2022, based on data from our JobStreet and JobsDB platforms,” Bithos notes.
Jobseekers’ top priorities
A significant majority of respondents to the survey in Southeast Asia and Hong Kong said that they desire, above all, a stable job with good work-life balance. This 71% strong preference is dominant across job roles, countries and age groups.
This is in line with jobseekers’ “deal-breakers” when looking for a new role, with 17% citing work-life balance as a potential deal-breaker, ranking second only to financial compensation at 22%. The amount of paid time off and job security is also important to jobseekers, with both categories jointly ranking third.
Sagar Goel, partner and associate director at BCG, says: “People’s expectations towards work have changed radically in the past few years. Most jobseekers don’t want to live to work anymore — they want to work to live.
“Employers must understand that while a high salary may be a way to raise the attention of in-demand talent, money is not enough to retain them in the long run. A culture that supports work-life balance, allows for flexibility, and emphasises good workplace relationships is equally important,” he continues.
Bithos adds: “These last few years have been a wake-up call to many. Today, we are knee-deep in the era of ‘The Great Reconfiguration’ as employees are reconfiguring their work and personal lives, prioritising the latter with greater demand for work-life balance and flexibility.
“Meanwhile, employers are increasingly looking for different skills, with a continued focus on digital and technology skills. Employers that want to attract great talent with the skills that their businesses require must cater to these changing needs.”
Ideal Hiring Journey
The survey also debunked and proved several recruitment myths and gave insight into an ideal recruitment journey. For instance, 67% of respondents say a “smooth and timely process” is the top way for an employer to “stand out” during recruitment, with 49% saying they would refuse an attractive job offer if met with a negative experience.
Recruitment platforms are still the top channel used when applying for jobs, while the best way to raise interest when someone is not looking for a job comes through recommendations from personal contacts.
Notably, advanced digital tools are not favoured — even among the younger demographics. Many prefer to see personal interactions during the recruitment process, with only 24% stating they would be comfortable participating in an AI-led automated interview.
The report also provided recommendations on how employers can improve the recruitment process and the total offer to candidates, such as how to overcome biases to increase their talent pool, calibrating their approach to different personas, getting company culture fundamentals rights, among others.
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