Hong Kong: 29th April 2008 - MRI China Group, one of the leading and fastest growing recruitment consultancies in Asia today announced that findings based on a poll conducted with HR heads and management in Asia indicate that businesses are hiring to support expansion and growth in the region.
The survey with about 120 companies revealed that more than 50% of MNCs polled have been enjoying robust growth in their business in Asia since January and are optimistic that growth will be sustained for the rest of 2008, particularly for companies based in China. The industries covered include IT, Banking, Retail, Manufacturing, Chemicals and Property. The survey also infers that as a result of burgeoning business, HR managers are sticking to their hiring plans to acquire additional staff. Furthermore, over 40% polled are actually revising their budgets to increase headcount to cope with further expansion in their business operations.
Another key finding further establishes that salaries are expected grow by at least 10% in Asia. The expected salary increases for top management executives especially in the banking and IT sectors and in China are also predicted to rise significantly. Most of the respondents attributed current inflation rates and higher costs of living to support the salary increases.
“When we conducted our survey of business sentiment at beginning of this year it showed considerable nervousness combined with a “wait and see” attitude on hiring and salary plans. It seems that the “wait and see” period is now well and truly over and that businesses in the region generally foresee uninterrupted growth. It would seem that the economic slowdown from the US and Europe this time has not impacted Asia as much as it had in the past and that there is at least a partial “decoupling” remarks Mr Tony Dickel, CEO, MRI China Group. “Instead, the robust Asian economies have intensified the war for talent particularly for experienced management staff, and there is still significant upward pressure on compensation packages of top echelon talent, particularly in China.”
However, the robust Asian economies are deriving some benefits in the talent market. “We are seeing a lot of experienced talent being attracted from the US and Europe to head up business initiatives of MNCs based here,” adds Dickel. “This not only helps to ease the talent pool for top management expertise but also elevates the skills of the mid level managers in Asia.
Other results of the survey also indicate that companies are also doing more to improve their employer brand to attract talent and offering more employee benefits in a bid to retain staff.
MRI China Group has been growing steadily in the last few years. It has also strengthened its partnership with Barkers Resourcing in Tal-os Asia to provide Recruitment Process Outsourcing (RPO) solutions, large scale recruitment solutions and talent market research solutions to Chinese and global MNCs.
About the SurveyThe study represents data compiled from about 120 Management executives and Heads of Human Resource, working in enterprises and MNCs in Singapore, Hong Kong, Shanghai and Beijing. The industries covered include IT, Banking, Retail, Manufacturing, Chemicals and Property.
About MRI China Group
MRI China Group is a leading recruitment and human resource solutions company with regional headquarters in Hong Kong. It is served by offices covering Asia in Shanghai, Beijing, Guangzhou, Chengdu, Macau, Manila, Kuala Lumpur, Seoul, Singapore and Taipei with over 200 staff. It is part of MRINetwork Worldwide, one of the world’s largest search companies, providing retained executive search and recruitment services, competitive market analysis, talent market research, recruitment consultancy and recruitment process outsourcing solutions to clients in every major industry, serving multi-national and local companies on a global basis. MRI China Group has been awarded CCH/China Staff “Recruitment Firm of the Year, China” in 2003, 2005, 2006, 2007 and was runner up in 2004. For more information, please visit
www.mri-china.com.
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