Here's what IT&T and industrial sectors must hurdle

Numerous industries in Singapore have undergone changes in their hiring processes, notably the industrial and IT&T sectors. Companies are still keen on hiring, but the hiring process has been slowed down slightly by wary employers and job seekers.

Even larger corporations that possess strong expansion abilities remain cautious, and have either slowed or brought their growth plans to a standstill.

However, there have been a number of big players who are viewing this spate of uncertainty as a growth opportunity, thus explaining the recent rise of merger and acquisition (M&A) activity, with various smaller firms becoming the targets of these expansion plans.

Implications on hiring prospects

Sales and marketing professionals specialising in the IT&T and industrial sectors will be glad to know that the demand for sales-based personnel remains high due to its relative immunity to such market sentiments. Organisations rely greatly on their sales force to generate revenue, and sales professionals are thus deemed as valuable assets that cannot be compromised upon.

The only implication lies in the extent of hiring – exact hiring numbers may dip slightly, but the constant maintenance of a strong sales force remains as a necessary requirement for corporations.

As for marketing professionals, there has been a slight shift in corporations’ hiring preferences, with a greater focus being placed on strategic marketing roles compared to general marketing roles.

Companies now employ a targeted approach in seeking marketing professionals who are equipped with highly specific skill sets, such as the specialised understanding of specific market segments, industries or geographic locations.

Narrow hiring criteria

Prior to today’s uncertain climate, international working experience and other value-adding skills stated in one’s resume were deemed to be valuable, and often gave one an edge.

However, in today’s context, even professionals with extra overseas experience are finding it difficult to secure jobs. Indeed, the economy has tightened so much so that companies are actively seeking specific people to fill in very specific roles. In other words, their scope of consideration has been narrowed to the point that only candidates who are a perfect fit with the role will be considered.

As such, companies would much rather hire employees who are currently working for direct competitors, have a good grasp of the target market, or who already possess the exact experience required for the role. This is to minimise extra time and effort in training.

Increased redundancies

There has been growth despite market uncertainty, with bigger players in the market viewing this period as an opportunity for them to achieve greater expansion and growth. In an attempt to widen their market reach, large corporations have begun to merge with, or acquire smaller firms in the industry.

One of the key consequences of such activity is the creation of duplicates, with different staff holding on to the same positions. In pursuit of the most economically viable solution for the business, corporations are likely to resolve this situation by rendering numerous employees redundant.

Stiff competition

With the market becoming increasingly wary, the situation has evolved into one with too many people fighting for a slice of the ever-shrinking pie. Therefore some competitors have resorted to methods such as the undercutting of prices, but fail to realise that such initiatives are unlikely to be beneficial in the long run.

Difficult recruitment cycles

In general, the niche factor of the industrial and IT&T sectors has always made hiring the right person a challenge for recruiters all around, and this has become even more so in light of the current market sentiment.

The general wariness applies to both sides – employers are cautious and hesitant in hiring, and candidates are reluctant to move if they are comfortable in their current positions. This thus makes the recruitment cycle even more difficult.

Conclusion

Given the interconnectedness of economies worldwide, the market is ultimately dependent on global economic conditions. It is thus difficult to determine how long this spate of market uncertainty and inactivity will last. Thus, even though the Asia Pacific outlook seems optimistic based on its relative good performance in terms of revenue generated and its growth potential, other concerns such as the Euro situation are still likely to extend a great influence.