WHILE the weakening United States' economy saw 63,000 jobs slashed last month, Asia Pacific is troubled by a talent crunch.
The Robert Walters Global Survey released yesterday showed that even as salaries increase regionally, there is still a shortage of middle to senior level candidates.
Mr Mark Ellewood, managing director of recruitment specialist Robert Walters Singapore, said that the US recessio is starting to affect Europe, but he said as long as it does not spread to China and India, the bullish job trend will remain.
It is an observation echoed by Mr James Koh, director of global staffing firm Aquent Singapore.
He said: "Market sentiment is still strong in this part of the world and companies are still bullish in their outlook."
However, he added that companies "are taking the US situation into consideration" and "making sure the business is prepared to weather any tremors".
The Robert Walters survey says that on average, the various sectors in Singapore raised their total hiring by 15 to 20 per cent last year.
Still, there is a local shortage and it has resulted in "companies looking overseas to recruit foreign talent, particularly from Europe and Australia", Mr Ellewood said.
For every one local hire in the energy sector, for example, two are foreigners. These include engineers and technicians from countries such as the Philippines, India and Myanmmar.
The banking and financial sector saw an increase of at least 30 per cent in foreign hires last year, compared to 2006.
The talent crunch is also not helped by government projects planned by countries in this region.
Malaysia's Multimedia Super Corridor and its 9th Malaysian Plan, for example, have contributed to the high demand for information technology talent, the survey says.
In Hong Kong, companies are resorting to guaranteed bonuses and buy-out notice periods to lure the top brains. In New Zealand, some candidates are hired before they arrive in the country to prevent them from being poached.
The Robert Walters survey was based on the salaries of the employees it hired in 2007, across all sectors and countries within which it operates.
