22 October 2024

Trends in the Recruitment and Job Placement Market in Asia, July-September 2024

Job postings decline Year-on-Year due to slower growth, but demand for talent in growing sectors remains high. 

Trends in the Recruitment and Job Placement Market in Asia, July-September 2024

JAC Recruitment, a leading global recruitment firm with a presence in 11 countries, has analysed recruitment market trends in Asian countries where JAC Group companies operate, for the third quarter of 2024 (July to September).

【JAC Recruitment Asia: Job Listing Comparison Report (Previous Quarter and YOY)】

 Change from previous period (Apr-Jun)Year-on-year comparison
Singapore72%60%
Malaysia94%85%
Thailand107%78%
Indonesia107%130%
Vietnam89%64%
Korea85%41%
India95%129%
Japan(*)92%94%

*Recruitment Related to Overseas Operations of Japanese Companies
Note: The number of job openings in each Asian country may fluctuate due to deliberate strategies implemented by individual Asian companies (such as focusing on high-paying job openings or specialist positions). Therefore, changes in the number of job openings in each Asian country do not directly reflect the performance of each company.

<Summary>

SingaporeDemand for specialised talent is rising, but overall hiring activity remains limited
MalaysiaOffering flexible workplace environments has become critical to successful hiring
ThailandA new prime minister has taken office, but the domestic economy remains under pressure
IndonesiaHiring in energy and infrastructure-related sectors is gaining momentum
VietnamStrengthened economic policies and labour market trends signal potential future opportunities
KoreaWhile exports are performing well, overall growth remains sluggish, partly due to weak construction and capital investment
IndiaRecruitment activity is increasing but tends to be prolonged
JapanThe number of new registrations from individuals exploring career opportunities is on the rise


Singapore: Specialised Talent Demand Grows, But Overall Market Remains Limited

Number of job offers YOY:60%
Number of job openings YOY (past 3 years):

2021年2022年2023年2024年
Oct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - Sep
90%151%96%156%68%157%59%95%91%108%85%72%

 

<Market Overview in Singapore>

Singapore’s GDP grew by 1.2% year-on-year for Q3 2024, supported by recovering domestic demand and tourism, although sluggish exports weighed on the economy. Inflation remained elevated at 3.2%, prompting the government to maintain restrictive monetary policies.

During the annual National Day Rally, the government announced measures to support skills development, unemployment assistance, and childcare initiatives. A new paid parental leave scheme, set to begin in April 2025, will offer up to 30 weeks of leave in two phases.

<Local Hiring Trends among Companies in Singapore>

The financial sector showed slight recovery compared to the previous quarter, though most hiring involved replacement positions rather than new roles. Recruitment driven by private banks and family offices, previously spurred by uncertainties in Hong Kong and China, has levelled off. Outside finance, job openings remain largely unchanged.

The introduction of the COMPASS criteria for employment pass renewals in September has prompted companies to localise and relocate talent. This trend is particularly evident in roles requiring expertise in digital transformation and sustainability, where demand for skilled professionals is high. Companies are increasingly seeking candidates with advanced skill sets to maintain competitiveness, while flexible work arrangements have become a key factor in attracting talent.

<Job-Seeker Trends in Singapore>

New registrations among candidates requiring work visas have slightly declined due to stricter visa criteria. However, specialists and management-level professionals meeting salary thresholds for visa eligibility continue to register. Demand remains high for Singapore citizens, permanent residents, and those on dependent visas, with many seeking career advancement, higher pay, or better work-life balance. For these groups, the job market remains candidate-driven, with a steady influx of opportunities.

Fahad Farook

Managing Director of JAC Recruitment Singapore
Fahad Farook

■JAC Recruitment Singapore Overview
https://www.jacgroup.com/en/locations/country/singapore

■JAC Recruitment Singapore Website
https://www.jac-recruitment.sg/


Malaysia: Flexible Workplace Is Key to Recruitment Success

Number of job offers YOY:85%
Number of job openings YOY (past 3 years):

2021202220232024
Oct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - Sep
104%105%105%131%61%132%78%111%87%118%88%94%

 

<Market Overview in Malaysia>

Malaysia’s GDP growth for Q3 2024 stood at 3.3%, reflecting resilience supported by stable inflation, a robust labour market, healthy financial systems, and high national savings. While manufacturing remains subdued, signs of recovery are beginning to emerge.

<Local Hiring Trends among Companies in Malaysia>

Investments in data centres, digital transformation, and automation technologies are driving demand for skills in AI, automation, and tech-related fields. Companies are shifting their focus from traditional qualifications to specific in-demand skills. At the same time, enhancing employee relations and overall work experiences is a priority, with active upskilling initiatives helping to address skill gaps and strengthen the workforce.

<Job-Seeker Trends in Malaysia>

Candidates continue to prioritise benefits, work-life balance, and positive workplace environments. Sustainability-focused practices and corporate social responsibility are increasingly influencing job preferences. Remote work remains a sought-after trend, with flexibility seen as a key differentiator for employers.

Nick Taylor

JAC Recruitment Malaysia Managing Director
Nick Taylor

■JAC Recruitment Malaysia Overview
https://www.jacgroup.com/en/locations/country/malaysia

■JAC Recruitment Malaysia Website
https://www.jac-recruitment.my/


Thailand: New Prime Minister Faces Challenging Economic Landscape

Number of job offers YOY:78%
Number of job openings YOY (past 3 years):

2021202220232024
Oct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - Sep
90%154%80%143%57%205%82%97%79%108%86%107%

 

<Market Overview in Thailand>

High household debt continues to constrain consumer spending, with August vehicle sales down 25% year-on-year, marking a six-month decline for Japanese automakers. With a new prime minister inaugurated in August and the Thai Baht appreciating against the US dollar, the nation awaits the administration’s economic policies.

<Local Hiring Trends among Companies in Thailand>

Recruitment in Thailand remains cautious, with many firms focusing on replacement hiring rather than expansion, particularly in the struggling automotive and electronics sectors. However, service-related industries, such as hospitality and advertising, are seeing increased hiring activity, particularly for new market entrants.

<Job-Seeker Trends in Thailand>

More Thai job seekers are exploring opportunities abroad, comparing benefits and compensation packages internationally before making career decisions. To remain competitive, Thai employers will need to enhance their offerings, especially in terms of welfare and work-life balance. The year-end bonus season is also expected to slow immediate job-switching activities.

Gavin Henshaw

JAC Recruitment Thailand Managing Director
Gavin Henshaw

■JAC Recruitment Thailand Overview
https://www.jacgroup.com/en/locations/country/thailand

■JAC Recruitment Thailand Website
https://www.jac-recruitment.co.th/


Indonesia: Infrastructure and Energy Sectors Drive Recruitment Growth

Number of job offers YOY:130%
Number of job openings YOY (past 3 years):

2021202220232024
Oct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - Sep
107%138%101%61%129%85%148%64%117%122%85%107%

 

<Market Overview in Indonesia>

Indonesia’s Q2 2024 GDP growth of 5.05% marked a third consecutive quarter above 5%, supported by post-Ramadan consumer spending and export growth. However, a decline in vehicle sales and reduced government spending ahead of the October leadership transition dampen the day-to-day economic sentiment. On the bright side, renewable energy projects and urban infrastructure developments, including MRT extensions, are creating significant business opportunities.

<Local Hiring Trends among Companies in Indonesia>

Hiring in energy and infrastructure dominates the recruitment landscape, with fierce competition for roles in real estate development, project management, and asset management. Meanwhile, sectors like food and telecommunications continue steady recruitment, although manufacturing shows mixed trends. Companies pursuing localisation strategies or targeting Chinese and Korean clients are driving demand for senior management talent.

<Job-Seeker Trends in Indonesia>

Most active candidates are young professionals in their late 20s to early 30s, seeking better salaries and benefits. Senior candidates are more cautious, often awaiting economic clarity post-leadership transition. Japanese expatriates in Indonesia show steady activity, but there’s potential for growth in this talent pool as Japan-based professionals increasingly consider opportunities abroad, particularly in Indonesia, where work visa requirements remain relatively relaxed.

Kenji Sahara

JAC Recruitment Indonesia Managing Director
Kenji Sahara

■JAC Recruitment Indonesia Overview
https://www.jacgroup.com/en/locations/country/indonesia

■JAC Recruitment Indonesia Website
https://www.jac-recruitment.co.id/


Vietnam: Strengthened Policies Signal Labour Market Growth

Number of job offers YOY:64%
Number of job openings YOY (past 3 years):

2021202220232024
Oct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - Sep
60%248%111%84%67%137%119%105%91%86%92%89%

 

<Market Overview in Vietnam>

Vietnam is prioritising improved policies, international cooperation, and social equity. Recent decrees introduced in July 2024 raised minimum wages and reduced VAT, boosting consumer spending and attracting foreign direct investment (FDI). These measures are expected to enhance economic growth and create favourable conditions for businesses.

<Local Hiring Trends among Companies in Vietnam>

Q3 2024 saw an estimated 51.6 million employed workers, with notable growth in construction, education, transportation, and hospitality. Companies are focusing on clear and transparent long-term recruitment plans that align with business objectives, offering competitive compensation packages to attract talent.

<Job-Seeker Trends in Vietnam>

Vietnamese job seekers prioritise competitive salaries, robust benefits (e.g., health insurance and retirement plans), and opportunities for career advancement. Companies offering training programs and skill development are especially attractive. Work-life balance and flexible working arrangements are also key factors, with job seekers increasingly considering company culture and alignment with personal values in their decision-making. Stability and long-term job security remain critical motivators for candidates in their career pursuits.

Thu Ha Nguyen

JAC Recruitment Vietnam Regional Director
Thu Ha Nguyen

■JAC Recruitment Vietnam Overview
https://www.jacgroup.com/en/locations/country/vietnam

■JAC Recruitment Vietnam Website
https://www.jac-recruitment.vn


Korea: Strong Exports, Sluggish Growth Amidst Weak Domestic Investment

Number of job offers YOY:41%
Number of job openings YOY (past 3 years):

2021202220232024
Oct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - Sep
117%90%96%84%125%104%73%169%60%76%104%85%

 

<Market Overview in Korea>

While exports remain robust, high inflation continues to weigh on domestic consumption. The recovering real estate market has spurred a surge in household debt, primarily driven by skyrocketing housing loans. In August, the monthly increase in mortgage-backed loans hit a record high. Notably, luxury apartment transactions in Seoul’s coveted “Gangnam 3 Districts” (Seocho, Gangnam, and Songpa) have reached unprecedented prices, further underscoring market disparities.

<Local Hiring Trends among Companies in Korea>

The semiconductor industry leads the charge in aggressive hiring to address talent shortages, sparking fierce competition. Companies offering salary increases and enhanced benefits are emerging as winners, while those unable to adapt face dwindling hiring power, deepening a growing divide. To foster retention, many organisations are investing in training programs and mental health support, aiming to enhance employee loyalty and overall workplace value.

<Job-Seeker Trends in Korea>

High inflation has eroded real wages, encouraging more job seekers to explore new opportunities. However, candidates are becoming increasingly discerning, prioritising flexible work arrangements such as remote work and flex time. Companies with outdated employment terms struggle to compete, while those with a history of active hiring and benefit enhancement are better positioned to attract top talent.

Masashi Kato

JAC Recruitment Korea Managing Director
Masashi Kato

■JAC Recruitment Korea Overview
https://www.jacgroup.com/en/locations/country/korea

■JAC Recruitment Korea Website
https://www.jac-recruitment.kr/en


India: Active Recruitment Meets Lengthy Processes

Number of job offers YOY:129%
Number of job openings YOY (past 3 years):

2021202220232024
Oct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - Sep
114%71%121%111%107%139%109%101%79%110%157%95%

 

<Market Overview in India>

India’s economy grew by 7.8% year-over-year in Q2 2023, continuing its strong upward trajectory. Prime Minister Modi’s third term commenced following the ruling coalition’s electoral victory in June, though challenges loom as the coalition lost its parliamentary majority. Concerns such as youth unemployment and inflation persist despite the country’s sustained growth.

<Local Hiring Trends among Companies in India>

Economic growth - nearing 8% - has fuelled demand for roles in manufacturing, construction, and operations management. Companies are hiring aggressively to prepare for future expansion, particularly in sales and administrative roles. However, rising employee turnover, especially among senior positions, has forced some companies to engage in reactive hiring, impacting business continuity.

<Job-Seeker Trends in India>

The buoyant job market incentivises candidates to seek significant salary increases of 20–30%, keeping competition fierce. Many local candidates remain opportunistic, frequently surveying the market for better positions. Among Japanese professionals in India, dual job offers are becoming common, as candidates evaluate opportunities both domestically and abroad. Clear communication about career paths and job responsibilities during recruitment processes has become essential in securing top talent, underscoring the importance of strong employer-agent collaboration.

Kazuo Komaki

JAC Recruitment India Managing Director
Kazuo Komaki

■JAC Recruitment India Overview
https://www.jacgroup.com/en/locations/country/india

■JAC Recruitment India Website
https://www.jac-recruitment.in


Japan: Surge in New Registrations Amid Career Re-evaluation

Number of job offers YOY:94%
Number of job openings YOY (past 3 years):

2021202220232024
Oct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - Sep
107%114%99%112%100%119%100%88%95%109%99%92%

 

<Market Overview in Japan>

The yen experienced significant appreciation from ¥161 to ¥139 per USD between July and September 2024, partly influenced by U.S. interest rate cuts. The Nikkei stock average initially plummeted in August, impacted by U.S. tech sector declines and currency fluctuations, but rebounded to exceed ¥40,000 by September. While import costs eased slightly due to the stronger yen, rising energy prices and labour costs continue to pressure corporate earnings.

<Local Hiring Trends among Companies in Japan>

In August 2024, the effective job-to-applicant ratio stood at 1.27, relatively stable compared to the previous years' averages. However, new job seeker numbers dropped by over 10% year-over-year, while new job openings surged, driving the job-opening-to-applicant ratio to 2.44. Large corporations, particularly in the energy, automotive, and semiconductor sectors, remain committed to hiring for growth-oriented initiatives such as decarbonisation. Meanwhile, small and medium-sized enterprises have become more cautious about investing in talent due to global economic uncertainties.

<Job-Seeker Trends in Japan>

New registrations among job seekers with international experience jumped by 147% year-over-year between July and September. This increase highlights a shift among professionals reassessing their careers amid changes in their current organisations or market conditions. However, many remain hesitant to finalise career moves, often maintaining employment with their current companies while exploring new opportunities. This cautious approach underscores the need for tailored, transparent communication to address candidate concerns during the hiring process.

Satoshi Tomita

JAC Recruitment Overseas Expansion Support Office Manager
Satoshi Tomita

■JAC Recruitment Overview
https://www.jacgroup.com/en/locations/country/japan

■JAC Recruitment Website
https://www.jac-recruitment.jp