Vietnam Labor Market Update in Quarter 1/2021

Local News,Press Release,HR Insight,Labor Market

Ho Chi Minh City, 05-April-2021: Adecco Vietnam releases the Q1/2021 labor market update, sharing our insights on the changes of recruitment demand in this quarter, also advice for both employer and employee.

The labor market in Q1/2021

From early this year, the labor market is steadily recovering. Specifically, data from Adecco Vietnam shows that the number of open jobs in March increased by 40% compared to January. For the number of applications, the growth is 26%.

Ms. Ha Nguyen, Director, Adecco Hanoi Office, explained three main reasons contributing to this scene: “The first is the government’s successful attempt in virus prevention and containment. Second, businesses have gradually ramped up their operations, eager to bounce back after a period of economic stagnation. Third, in terms of psychology, people now are more proficient in taking care of their mental health and coping with Coronavirus anxiety".

Ms. Thanh Le, Director, Adecco HCMC Office, believed the pandemic has changed the candidates’ behaviors: “People tend to be more hesitant when making a career change as they are more concerned about job security. While the future at the new company is vague, staying with the current company where they are well-understood the business visions seems to be a more rational option". Thus, the labor turnover after the Tet holiday does not spike as the previous years.

Some sectors that witnessed the rise in hiring demand in this quarter include Engineering and Manufacturing, Energy, IT, E-commerce, Electronics, Semiconductor Design, Civil Engineering, and Industrial Construction.

High hiring demand in Engineering sector

Lately, we notice an increasing call for some positions such as Analog Design/Digital Design/ DFT (Design-for-Testability)/Verification Engineer, Quality Engineer/Manager, Senior Manufacturing Engineer/Manager, Technical Engineer/ Manager, Sales & Marketing Executive/Manager. In the coming time, the combination of supply chain shifts from China and the positive impacts of multiple FTAs will offer new prospects to the Vietnamese economy, leading to a significant increase in employment opportunities and hiring demand”, Ms. Phuong Nguyen, Recruitment Manager, Adecco Hanoi shared.

Indeed, 68.6% of manufacturing and engineering enterprises achieved better outcomes in this quarter compared to Q4/2020, found by a recent survey from the General Statistics Office (GSO).

As well, Ms. Hoa Dang, Associate Director, Adecco HCMC Office, stated that the job market of the Banking and Financial Services sector is gradually warm up since early this year. Data from GSO also suggests that Banking, Finance, and Insurance exercises increased by 7.35% YoY.

Besides the professional experience, more and more employers value candidates’ interpersonal skills.

The first thing to mention is tech-savvy skills. This ability now plays a more prominent role as remote work, the digital economy, and virtual offices will be featured more in the modern workplace. Following is adaptability and resilience. Both are considered essential factors to ensure business sustainability in the new and fluctuating COVID-19 economy. Continuous learning, or lifelong learning, is another preferable concept as it profits business in several ways, e.g. easier to adapt to unexpected changes, spark new ideas and gain a competitive edge.

Advice for employer

"Starting from the need of new skillsets, re-skilling and up-skilling are indispensable moves", shared by Mr. Andree Mangels, General Director, Adecco Vietnam. He continued: “Investing in talent development is not only to ensure long-term business performance but also helps retain talent and enhance employee engagement.” 

Many businesses are focusing on training their current workforces, result in the increasing demand for Sales Force Effectiveness and Talent Development professionals with a monthly salary of up to 80 million VND.

Ms. Hoa Dang emphasized the importance of building and nurturing your talent pipeline. 

A broad talent pool can be a win for your hiring process as it brings out multiple benefits such as shortens the time-to-fill, assess cultural fit from early stages, and increase offer acceptance.

Ms. Ha Nguyen also suggested that, along with the usual interview practices, employers should design additional candidate assessments. The purpose is to comprehensively evaluate the suitability in terms of personality, emotional intelligence, collaboration, and the ability to deal with stress.

A safe workplace post-COVID-19

Ensuring a safe working environment is also a critical factor in the post-COVID-19 workplace, according to Ms. Phuong Nguyen. A recent survey from The Adecco Group on the shifts in workplace expectations in the post-pandemic world indicated that 82% of participants appreciate the strict cleaning and hygiene regulations at work

Other noticeable expectations among workers are flexibility (80%), adequate facilities for remote working (79%), investment in technology (77%), financial support policies (77%), and regular updates on business plans and performance (75%).

Advice for employee

Commenting on the labor market outlook in 2021, Mr. Andree Mangels believed that the recovery of the economy and the global trends of digitalization will open up opportunities for skilled workers. “To stay employable in the current ever-changing market, you should actively keep up with the times. Then, outline your advancement plans with attainable goals for both technical and soft skills".

For those who intend to switch jobs, Ms. Thanh Le noted that they should be more cautious when making decisions. “In addition to common concerns like compensation package, culture or KPIs, you should also consider business strategies, new post-pandemic directions as well as employee support policies. To a certain extent, these factors will decide if you can grow professionally and stay with the job”.

Our media releases: 

VnExpress Thanh Niên
Tienphong News (EN) Doanh nghiệp & Tiếp thị
Saigon Times (EN) VnEconomy
Doanh nghiệp hội nhập CafeF
CafeBiz ZingNews
TheLeader DoanhNhan+
Kenh14 Lao động & Xã hội
Kinh tế & Du lịch

 

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