YOUR REGION: United States

Category: Recruitment

Malaysia’s online recruitment jumps 21% in December

The retail industry is leading the growth 

According to the foundit Insights Tracker (fit), formerly known as the Monster Employment Index (MEI), e-recruitment activity in Malaysia grew by 21% year-on-year in December 2022. “The 21% annual growth can be attributed to the country easing travel restrictions and opening its borders,” said a spokesperson from foundit, which was previously known as Monster APAC & Middle East before its rebranding last year. 

 The Index currently stands at 76 points, with 3% month-on-month growth, indicating significant job market growth and persistent demand in the labour market. Over the past three months, there has been a 10% growth in hiring across sectors, with the retail industry experiencing a 65% increase in hiring activity year-over-year. 

 “The robust retail sales and upward trend in consumer sentiment drove the 65% increase in hiring activity,” said the spokesperson. However, the Index saw a year-on-year hiring dip in IT, Telecom/ISP, and BPO/ITES by 13%. Online recruitment surpassed the year-ago level in eight of the nine occupation groups monitored by the tracker, with Hospitality & Travel leading the charge at 212% due to the opening of land and air borders. 

 “We have completely eased out of the COVID-19 pandemic and opened our land borders with Singapore,” explained the spokesperson. Among all monitored occupational groups, customer service was the only one to have registered a decrease (-17%) in December 2022. The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. 

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Uber, Lyft and others get legal win

Ruling opens the door for gig drivers as drivers considered independent contractors

The California Court of Appeals ruled Monday that companies such as Uber, DoorDash and Lyft can classify their rideshare and delivery drivers as independent contractors under Proposition 22.

Theresa Rutherford, executive board member of SEIU California and President of SEIU 1021 commented: “The Appeals Court upheld the fundamental policy behind the measure — to protect the independent contractor status of app-based drivers in California while providing drivers with new benefits,” said a statement by the Protect App-Based Drivers and Services coalition.

“The right to join together in a union is the most powerful way for workers to challenge gig corporations’ exploitative business model that profits off of paying low wages and silencing its workers,”

“Today’s ruling opens the door to the possibility for gig drivers and delivery workers to transform their industry through a strong voice on the job,” Rutherford said. “However, the fact that these workers are still being denied the basic protections most workers have in California is a travesty.”

Proposition 22 came about after the California Legislature passed AB 5, which aimed to make it more difficult to classify workers as independent contractors.

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Taming inflation won’t be quick, according to Richmond Federal Reserve President

Labor market remains historically tight

According to Reserve Bank of Richmond President Tom Barkin, inflation will fall back in line over time, but the process won’t be quick, he said in a speech Friday at the 2023 Stanford Institute for Economic Policy Research Annual Economic Summit at Stanford University.

Barkin said: “Monetary policy plays an important role here. We have raised rates and reduced our balance sheet aggressively in the last year in an effort to bring demand and supply back into balance. Inflation is likely past peak. But I think it will take time to return to target, and as a consequence, believe we still have work to do.”

Additional rate increases have been forecast and the [Summary of Economic Predictions] has made clear it doesn’t anticipate rate cuts this year.

Returning prices to the stability of the last 30 years will likely take a lot more time and effort, and the Summary of Economic Projections shows inflation not returning to 2% until 2025. Barkin said he sees the fight against inflation lasting longer for several reasons “partly because some of the dislocations we saw in the pandemic are enduring. Over a trillion in excess savings are still funding consumption, as are continuing fiscal outlays like the infrastructure bill. New auto inventories and houses for sale remain near historic lows, supporting prices in those sectors. Supply chain challenges remain, for example, in switchgears and cabinets.”

China’s reopening and the war in Ukraine is also putting pressure on commodity prices.

In addition, Barkin noted the labor market remains historically tight and workers, whose real wages fell, are pressing to catch up.

Barkin continued: “The Fed’s objective isn’t to hurt the economy, it’s to reduce inflation. And if there is one thing we’ve relearned over the last two years, it is that everybody hates inflation. High inflation creates uncertainty. As prices rise unevenly, it becomes unclear when to spend, when to save or where to invest. Inflation is exhausting. It takes effort to shop around for better prices or to handle complaints from unhappy customers. And inflation feels unfair — the wage increase you earned feels arbitrarily taken away at the gas pump.”

But the experience from the inflation fight in the 1970s must not be repeated, Barkin said.

“If you back off on inflation too soon, it comes back stronger, requiring the Fed to do even more, with even more damage.”

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68% of global recruitment firms reported an increase in revenue in 2022

77% of staffing firms have implemented a digital transformation strategy

According to Bullhorn’s Global Recruitment Insights and Data (GRID) 2023 Industry Trends Report, firms with the highest revenue gains were twice as likely to have digitized their data as those with the greatest revenue losses and nearly twice as likely to use automation heavily. While 77% of staffing firms have begun implementing a digital transformation strategy, many are still in the early stages. Only 30% said they use self-service technologies such as chatbots to streamline operations and engage candidates, and only 17% heavily leverage automation throughout their business.

More than two-thirds (68%) of global recruitment firms reported an increase in revenue last year, and a similar number (67%) expect to improve performance again in 2023.

Winning new business becomes the top priority

For the first time in six years, staffing firms cite winning new clients (40%) as this year’s top priority, most likely due to continued economic uncertainty and intensifying competition. The second biggest priority is digital transformation (34%), followed closely by candidate acquisition (33%).

Despite feeling optimistic about their business growth prospects, global recruitment firms continue to face client-related challenges. The most pressing is an increase in job requisitions that are too specialized or demanding (according to 22% of respondents), followed by a reduction in overall job requisitions (17%), and a lack of communication from clients (15%).

Engaging existing talent leads to higher revenue gains

Candidate acquisition remains a challenge: 56% cite the talent shortage as a top challenge in 2023, an increase from last year. However, firms that followed certain best practices in engaging candidates were 30% or more likely to report revenue gains in 2022. These best practices include engaging with passive candidates in the firm’s database, soliciting referrals from candidates, and using candidates’ preferred methods of communication, among others.

The two practices most correlated with success were redeploying candidates and database utilization. The firms that lined up the highest proportion of workers for new roles before the end of their assignments and those that most frequently filled a position with a candidate already in their database were twice as likely to report revenue gains last year and 50% more likely to expect gains in 2023. However, fewer than 10% of firms use automation to redeploy candidates.

Gretchen Keefner, SVP, Global Enterprise Business at Bullhorn, comments:  “This year’s survey highlights a clear relationship between business performance and technology adoption. This makes a compelling case for firms to invest more in digital transformation to future-proof their businesses, despite economic challenges and uncertainty in the jobs market.”

“Acquiring new clients has once again become the top priority for recruitment firms, and it’s still crucial for firms to focus on delivering a more modern, personalized, and connected candidate experience because the talent market remains tight. Firms that use technology to increase their efficiency and provide a streamlined experience will set themselves apart from the competition.”

Read the full report here.

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Gap between supply and demand in financial services worsens

  • UK

Job applications in the sector fell by 12.5%

According to new research from APSCo and Broadbean Technology, the number of professionals in the UK applying for jobs in the financial services sector is down by a third year-on-year in January 2023, with the gap between supply and demand worsening.

The data found that job applications within the sector fell by 12.5% between November 2022 and January 2023, but this decline was far more acute when looking at annual comparisons (down by almost 30%).

APSCo’s data also reveals that while vacancy levels fluctuated throughout 2022 as economic uncertainty influenced business confidence, yearly comparisons show that new roles fell by just over 16% between January 2022 and January 2023. With application numbers dropping at a far greater rate than vacancies, employers are likely to struggle to source the skills they need in a sector that is already facing acute skills shortages.

Meanwhile, the research revealed that salaries within the sector have risen by 6.5% over the past twelve months, reflective of not only the demand for talent which has put an upward pressure on salaries, but also the impact the cost-of-living crisis has had on employers’ strategies to both attract and retain staff.

Ann Swain, CEO of APSCo, commented: “The data suggests that the Financial Services sector is facing a growing decline in skills availability. While we saw a fall in vacancy numbers during the latter half of 2022 as economic uncertainty influenced business confidence, application numbers fell at a far greater rate.

“We saw in the period following the Financial Crash of 2008 that failure to invest in skills development, attraction and retention when markets are struggling can have a longer-term detrimental impact on recovery. It’s crucial that the sector doesn’t fall into this trap again, particularly given the news that a recession has been avoided in the UK. The increase in salaries is certainly an indicator that employers are investing in attracting skills, but pay alone isn’t a sustainable route to building skills. The country is in critical need of a strong skills strategy to help it become a hub for financial businesses and talent.”

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Hays Middle East releases GCC Salary Guide 2023

49% of organisations in the GCC currently offer remote or hybrid working

Hays Middle East, part of Hays plc, the global workforce solutions and specialist recruitment company, has released its latest Salary Guide 2023 for the Gulf Corporation Council (GCC). The guide provides comprehensive salary data for over 400 roles across 13 industries across the region, with the latest workforce trends based on expert insights and the analysis of a survey of over 2,000 employers and professionals.

The guide has revealed that despite global disruptions, the GCC has remained stable, with continuous investment and diversification leading to a buoyant labour market in 2023, creating new jobs across multiple sectors and geographies in the region with this being exemplified by 85% of employers planning to recruit permanent employees. However, with 45% professionals looking to change organisations, greater competition for the best talent is to be expected.

Employers can leverage flexible working options to counter competition

Hays believes that offering flexible working options is a viable way for employers to counter the fierce competition. The guide shows that while only 49% of organisations in the GCC currently offer remote or hybrid working options, 20% of employers anticipate that employees will be required in the workplace more. Professionals place work-life balance and flexible working as a top priority when looking for a new job.

Addressing the skills dissonance is vital for future success

According to the report, employers and employees in the GCC have different perceptions of talent availability within their organisations. The guide indicates that while 82% of employees firmly believe they have the necessary skills to fulfill their role in 2023, only 35% of employers strongly agree they have the talent needed for the coming year. Employers and employees must work together to address this disconnect to ensure success in the future.

Growth on the horizon for Technology and Industrial Sectors, plus accelerated Emiratisation

The guide highlighted that technology remains the most active industry sector for hiring, with 77% of organisations increasing their headcount last year, thanks to consistent local and foreign direct investment in focus areas such as data, cyber security, and cloud solutions. Despite uncertainty in the global Technology sector, growth in the GCC continues at pace. Indeed, 88% of employers plan to recruit permanent employees in 2023.

In Saudi Arabia, the industrial sector is expanding at an exponential rate. With the Kingdom poised to take further advantage of its abundant natural resources and central geographical location, industrial diversification into new products and materials will lead to a focus on talent with experience, technical skills, and operational knowledge.

In the UAE, almost one in two (49%) of employers will ramp up their hiring of UAE national citizens this year as they work to meet Emiratisation quotas and diversify their workforce.

Sarah Dixon, Managing Director of Hays Middle East commented: “2023 promises to be a prosperous year for the labour market and the GCC in general, with new jobs being created across multiple sectors and geographies in the region through investment initiatives from a multitude of sources. The Hays GCC Salary Guide 2023 provides valuable insights for both employers and professionals, helping them navigate the recruiting landscape of today and stay competitive for tomorrow.”

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Airswift appoints CRO

Rapid diversified growth in STEM-related industries will be their focus

Airswift, the global workforce solutions provider, announced on 2 March 2023 that they have appointed Anna Frazzetto as Chief Revenue Officer. This appointment aligns with Airswift’s drive to continue its diversification and growth across STEM-related industries.

Frazzetto is an established technology recruitment executive based in New York. She most recently held the roles of Chief Digital Technology Officer at Tential and Harvey Nash.

The company believes that Frazzetto’s deep domain experience in addressing critical business challenges and expanding digital capabilities will allow Airswift to maximize revenue growth opportunities.

Frazzetto has been listed as Staffing Industry Analysts (SIA) Global Power 150 Women in Staffing for five years and has a recognised consultative approach that will generate powerful, tailored solutions for Airswift’s diversified clients and internal teams.

Janette Marx, CEO at Airswift, commented: “Technology is fundamentally changing every aspect of our lives – and the world of work is no different. Anna’s understanding of how to harness the power of technology and match that with the right skills will be critical as we continue to expand into STEM industries. As a fellow passionate advocate for advancing women in STEM, her addition to the team will not only drive diversified revenue growth, it will also increase the opportunity to enhance equity in the space.”

Anna Frazzetto, CRO at Airswift, added: “Workforce demand in STEM industries has never been higher across the world. Energy and technology sectors in particular need on the ground support to ensure the right people are recruited to propel these industries forward. I’m delighted to join the passionate team here at Airswift, who will support me in delivering the global growth strategy of the business. I’m looking forward to enhancing and diversifying our offering across STEM industries – ensuring we deliver the best tailored and scalable workforce solutions to our customers.

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2023 recruitment trends revealed

  • UK

Flexible working and greater use of tech top the list

Recruiters predict a greater demand for better pay, flexible working, a greater reliance on tech, and a positive working culture in 2023. This is according to new research by digital payroll solution Cool Company. The research also revealed that 25% of recruiters believe businesses will rely more on the contract workforce in the coming months.

According to the study, flexible, tech-driven working lies on the horizon. The research found that 53% of recruiters agree that flexible working is the main priority of current job candidates

A further 50% said we would see a greater reliance on technology – including remote interviewing (40%). Diversity and inclusion were also high on the list at 39%.

Twenty-five percent of agencies believe there will be greater demand for the contract workforce, with 58% saying they experienced a significant uplift in overseas contractor placements last year. A further 35% suggested an increase in contractors working remotely in the UK.

Almost half of the recruiters surveyed believe that one of the best ways to attract top talent is flexible working, including remote working. A further 40% suggest hybrid working is a key benefit. In addition, one in five recruiters think that the global talent shortage will continue to be a challenge for businesses in 2023, suggesting that anything that gives a competitive edge must be considered.

Other projected talent-grabbing trends included increasing employee benefits (43%) and creating a positive working culture (40%). Increased pay is, of course, always a factor (50%).

Kris Simpson, Country Manager UK at Cool Company, comments: “The UK employment scene is facing something of a perfect storm at the moment. With a global talent shortage and a local cost of living crisis, employers are having to do a lot to both retain their existing employees and attract new talent to their businesses.

‘The contract workforce has the potential to provide the answer to that problem. With highly skilled professionals available more or less on demand. But like employees, contractors are looking for a better work-life balance, meaning that placements that allow for remote working are a lot more appealing. While competitive remuneration remains a key draw.”

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In Australia, job ads down 8.1% in January

But monthly figures show reversal of 7-month downward trend

According to Seek’s latest employment report, job ads in Australia were down by 8.1% in January when compared to the same month last year.

However, on a monthly basis, job ads recovered from a 7-month downward trend, rising for the first time to 2.8% in January.

Job ads were 26.3% higher than January 2019, indicating that the market remains tight, despite job ads no longer being at record-levels.

Additionally, applications per job ad have jumped by 35.5% year-over-year, and 9.2% over the previous month, data shows.

On an annual basis, Queensland recorded a 0.9% uptick in job ads in January while Tasmania (3.8%) and South Australia (1.5%) also reported growth. On the other hand Victoria (-13.8%) and Australian Capital Territory (13.2%) reported the biggest declines over the year.

According to Seek, on a monthly basis, every state and territory recorded a rise in job ads in January, and Tasmania had the largest increase of 8.5%, followed by Queensland at 4.2%, and New South Wales at 2.7%.

By industry, on a monthly basis, the overall growth in job ads in January was led by Manufacturing, Transport & Logistics, which grew 5.3% month-on-month, Trades & Services, up 2.5% and Accounting, which increased 7.6%.

Kendra Banks, Managing Director of Seek ANZ commented: “Advertising volumes have reverted to November levels after falling marginally in December. While 2.8% seems a small increase in volume after seven months of decline, job ad levels remain above pre-pandemic levels for the majority of industries. For our largest hiring industries by volume, for example, job ads remain over 55% higher,”

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77% of businesses in China plan to hire temp and permanent employees

65% of employers had to offer higher salaries in order to attract new employees

According to research from Morgan McKinley, the majority, or 77%, of businesses in Mainland China plan to hire new permanent or contract employees in the first half of the year.

The research revealed that 41% of employers think they will lose staff in the next six months as they seek to earn more by moving jobs, and 45% of employees in Mainland China are looking to move jobs in the same period.

Morgan McKinley’s research also showed that 65% of employers had to offer higher than anticipated salaries in order to attract new employees over the last 12 months. Furthermore, 59% of employers in China think that salaries in their specific sector will rise in 2023, with 41% planning on increasing base salaries across all teams.

Over half, or 53%, of employees in China are expecting their salaries to increase this year, with 75% also expecting some form of bonus payout.

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