Services industry the key engine for growth

The number of job advertisements in China in the first quarter showed a slight dip of -0.2% from a year ago, according to our Asia Job Index Q1 2016 research. Despite some tightening in the job market due to a cautious view towards the economy, there is still promising growth in the services, consumer and IT industries.

“There has been some tightening in the job market due to a cautious view towards the economy and a volatile stock market in the second half of 2015 which is still affecting business confidence. However, it is important to note that China remains a candidate-short market and there is still promising growth in the services, consumer and IT industries. To support their growth in an evolving business landscape, companies now have more complex and sophisticated hiring requirements, and focus on recruiting talent who are more senior and can contribute strategically. Professionals who have an in-depth understanding of China and can balance that with international best practices are the most sought after," commented Ricky Mui, Managing Director - Greater China, Robert Walters. 

Key findings

• With the shift of the Chinese economy into a consumption and services-led environment, companies placed an increased focus on sourcing and merchandising to improve the overall quality of goods. Traditional industries also sought to improve their procurement efforts to achieve cost-savings. This led to an 11% growth in the number of merchandising and purchasing job advertisements.
• Accounting and finance job advertising saw a 12% increase from Q1 2015 as a result of more shared services centres moving to China and a strong demand for commercially-minded accountants to help companies identify growth areas. 
• As companies outsourced certain sales functions (such as sales and distribution channels) to third parties, there were fewer direct hiring needs and this resulted in a 5% year-on-year drop in sales job advertisements.

Click to read the full Asia Job Index Q1 2016 Report.

Growth in other Asian regions

Hong Kong: Strong demand for top talent, particularly for business critical functions such as finance, compliance and IT, despite market concerns.

Malaysia: Growth in technology, sales and marketing driven by the popularity of e-commerce and consumerism.

Singapore: Hiring demands within the digital, e-commerce and cyber security sectors remains strong, however caution in the market causes delays in hiring decisions.

Taiwan: Stable business outlook and entrance of international SMEs support job market growth

Click to read the full Asia Job Index Q1 2016 Report.

About the Asia Job Index

The Robert Walters Asia Job Index tracks the number of job advertisements on a daily basis across the executive appointments sections of key newspapers and leading online job boards in China, Hong Kong, Malaysia, Singapore and Taiwan.

Released on a quarterly basis, the report provides an indicative summary of recruitment activity being experienced across major regional markets as well as key industry comparisons.

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