Wednesday, November 19, 2008

2009 Softening Labour Market in Vietnam?

With the global turmoil leading to job cuts how are Vietnamese companies affected? So far we have not see mass layoffs or major social dislocation associated with unemployment and / or underemployment. As an executive search firm our month on month order book keeps growing, however how much of this is due to us taking market share and how much is due to the wider economic forces is difficult to say.

What we can say is that packages offered to senior level people have remained pretty flat for the last six months compared to the crazy growth of 2007. Hardest hit have been the financial and banking sector, probably due to uncertainties of their parent companies.

What does this all mean for you?

As a person, the advice is to keep to your career objectives however be prepared to implement your skills and gain your achievements in a different industry or organizational setting if you happen to have to leave your current job or company.

As a company, now is the time to identify and make plans to keep your best and brightest. Giving them that little bit extra now will be remembered when the good times come along again and they are tempted to leave you a better offer. If you do need to cut headcount, know in advance who is contributing to your business success.