The Latest on the Job Seekers’ Market in SEA

A recent report by JobStreet and the Boston Consulting Group (BCG) sheds light on the current state of job seekers in Southeast Asia. The report surveyed 97,000 respondents from the Philippines, Thailand, Indonesia, Hong Kong, Thailand, and Malaysia, found about 34% of them are actively seeking employment.

The survey also highlighted the top three motivations for job seekers in the region. These include seeking a higher position or seniority (49%), lack of career growth in their current position (30%), and insufficient salary and benefits (27%). Despite the potential for a recession, the report suggests that most job seekers in Southeast Asia are aware of the market’s efforts to attract new talent.

Peter Bithos, CEO of Seek Asia, believes the potential recession could shift the balance of power in the labor market towards employers. However, businesses in the region are still recovering from the job losses caused by the Covid-19 pandemic. According to the report, 74% of job seekers are contacted several times a year for new opportunities, while the remaining 36% are approached monthly.

The report also highlights IT or tech roles are currently in high demand in the region. Employers are advised to keep an eye out for the best talents in the pool, as they will be vital for the success of their businesses.

The priorities of job seekers in Southeast Asia were also outlined in the report. 22% of respondents prioritized a stable position with flexibility or work-life balance, while 17% were more focused on salary and benefits or compensation.

Sagar Goel, Associate Director and Partner at BCG, noted that the priorities of employees have changed over the years, with many now looking to work to live, not the other way around.

The report suggests establishing a healthy, flexible work environment for employees can lead to lower turnover rates and increased company loyalty. This is particularly important in the current climate, where many are focused on enriching their personal lives while still being able to work.

The report provides valuable insights to employers who should take note of the priorities of job seekers in the region. By doing so, businesses can attract the best talent and achieve long-term success.