Opportunities and challenges of highly qualified personnel amidst the declining hiring demand

Compared to the same period last year, there has been a significant decrease of approximately 30% in the total demand for recruiting mid and high-level personnel across industries. Among these, the industries that witnessed the highest decline were IT (50%), Supply Chain, Purchasing and Production Management. Due to the peculiarities of Vietnam's economic situation in the first quarter of this year, the Construction and Real Estate sectors have also been heavily impacted by the decline of the market.   

However, we can still be optimistic with some bright spots amid the recession. Despite the overall trend of reducing headcounts, certain industries still recorded a slight increase in hiring demand compared to the previous year, such as High-end Retail, Medical and Healthcare, as well as the Renewable Energy, with demand of management level personnel increased from 20 to 30%.

In the face of an unfavorable economic outlook and the ongoing downtrend situation of Real Estate, and Financial Lending industries, etc., many businesses are being negatively affected and forced to restructure, scale down their operation and the human resource model, then becoming more careful in making hiring decision. This makes the job market gloomy and career opportunities more limited than ever.

The shifting trend of senior personnel from downsized businesses to new opportunities in other fields has led to a greater availability of labour during the job shortage. The gap in skills of job seekers with new job requirements, especially in industries with labour surplus and those in need, poses challenges for them in meeting the criteria.

Additionally, changes in job requirements caused by the digital transformation and technological revolution generate significant pressure, requiring candidates to continuously enhance their abilities and stay updated with the fast-paced advancements in technology.

In the context where young labor forces with well-trained skills and quick adaptability, strong work motivation, and competitive salaries are increasingly gaining advantages, job seekers have to face greater competition and exert more effort to demonstrate their abilities to employers.

“The Vietnamese and East Asian labour markets tend to be selective in recruitment based on academic qualifications as an indispensable criterion. Therefore, besides software engineer positions that are not strict in terms of degree requirements, hiring expectations for general management roles such as Human resources, Finance, Sales, and Marketing... still do not show a tendency to change in the present as well as the near future. Therefore, enhancing knowledge and relevant professional qualifications are still the guiding principles to find suitable job opportunities," said Mr. Nguyen Hoang Thanh Chuong, Head of Permanent Recruitment Service, Adecco Vietnam.

Besides qualifications, professionals are increasingly recognising the importance of upskilling and reskilling to remain competitive in this evolving job market. More and more individuals are investing in online courses, workshops, and certifications to enhance their skill sets and maintain their competitive advantage. 

With the convenience and diversity of today's communication network, candidates can take advantage to learn more about the working culture, business orientation and employer's expectations to equip themselves with the necessary skills, including both soft skills and technical skills that meet the requirements of the desired positions.

Furthermore, seeking advice and support regarding industry trends and market insights from recruitment consultants is also an opportunity to prepare and negotiate effectively during the application process.

Authors:

Nguyen Hoang Thanh Chuong
Head of Permanent Recruitment Service, Adecco Vietnam

Nguyen Thi Thu Phuong
Director, Permanent Recruitment Service, Adecco Vietnam