Shanghai, January 08, 2021 - Professional recruitment services firm Michael Page China today launched the ‘Talent Trends 2021 Report’, with a keen eye on stable recovery in the 2021 employment after the 2020 pandemic. Professionals and companies are both eager to meet with the challenges and opportunities of working in the new normal while taking on a steady growth trajectory. In 2021, China’s domestic enterprises are expected to grow faster than multinational conglomerates. Rupert Forster, Managing Director of Michael Page China, says, "Domestic companies have gained a competitive advantage during the global economic turmoil. With the steady recovery of China’s economy and market, most local companies are anticipated to increase headcount in 2021." According to the study, domestic companies outperformed MNCs in terms of headcount increment, salary increases and bonuses in 2021. Hiring managers in domestic companies said they planned to increase their hiring by 11-20%, while multinational cited less than 10% in average. In addition, annual salary increases at local companies average more than 8%, compared with 3-4% at multinationals. Business expansion is bound to bring more hiring needs. “There is growing demand for talent in areas such as technology as well as healthcare and life sciences. Employers will continue to compete for high potential professionals, as well as increasing demand from our clients to remotely recruit overseas talent,” Rupert Forster added. The report also shows that mental health and wellbeing is an important consideration when looking for a job in 2021. Respondents ranked ‘healthy work culture’ as the most important factor affecting an employer's brand image, ahead of ‘professional development opportunities’ and ‘strong brand awareness.’ Yuki Chen, Regional Director of Michael Page China, says, “Companies can no longer expect to attract the right talent by simply listing skills and requirements with salary. In the hiring process, companies also need to strategically think about marketing themselves as an attractive employer of choice.” In addition to recruitment insights and industry analysis on the Chinese job market, the report also shares new insights across the Asia Pacific market on related topics such as digital readiness, organisational structure, flexible working, leadership, performance management, and diversity and inclusion. Across the Asia Pacific region, the COVID-19 pandemic dealt a major blow to the global economy across all sectors and markets in 2020. Job vacancies dropped by 8% to 35% depending on the location. Several businesses reported a conservative approach to their hiring strategy, choosing instead to freeze or even reduce their headcount in order to reduce costs. However the reduced rate of hiring was not an indication that businesses shut out all qualified talent altogether. We saw very positive trends upward from Q2 to Q3, and Q4 versus Q3 2020. Optimism exists in 2021, as 42% of businesses in Asia Pacific said that they are already looking to increase headcount in the year. New ways of working emerged rapidly as employees adapted to the new normal. The driving force behind the changes was the digital transformation which became top priority for all businesses overnight. 68% of companies intend to increase investment in technology and digital tools in 2021 As a viable option to bridge skill gaps arising from investment in digital tools and organisation redesign, 20% of companies in Asia Pacific cited prioritising short-term contractors/temporary employment in their 2021 hiring strategy. This is an increase from 15% in 2019. While the boundaries of work-life balance were debated in 2020, 4 in 5 employees were found to feel equally or more productive working from home, only 5% of them prefer to work completely remotely. This indicates a need for frequent social interaction with co-workers. With this, 51% of organisations evolved their performance evaluations. To reflect the times of crisis, management teams started reassessing individuals with greater importance placed on positive behaviours, 64% of companies rated team collaboration as the most valued employees attribute during times of crisis. #END# Editor’s note: The Michael Page China Talent Trends 2021 Report features insights and market sentiment in Asia Pacific on prominent recruitment and talent-related topics including digital readiness, organisational design, flexible work, leadership, performance management and diversity and inclusion. The results draw from a survey of 12 Asia Pacific markets, with over 5,500 businesses and 21,000 employees, of which 3,500-plus are directors or CXOs. Download the full Michael Page China ‘Talent Trends 2021 Report’ here. For more hiring insights and salary trends for 2021, a spokesperson for Michael Page is available for bilingual interview. Contact: [email protected]
