China was once seen as a squalid Communist state, that was probably never going to be able to compete with the rest of the world. Too riddled with Maoism, in the near as the 1990s, the West underestimated what China was to become. The Chinese government sought to rectify its vice grip on the economic and fiscal policy and allow the innovation of its people to shine through to become one of the most transformed economies in the world. Sitting at second place in the table of the world’s largest economies, if you go back a generation or two, you’d be amazed at how unrecognizable it now looks. This shouldn’t have been as big a shock that it was, however, because the surrounding Asian markets in the Far East had always shown themselves to be adaptable, competitive and modern. The benchmark was Europe and the USA, but some markets in Asia like Singapore, Hong Kong, South Korea, Taiwan, Philippines, and Vietnam have taken the Eastern hemisphere by storm. The geographical region plays as a secondary investment hub for wealthy stock buyers located in London and Washington D.C.
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What’s fueling the demand for new blood
The overall hiring trend currently is based around the needs of the financial services and companies in finance never have enough young and hungry wolves who want to forge a career the industry. The issue is, getting them attracted in the Asian markets and finding more candidates with the skills, experience and much-needed new perspective on the markets in organizations. Policy changes in the American government have led to the strengthening of the US economy as the Dow Jones has hit a crazy, highest ever record of over 21,000. This is a double-edged sword to the Asian markets because although it does boost the markets on the other side of the world if this trend is prolonged the global economy will become too focused in part of the world. In the world of finance, it’s far better to set the benchmark, than be waiting for another market to open and react to how it behaves; following the actions of another economy is figurative, being led by the nose. Asian financial markets need a fresh supply of experienced professionals and youngsters who have a ‘war mentality.’ Corporate agendas of maximizing their recruitment capacity mean that the knock-on effect is the increase in demand for accounting, real estate tighter employee retention as these new professionals won’t be traveling halfway across the world for a moderate salary.
Photot credit – Ann Wong
The ever-changing real estate market
The Asia Pacific real estate market outlook is running on key themes that are shaping the trend in the regional markets specifically the inner-city. Investors with an insatiable appetite for risk are expecting to seek opportunities outside of the city location. For decades there has been an ongoing cultural transition for many Asians, who have been brought up on the rural environment where there isn’t much wealth. However, with better education standards, the young and qualified who have been through higher education are taking the leap from village life to urban properties. The condominium market is a medium yield environment which continues to encourage investors to look beyond the low but stable yield of block apartments. Condos are the first step outside an apartment or for young professionals who work in the white collar jobs of financing and entrepreneurship. They’re also one of the first choices for foreigners who’ve moved to the city after being hired by a large firm because the locals are the first to buy apartments and so leaving them limited choice in some parts of capital cities such as Tokyo or Shanghai.
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Businesses are working hard to stay on top of the most current salary levels as a critical step for employees to catch the eye of an attractive offer. Retaining top accounting and finance professionals takes precedence for companies looking to grow, expanding into new markets and take on new clients. While the salary of course plays an important role, it’s by no means the end all be all with several different criteria needs and wants that select candidates will factor in when they decide whether to make the move or stay in the job they already have. Keeping up with global trends, one of the advantages Asian companies are offering is a balanced work and leisure life. The firms that can keep their staff happy, keep them motivated to meet deadlines, close deals and maximize profits. Providing the complete package like work insurance or paid leave benefits, rather than focusing on wooing potential employees with just the salary is a diversifying tactic used to attract the best and brightest from around the world.
There’s a growing need for employers to treat their staff as creatures of comfort, rather than robots is a steadily growing preference for gaining the best reviews and employee satisfaction. Flexible working hours can motivate staff that their amount of free time to spend with their children and friends is totally in their hands, and therefore, without the pressure of a rigid routine, motivation to perform better and more efficiently rises up in the workplace. Already, firms are saying they want to build quality teams to talk to their staff and structure packages that reflect the needs and preference of individuals rather than blanket programs used as a one size fits all approach. Asian companies especially in Hong Kong and India are more than willing to invest their time and energy in the recruiting process to make sure their company, business and or brand stands out from their counterparts, which results in higher application numbers and opportunity for growth.
Yes, it involves more of an investment of time and energy in recruiting efforts, but it’s all about making your firm stand out as a great place to work while also ticking all the boxes for career growth.
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Asian markets are very diverse, and everything from technology, agriculture, finance and fashion all play a massive role in attracting some of the most famous brands and people from around the world. The beautiful thing about places like Singapore and Hong Kong is that the population is small, but the economy is incredibly strong causing a high wealth to citizen ratio. There’s more to be earned without the dilution of a high population to dampen salaries and earn less. Instead, career progression in the sovereign states comes with the earning potential of up to 30 percent compared to similar roles in Western economies. Working as a senior in finance you have the potential of earning upward of 200,000USD annually. Hong Kong is a stable economic destination, and that’s particularly why technology corporations find the location as the spearhead for their newest revolutions and innovative solutions.
This means you have the opportunity to work with the rich and powerful, learning from them, studying the practices of the most successful businesses in the world, giving you the experience and inside knowledge that isn’t so readily available in other countries and continents. Constant investment from governments and foreign companies is very predictable as many average people are just recently starting to reap the fruits of capitalism as the new generation shirks off Socialist tendencies their parents might have had. Therefore with the increase in demand, annual employee bonuses are another attractive prospect for you to move to Asia, as firms take pride in keeping incentive to succeed and individually perform to a high standard, remain highly beneficial. Their ethos is quite simply to remain competitive in every single aspect, no matter how minuscule, the economies in Asia are planning to become the new superpowers of the world and determined to achieve that in this century.