'Your more developed markets, like Hong Kong and Singapore, will continue to be slow'
The Asian recruitment market is facing uneven recovery in 2025, according to one business leader.
While some regions will be surging this year, others will remain stagnant, says Jasdeep Singh, managing director and founder, SKL, in talking with Human Resources Director Asia.
“There are some countries which are growing more, countries like Malaysia, countries like India, which are going through a huge explosion in the insurance industry, especially life insurance,” says Singh.
On the other hand, “your more developed markets, like Hong Kong and Singapore, will continue to be slow.”
Cost consciousness is playing a part in this, he says. Singh attributes the sluggish pace in developed markets to economic caution and lingering effects from the pandemic-era hiring surge.
Singapore's job market is a "mixed bag" as overall hiring activity dipped in November despite some sectors seeing a rise in demand for workers, according to a previous report from foundit.
Despite the life insurance industry’s potential, the talent pool in Asia remains weak, particularly for senior roles that require skills beyond technical expertise. This shortage has intensified competition, says Singh.
“The talent pool is still thin compared to the developed markets,” he notes.
Also, within that talent pool, the professionals’ ability to be “more than just a technical person” is “not as developed” as could be and there's room for further development, he says.
“As a result, there’s a lot of musical chairs played in the talent game.”
One positive trend Singh highlighted is the return of global mobility, which is enabling more talent movement both between regions and within Asia.
“There’s more people having to relocate from the more developed markets to the Asian markets, and there’s more relocation within the Asian market itself,” Singh said, adding this increased mobility has eased some of the supply-side constraints that plagued recruitment during the pandemic.
He also hopes that as the economic world stabilizes and macroeconomic factors ease, “we’ll see a stronger, robust employment market in Asia.”
To find success in their recruitment campaigns this year, companies and recruiters should focus on developing deeper connections with potential hires, particularly in today’s cost-conscious environment, says Singh.
He stresses that finding the right fit goes beyond reviewing resumes and LinkedIn profiles.
“Employers need to be mindful of their own needs… that requires a certain understanding and the certain touch and feel,” he said. “You can’t get [that] from a CV or a LinkedIn profile… hiring the right person and knowing who they are, more than just what they have done technically, is super, super important.”
Employers across Singapore will be shifting to a skills-based hiring approach this year with a particular focus on soft skills amid challenges in recruitment, according to a previous report from Robert Walters.
It’s also important for employers to hold on to the talent that they onboard, and they can do it by offering fluid career paths that allow employees to grow within the organization, he says.
Proactive planning is essential, he says, to avoid losing top talent.
“You shouldn’t expect them to be in the same job, but big companies should be able to offer a fluid career, which keeps the employees engaged,” Singh explains. “Growth is a big part of it, and you’re going to help people feel that.”
Recently, SKL announced its second international location, with the opening of its Hong Kong office.
“Expanding into Hong Kong was a natural part of our growth plans, and will allow us to not only service local businesses, but also work with candidates looking to relocate to Singapore or Australia,”says Singh.
And when it comes to the life insurance industry, “Hong Kong still continues to be the heartbeat of Asian recruitment,” he says.
Hong Kong's seasonally adjusted unemployment rate remained at 3.1% in the September to November period, according to data from its Census and Statistics Department (C&SD).
