Singapore’s Job Market: present challenges but positive outlook

Navigating China Retail Landscape and HR Implications

As mentioned in our previous article on China Labor Market Outlook, numbers for China seem to be encouraging and improving for this 2024, further evidenced by last year GDP growth of 5.2%, which accounts for one third of global GDP. While several macroeconomic indicators are pointing in a promising direction, there are also other areas that are still cause for concern, shaping both consumer behavior and enterprise strategies. Indeed, a negative consumer and business “sentiment” still permeate in China, which is influenced by a variety of factors: the collapse in property transactions and a 5% decline in exports, zero growth in fixed asset investment by privately-owned companies, and double-digit youth unemployment. Although lower sentiment levels increased savings rate to 31.7% in 2023, which represents a significant reservoir of potential spending power should consumer confidence recover, consumer sentiment in China reflects a blend of caution and resilience. Based on McKinsey report, in general consumers are spending more conservatively and they are not necessarily opting for cheaper brands. They are seeking more value through different channels or discounts and promotions. This is evidenced by a significant portion of consumers (47%) changing retailers for lower prices rather than opting for cheaper brands (19%). Looking at the tourism industry, while international travel has rebounded significantly, reaching 77% of pre-COVID levels by early 2024, spending patterns indicate a shift towards experiences over mere transactions. However, even though buying abroad is not that attractive compared to the past (price attractiveness), Chinese travelers spend more than pre-covid as shopping is still a substantial part of the travelling experience: Japan: +117% Singapore: +40% Europe: +20% (these data are related to 2023 in comparison with the consumption in 2019) The automotive sector represents another promising area of growth in consumption. While overall auto sales grew by a 17%, during the first two months of the year, electric vehicles outpaced this number with a 37% surge, highlighting changes in consumer preference for greener alternatives. In fact, EVs now represent 35.6 percent of China's total automotive market. Thus, even though there is still a negative sentiment from consumers and enterprises, number shows that in 2024 retail sales grew of +5%, with goods contributing a 4.6% rise. Remarkably, foodservice sales leapt by 12.5 percent, indicating a robust recovery in hospitality sectors. Future Trends: Charting the Course Forward Looking ahead, key trends emerge that will shape consumer behavior and market dynamics. Consumers are increasingly seeking self-insurance, purpose-driven brands, and a sense of belonging. They are becoming savvier about what they buy and have high expectations on and willingness to pay for meaningful ESG attributes, e.g. authenticity and transparency, brand’s social responsibility and reputation. This calls for brands to establish clear identities and foster communities around their products, while maintaining a delicate balance between brand value and trendiness, which is pivotal in navigating the evolving retail landscape. HR Implications: Navigating Change and Uncertainty In the realm of HR, the shifting retail and overall market landscape and consumers spending behaviors necessitate strategic adaptation. Disruptive supply chain issues, currency fluctuations, and a shifting regional landscape necessitates cost-cutting measures, for a more streamlined and efficient operations. Considering this, businesses have adopted a more conservative outlook and measures. Hiring freezes and digital transformation initiatives are on the rise, with 40% and 34% of companies respectively prioritizing these areas. Moreover, restructuring efforts, often involving dual roles managed by single individuals, are becoming commonplace. As China's retail sector charts a course through turbulent waters, adaptation and agility emerge as the cornerstones of success. By embracing change, fostering resilient consumer relationships, and strategically navigating HR implications, retailers can carve a path towards sustainable success in China's evolving retail landscape. Follow us on LinkedIn to stay up to date! Sources: Event: Retail Insights: Navigating Recent Uncertainties Among China Consumers: Brand Building Versus Short Term Actions, Italian Chamber of Commerce 2023 McKinsey China Consumer Report, McKinsey & Company Report: Mainland China and Hong Kong Luxury Market: Unlock infinite growth possibilities and sustainable value of luxurious lifestyle, PWC, April 2024 Article: Consumer market overcomes COVID impact, China Daily, April 2024 https://www.chinadaily.com.cn/a/202404/29/WS662efa39a31082fc043c4923.html Authors Alessandra Yin, Senior Consultant APAC Valentina Meng, Recruitment Consultant & China Social Media Manager

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Upskilling & Reskilling: The Future of Work, Talent Shortage, and Human Capacity Within Organizations

According to several market studies, the talent shortage has reached its highest level in Mexico. This is due to a lack of specific skills (a mix of technical capabilities and human factors) required from companies, especially in particular industries. Combined with the accelerated technological change management process e digital transformation we are living in, the scarcity of talent availability is further complicating the recruiting needs of many hiring managers. In 2022, in Mexico, and in some LATAM countries, more than 60% of employers reported difficulties in finding the right match – the highest number in the last 10 years. Today, it became essential to many organizations, to improve workforce skills as well as train and "recycle” professional talents in order to fill their internal positions and stay competitive. These two techniques are called Upskilling & Reskilling. Upskilling is the process of learning new skills or of teaching workers new skills. Reskilling is the process of learning new skills so you can do a different job, or of training people to do a different job. These tools became pivotal to address the Human Capital needs within the work environment, as well as to promote career pathing, succession planning, and retention programs, for most companies. Within the markets Consea operates with, we identified few sectors that currently are presenting the greatest demand for high-skilled profiles in Mexico: supply chain and manufacturing, finance and administrative positions, sales and marketing and engineering. To support your Human Capital needs, Consea Groupcan design a consulting plan tailored for your company, defining together an effective TALENT SEARCH and COMPANY CULTURE FITTING strategy. Follow Consea Group on LinkedIn to stay up to date on the latest trends in the labor market and to find out how to create and maintain a positive working environment in your organization. Authors Enrique Pedroza - Business Development Manager in Consea Group, Mexico Read the article in Spanish: Upskilling & Reskilling: El futuro del trabajo, la escasez de talento y las capacidades humanas dentro de las organizaciones Acorde a diferentes estudios de mercado, la escasez de talento ha llegado a su nivel más alto en México. Esto se debe a la falta de habilidades específicas (una combinación de capacidades técnicas y factores humanos) requeridas por las empresas, especialmente en industrias particulares. Combinado con el acelerado proceso de gestión del cambio tecnológico en el que vivimos y transformación digital, la escasez de talento complica aún más las necesidades de muchos Gerentes de contratación. En 2022, en México y en algunos países de LATAM, más del 60% de los empleadores reportaron dificultades para encontrar el personal adecuado, el número más alto en los últimos 10 años. Hoy en día, se vuelve esencial para las organizaciones mejorar las habilidades de la fuerza laboral, así como capacitar y "reciclar" talento profesional para ocupar un nuevo puesto dentro de la compañía y mantenerse competitivos. Estas dos técnicas se denominan Upskilling & Reskilling. Upskilling busca enseñar nuevas habilidades a un trabajador para optimizar su desempeño, mientras que Reskilling también conocido como reciclaje profesional, busca capacitar a un empleado para adaptarlo a un nuevo puesto dentro de la empresa. Estas herramientas se vuelven fundamentales para abordar las necesidades de capital humano dentro del entorno laboral, así como para promover la orientación profesional, la planificación de la sucesión y los programas de retención para la mayoría de las empresas. Dentro de los mercados con los que opera Consea Group, identificamos algunos sectores que actualmente presentan la mayor demanda de perfiles altamente calificados en México, tales como cadena de suministro, manufactura, finanzas, administrativos, ventas, mercadeo e ingenierías. Para apoyar sus necesidades de Capital Humano, Consea Group puede diseñar un plan de consultoría a la medida de su empresa, definiendo en conjunto una estrategia efectiva de BÚSQUEDA DE TALENTO que AJUSTE A LA CULTURA DE LA EMPRESA. Sigue a Consea Group en Linkedin para estar al día de las últimas tendencias en el mercado laboral y saber cómo crear y mantener un clima laboral positivo en tu organización.

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Consea APAC: China Labor market outlook, with an eye on Asia 2024

More than a year after China’s reopening and its return to normal life, the exodus of foreign talent seems to have been partially stopped, even if many expats had already left the country between 2020 and 2022. In 2020, there were approximately 845,000 foreigners in Mainland China[1], including Chinese citizens holding foreign passports, while in 2023 the recorded number was 711,000.[2] At first glance, this number seems very encouraging, however, what might have changed is its composition. Based on reports from the different European chambers of commerce in China, the number of citizens coming from these countries has drastically reduced. As a matter of fact, according to the report issued by the European Union Chamber of Commerce, 25% of German citizens have left the country permanently, and similar numbers have also been recorded for French and Italian citizens (-20% each).[3] This drop appears to be much more drastic than the -15% recorded in 2023. If we take a closer look, this trend had already started prior the pandemic. Between 2010 and 2020, the number of American (-23%), French (-39%) and German (-22%) citizens on Chinese territory declined sharply, and so did the number of citizens from other countries such as Japan (-44%), South Korea (-51%), Singapore (-32%) and Australia (-4%). On the other hand, inflows from countries such as Myanmar (+783%), Vietnam (+119%), Laos (+590%), Cambodia (+1159%) and North Korea (+88 %) have increased exponentially, as well as for other African and South American countries.[4] The risk, therefore, for the country is to have lost a significant number of high-skilled labor from more developed countries, and to have partially compensated for this loss with the entry of low-skilled labors from emerging countries. This theory also seems to be supported by the distribution of foreign citizens on the territory; cities such as Beijing and Shanghai recorded a sharp decline in the number of immigrants in the period between 2010-2020 (-41.5% and -21.4% respectively), while Yunnan province recorded a 700% increase.[5] In conclusion, although precise data regarding the three-year period of 2020-2022 is still lacking, it is easy to assume that the trend that was already in place in the previous decade has been accelerated by the pandemic and the related restrictions put in place. Moreover, the disruption brought by the pandemic also had, among other effects, a strategic change towards the Chinese market; indeed, many foreign players have decided to adopt a “China for China” approach. China, therefore, is no longer a potential hub for managing the Asia/APAC region, but rather a market with highly localized organizational structures and a scope of responsibility limited only to China Mainland or Greater China borders. This has clearly triggered a greater focus on recruiting local talent, minimizing the number of expats in the country. We, as Consea, have seen first-hand a reduction in the number of executive searches (hyperlink https://consea-group.com/head-hunting/ ) of expatriates in the area. This new structure has led many companies to move their regional HQ, or to relocate some of the foreign decision makers to Singapore or other areas in South East Asia or Far East, depending on the industry and the business model implemented. Furthermore, many companies are evaluating other destinations in Asia for their new FDI (Foreign Direct Investment), such as Singapore (hyperlink https://consea-group.com/2023/06/14/nuova-aperto-a-singapore/ ), but also Vietnam, Thailand, Malaysia and India, particularly for the manufacturing sectors. This consideration is the result of several factors, including: the high labor cost: disposable income per capita in 2023 amounted to 39,218 yuan, up 3% on an annual basis in nominal terms[6]; the aging of the workforce: the age of the Chinese workforce increased from 37.1 in 2017 to 38.3 in 2022[7]; other macro-economic factors such as declining population, risk of deflation or stagnation, domestic consumption and exports still low, downturn of real estate market; and the willingness to diversify the supply chain. FDI in the ASEAN region grew between 2020 and 2022 up to $227Bn, although 2023 saw a decline of -16%, but despite this, the number of greenfield project announcements in the region still increased by 37%. Also, India had a similar path in terms of incoming FDI and "greenfield projects".[8] For this reason, we are seeing a growing demand for foreign talent coming from these areas. Nevertheless, numbers for China seem to be encouraging and improving for 2024. According to official data, unemployment in urban areas fell by 0.4 percentage points in 2023 to 5.2%[9], so did youth unemployment which fell to 14.9% in December 2023, after the peak of 21.3% reached in July of the same year[10]. GDP ‘s growth has returned to levels around +5%[11], and the government is planning various measures and incentives aimed at helping the economy. Among these, of particular importance for companies and foreign citizens, there are certainly the tax exemption on benefits for foreign staff, promulgated until 31 December 2027, and the "visa-free" entry guaranteed to citizens from the main Europeans countries, as well as from Malaysia and Singapore. Although not sufficient to reverse a trend that has been undergoing for several years now, they are certainly important signs of going in the right direction. Author: Matteo Scipioni Bertoli, Head of Business Development & Delivery APAC [1] China embraces increasing foreign residents, China Daily, 2021 https://global.chinadaily.com.cn/a/202105/12/WS609b14c5a31024ad0babd49f.html [2] Foreigners living in China in 2023 return to 85% of 2019 levels; simplified border measures to facilitate more foreign visitors: NIA, Global Times, 2024 https://www.globaltimes.cn/page/202401/1305619.shtml [3] European Chamber of Commerce, European Business in China Shanghai Position Paper 2023/2024. [4] Number of foreigners in China, results of 7th national census, Expat Focus, 2022 https://mp.weixin.qq.com/s/nfm1Vzfdu0LC8mXgBggxbQ [5] Goodbye China: What Do Fewer Foreigners Mean for Multinationals and the Chinese Economy?, Intereconomics, volume 57, 2022, number 5 https://www.intereconomics.eu/contents/year/2022/number/5/article/goodbye-china-what-do-fewer-foreigners-mean-for-multinationals-and-the-chinese-economy.html#footnote-008 [6] China's per capita disposable income grows 6.3 pct in 2023, Xinhua, The State Council The People’s Republic of China January 17, 2024 https://english.www.gov.cn/archive/statistics/202401/17/content_WS65a73d26c6d0868f4e8e32e0.html [7] China’s Changing Labor Market – Trends and Future Outlook, China Briefing, 2023 https://www.china-briefing.com/news/chinas-labor-force-data-trends-and-future-outlook/ [8] Global FDI in 2023 was weak, with lower flows to developing countries, United Nations UNCTAD, Issue 46, 2024 https://unctad.org/system/files/official-document/diaeiainf2024d1_en.pdf [9] China Unemployment Rate, Trading Economics https://tradingeconomics.com/china/unemployment-rate [10]China Youth Unemployment Rate, Trading Economics https://tradingeconomics.com/china/youth-unemployment-rate [11] National Economy Witnessed Momentum of Recovery with Solid Progress in High-quality Development in 2023 https://www.stats.gov.cn/english/PressRelease/202401/t20240117_1946605.html

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Singapore’s Job Market: present challenges but positive outlook

Singapore continues to be a major regional hub for global businesses, with over 40,000 international firms, including 7,500+ multinational corporations (MNCs). Its strategic location, favorable business environment, and government efforts to attract global talent and innovation make it an attractive destination for businesses expanding into Asia’s fastest-growing markets. Economic Overview: Growth and Challenges In 2024, Singapore’s economy grew by 4.4%, driven primarily by the wholesale trade, finance, and insurance sectors. However, sectors like retail trade and food services contracted, partly due to shifts in consumer behavior, including more locals opting to travel abroad. The GDP growth forecast for 2025 is expected at 1.0% to 3.0%, with slower employment growth anticipated due to global uncertainties. Job Market Trends While overall job growth has been moderate, there is a notable increase in contract and replacement roles, especially in sectors like tech, financial services, supply chain, and support functions. This shift is driven by businesses focusing on agility and headcount management, opting for flexible staffing solutions. The manufacturing sector is expected to continue expanding in 2025, especially the Electronics cluster, along with Information & Communications, Finance and Insurance. On the other hand, the growth of consumer-facing sectors such as retail trade and food & beverage services is likely to remain lacklustre. Compensation and Talent Management Nominal incomes continued to increase, and at a pace faster than the preceding year. The nominal median gross monthly income of full-time employed residents grew from $5,197 in 2023 to $5,500 in 2024. In artificial intelligence (AI), annual salary increments are generally up to 5%; for employees moving between companies, the potential is for a higher 15% increase. This reflects the premium placed on skilled professionals in emerging fields. Companies are also placing a greater emphasis on total rewards, offering flexibility and comprehensive benefits to attract and retain talent in line with the growing desire for work-life balance and career flexibility. Employment Composition and Trends The unemployment rate remained stable at 1.9% in 2024, and retrenchments were primarily driven by business reorganization, rather than sector downturns. The share of Professionals, Managers, Executives & Technicians (PMETs) among employed residents reached over 60% in 2024. This is a result of higher educational attainment and a shift of resident workers toward more productive sectors, particularly in financial services, insurance, information and communications, and professional services. It is interesting to note that 59.3% of workers who transition into industries have experienced wage increases. This suggests a positive employment outcome for those changing career paths. Skilled Foreign Labor The number of Employment Pass (EP) holders, representing highly skilled foreign workers, increased from 193,700 in 2019 to 202,400 in 2024. Meanwhile, the number of S Pass holders, for mid-level skilled professionals, declined from 200,000 to 176,400. These shifts indicate Singapore’s preference for attracting highly skilled talent while maintaining a tight control over mid-level foreign workers, which is consistent with the broader trends of upgrading the workforce and improving productivity across sectors. Outlook for 2025 Despite global uncertainties, Singapore’s job market remains resilient. The demand for skilled talent continues to drive hiring, particularly in AI, data science, and other emerging technologies. Companies will increasingly rely on contract and flexible roles, and Singapore will remain a critical business hub in Asia, offering global companies and talent significant opportunities for growth. Follow Consea to stay updated on current job market trends worldwide! Sources: Ministry of Trade and Industry Singapore, Press Release: MTI Maintains 2025 GDP Growth at “1.0 to 3.0 Per Cent”, 14/02/2025 Singapore Ministry of Manpower, Report: Labour Force in Singapore 2024 Incorp.asia, Why Should YOU set Up a regional HQ in Singapore? - 19/09/2024 https://www.incorp.asia/blogs/why-set-up-regional-hq-in-singapore/ Authors Valentina Meng, Recruitment Consultant & China Social Media Manager Matteo Scipioni Bertoli, Head of Business Development & Delivery APAC

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Our office is getting bigger: new opening in Singapore

Consea Group, one of the leading executive search and HR consulting firms in the world, is proud to announce the opening of its new office in Singapore in June 2023. With the opening of the new office, Consea Group aims to expand its reach in the Asia-Pacific region and better serve its clients. The new office in Singapore will be the seventh branch at international level, joining its offices in Shanghai, Krakow, Sao Paolo, Mexico City, Chicago, and New York. Consea Group is dedicated at providing its clients with the highest quality executive search services, and the new office in Singapore will be no exception. With almost 20 years of experience in Asia thanks to the Shanghai office, Consea decided to follow the trend of senior managers, executives, entrepreneurs, and investors to conduct business in the Asian countries to consolidate and diversify its presence in the region, while maintaining a strong interested and attention to China. Due to her strong experience and knowledge of the Asian Market, the Consea’ Singapore office, already operational for a few weeks, will be managed by Gaia Ceccatelli, in Consea since 2019, as General Manager APAC. With an overall bullish hiring market in Singapore, there was a strong appetite to hire from almost every sector for a wide range of roles, with the highest demand being for executive and mid-management (5-12 years of experience) level professionals. A notable change was the increase of regional roles based in Singapore; with the country gradually becoming the APAC hub of choice for more multinational companies. This competitive recruitment landscape came as the economy fully opened up post-COVID-19, and companies would like to meet their growing demand to hire. Despite candidates showing greater willingness to move roles, it remained a candidate-short (and driven) market for the last months. The HR market is still a big challenge! Consea Group’s CEO, Chiara Altomonte, made the following statement about the company’s expansion into Singapore: “We are very excited to be expanding our presence in the Asia-Pacific region and to be able to offer our clients the same high-quality executive search services that we are known for. We are confident that the opening of our Singapore office will help us better serve our clients and help them finding the best candidates to fulfil their open positions.” We have many initiatives in the pipeline, follow us on LinkedIn so you don’t miss all the updates and projects we are developing! Authors: Chiara Altomonte – General Manager and Head of the Fashion & Retail division

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Industrial

Nearshoring: A Turning Point for Global Trade

In the intricate dance of global commerce, the proximity of nations often plays a crucial role. Nowhere is this more evident than in the evolving relationship between the United States and Mexico. The rise of nearshoring—the practice of relocating production processes to nearby countries—has sparked a new chapter in their economic interdependence. Nearshoring has emerged as a strategic response to the limitations an d uncertainties associated with traditional offshoring practices. As US companies seek to optimize their supply chains and reduce dependency on distant manufacturing hubs, Mexico has emerged as an attractive alternative. The geographical proximity, coupled with favorable trade agreements such as the USMCA, has positioned Mexico as a prime destination for nearshoring initiatives. The convergence of Asian investment in Mexico under the USMCA framework holds promise for all stakeholders involved. Despite the difficult relations with the US in the most recent year(s), thanks to the Nearshoring, Asian firms gain access to a vast consumer market, reduced trade barriers, and a competitive edge in global supply chains. Meanwhile, Mexico stands to benefit from increased foreign direct investment, technology transfer, and job creation, bolstering its position as a manufacturing powerhouse in the Americas. The impact of nearshoring on the US-Mexico relationship transcends bilateral trade figures. It catalyzes economic growth on both sides of the border, stimulating job creation, infrastructure development, and innovation. By leveraging Mexico's skilled workforce and strategic location, US companies gain a competitive edge in the global marketplace while contributing to the socio-economic advancement of their southern neighbor. As Mexico gears up to welcome a wave of new businesses and witness the expansion of existing enterprises in 2024, the outlook for job opportunities has never been brighter. With projections estimating the creation of up to 400,000 jobs in the formal sector within the first three months of the year, the Mexican workforce stands poised to embark on a journey of growth and prosperity. By embracing innovation, seizing opportunities, and leveraging their talents, individuals can play a pivotal role in driving economic growth, fostering innovation, and shaping the future of Mexico's vibrant labor market. In today's hyper-competitive business landscape, talent has emerged as the ultimate differentiator and driver of organizational success. By partnering with Consea Group, companies gain access to a strategically committed to helping them attract, retain, and develop top talent that propels their business forward. Whether it's navigating the challenges of globalization, addressing industry-specific talent gaps, or adapting to evolving market trends, Consea Group empowers clients to stay agile, innovative, and ahead of the competition. With established offices in Mexico (since 2015) and in the US (since 2017) Consea Group brings a wealth of knowledge and expertise to the table. Leveraging their deep understanding of different markets and industries, their team of seasoned professionals is adept at identifying and attracting top-tier talent, both locally and internationally. Whether it's executive leadership roles, specialized technical positions, or niche skill sets, Consea Group has the insight and resources to deliver customized solutions tailored to each client's unique requirements. Follow Consea Group to stay updated on the latest labor market trends and check out our latest open positions! Authors: Antonella Cerabona, CEO North America & LATAM Enríque Pedroza, Business Development Manager MX Read the article in Spanish: Nearshoring: un punto de inflexión para el comercio mundial En la intrincada danza del comercio global, la proximidad de las naciones suele desempeñar un papel crucial. En ninguna parte esto es más evidente que en la evolución de la relación entre Estados Unidos y México. El auge del Nearshoring (la práctica de reubicar los procesos de producción en países cercanos) ha desencadenado un nuevo capítulo en su interdependencia económica. El Nearshoring ha surgido como una respuesta estratégica a las limitaciones e incertidumbres asociadas con las prácticas tradicionales de deslocalización. Mientras las empresas estadounidenses buscan optimizar sus cadenas de suministro y reducir la dependencia de centros de fabricación distantes, México ha surgido como una alternativa atractiva. La proximidad geográfica, sumada a acuerdos comerciales favorables como el T-MEC, ha posicionado a México como un destino principal para iniciativas de nearshoring. La convergencia de la inversión asiática en México bajo el marco del T-MEC es prometedora para todos los actores involucrados. A pesar de las difíciles relaciones con Estados Unidos en los últimos años, gracias al Nearshoring las empresas asiáticas obtienen acceso a un vasto mercado de consumo, barreras comerciales reducidas y una ventaja competitiva en las cadenas de suministro globales. Mientras tanto, México se beneficiará del aumento de la inversión extranjera directa, la transferencia de tecnología y la creación de empleo, lo que reforzará su posición como potencia manufacturera en las Américas. El impacto del Nearshoring en la relación entre Estados Unidos y México trasciende las cifras del comercio bilateral. Cataliza el crecimiento económico en ambos lados de la frontera, estimulando la creación de empleo, el desarrollo de infraestructura y la innovación. Al aprovechar la fuerza laboral calificada y la ubicación estratégica de México, las empresas estadounidenses obtienen una ventaja competitiva en el mercado global y al mismo tiempo contribuyen al avance socioeconómico de su vecino del sur. Mientras México se prepara para recibir una ola de nuevas empresas y ser testigo de la expansión de las empresas existentes en 2024, las perspectivas de oportunidades laborales nunca han sido más brillantes. Con proyecciones que estiman la creación de hasta 400.000 empleos en el sector formal dentro de los primeros tres meses del año, la fuerza laboral mexicana está preparada para embarcarse en un viaje de crecimiento y prosperidad. Al adoptar la innovación, aprovechar las oportunidades y aprovechar sus talentos, las personas pueden desempeñar un papel fundamental a la hora de impulsar el crecimiento económico, fomentar la innovación y dar forma al futuro del vibrante mercado laboral de México. En el panorama empresarial hipercompetitivo actual, el talento se ha convertido en el principal diferenciador e impulsor del éxito organizacional. Al asociarse con Consea Group, las empresas obtienen acceso a una compañia estratégicamente comprometida para ayudarlas a atraer, retener y desarrollar los mejores talentos que impulsen su negocio. Ya sea enfrentando los desafíos de la globalización, abordando las brechas de talento específicas de la industria o adaptándose a las tendencias cambiantes del mercado, Consea Group permite a sus clientes mantenerse ágiles, innovadores y por delante de la competencia. Con oficinas establecidas en México (desde 2015) y en EE. UU. (desde 2017), Consea Group aporta una gran cantidad de conocimientos y experiencia. Aprovechando nuestro profundo conocimiento de diferentes mercados e industrias, nuestro equipo de profesionales experimentados son expertos en identificar y atraer talento de primer nivel, tanto a nivel local como internacional. Ya sean roles de liderazgo ejecutivo, puestos técnicos especializados o conjuntos de habilidades específicas, Consea Group tiene el conocimiento y los recursos para ofrecer soluciones personalizadas adaptadas a los requisitos únicos de cada cliente. ¡Siga a Consea Group para mantenerse actualizado sobre las últimas tendencias del mercado laboral y consulte nuestros últimos puestos vacantes! Autores: Antonella Cerabona, CEO North America & LATAM Enríque Pedroza, Business Development Manager MX

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Employer Branding: The Art of Attracting the Best Talent

As we have already seen in the article "Upskilling & Reskilling: The Future of Work, Talent Shortage, and Human Capacity Within Organizations", in Mexico, it is increasingly difficult for companies to attract and retain the right talent. Therefore, you hear a lot about the Employer Branding concept, which consists on communicating the mission, values and culture of an organization to build their reputation and an attractive differentiation for their talent market. Companies that foster a good reputation and outstanding workplace culture can attract and retain the most valuable talent, ultimately allowing them to be more competitive in the continuously changing world of work. One of the most recognized global authorities in this field is Great Place to Work. Some of the companies with multinational talent in Mexico earning of the title of "Great Place To Work 2023" have been: Cisco, Accenture, Astra Zeneca, Monex Grupo Financiero, Ericsson México, Novo Nordisk México, Tequila Sauza, and BASF (Puebla site). It is no coincidence that the most successful companies in the recent decades are the ones delivering the "best practices" in Employer Branding: Google is widely recognized for its business culture and Innovative Human Resources policies; Apple focuses on creativity, innovation, together with the personal and professional development of its employees; Sales Force has created a company culture focused on values, diversity and inclusion. Employer Branding is also becoming more and more relevant due to the increasing importance given to the wellbeing of employees and the purpose of the company in the labor market. Those companies not only have a strategy to attract the best talents but they are also committed to creating an authentic, inclusive, positive and meaningful company culture. Employer Branding is meant to generate a sense of belonging and commitment by transmitting the fundamental purpose of the company and its raison d'être. This helps the talent acquisition and management strategy that share the same values (or behaviors) of the company (business and organization strategy) and also the desire to be part of something that well aligns with their own values, passions, and ambitions. Some important key points to consider are: generating opportunities for employee development and growth within the company’s organization; fostering a positive and equitable work environment that promotes inclusion, diversity, and well-being; and ultimately provide competitive compensation. As said, today the reputation of a company is more important than ever. In Mexico, 1 in 3 people have turned down a job offer because of a negative review about working at a specific company. There are in fact some online sources, available to anyone that needs to evaluate a company’s reputation; the most popular ones are: Merco and Glassdoor. Consea Group, as a local and global firm with 45+ years in the Executive Search industry, is a strategic and reliable partner that can support you in managing your human resources challenges. As it becomes more difficult to find the best talent for companies, in a more globalization-oriented market, so does the need to implement strategies with the support of experts that know how to attract local and international talents in your market of reference. Thanks to our knowledge of different markets and industries, we can provide the best experience and sew a consulting plan tailored to your company to define an effective approach for your Talent Acquisition strategy. Follow Consea Group on LinkedIn to stay up to date on the latest labor market trends. Author: Enríque Pedroza – Business Development Manager in Consea Group, Mexico Read the article in Spanish: Employer Branding: El arte de atraer el mejor talento Como ya hemos visto en el artículo anterior, “Upskilling & Reskilling: El futuro del trabajo, la escasez de talento y las capacidades humanas dentro de las organizaciones” en México cada vez es más difícil para las empresas atraer y retener el talento adecuado. Por esta razón, se escucha mucho sobre el concepto Employer Branding, que consiste en comunicar la misión, los valores y la cultura de una organización para construir su reputación y una diferenciación atractiva para su mercado de talento. Las empresas que fomentan una buena reputación y una cultura laboral excepcional pueden atraer y retener el talento más valioso, lo que en última instancia les permite ser más competitivas en un mundo laboral en constante cambio. Una de las autoridades mundiales más reconocidas en este campo es Great Place to Work. Algunas de las empresas con talento multinacional en México ganadoras del título “Great Place To Work 2023” han sido: Cisco, Accenture, Astra Zeneca, Monex Grupo Financiero, Ericsson México, Novo Nordisk México, Tequila Sauza y BASF. No es casualidad que las empresas más exitosas de las últimas décadas sean las que ofrecen las "mejores prácticas" en Employer Branding: Google es ampliamente reconocida por su cultura empresarial y políticas innovadoras de Recursos Humanos; Apple se centra en la creatividad, la innovación, junto con el desarrollo personal y profesional de sus empleados; Sales Force ha creado una cultura empresarial centrada en los valores, la diversidad y la inclusión. El Employer Branding también está cobrando cada vez más relevancia debido a la creciente importancia que se le da al bienestar de los empleados y al propósito de la empresa en el mercado laboral. Estas empresas no sólo tienen una estrategia para atraer a los mejores talentos, sino que también están comprometidas con la creación de una cultura empresarial auténtica, inclusiva, positiva y significativa. El Employer Branding pretende generar sentimiento de pertenencia y compromiso transmitiendo el propósito fundamental de la empresa y su razón de ser. Esto ayuda a la estrategia de adquisición y gestión de talentos que comparten los mismos valores (o comportamientos) de la empresa (estrategia de negocio y organización) y también el deseo de ser parte de algo que se alinee bien con sus propios valores, pasiones y ambiciones. Algunos puntos clave importantes a considerar son: generar oportunidades de desarrollo y crecimiento de los empleados dentro de la organización de la empresa; fomentar un ambiente de trabajo positivo y equitativo que promueva la inclusión, la diversidad, el bienestar y en última instancia, proporcionar una compensación competitiva. Como ya hemos dicho, hoy la reputación de una empresa es más importante que nunca. En México 1 de cada 3 personas ha rechazado una oferta laboral debido a una crítica negativa sobre trabajar en una empresa específica. De hecho existen algunas fuentes en línea disponibles para cualquiera que necesite evaluar la reputación de una empresa, algunas de las más populares son: Merco y Glassdoor. Consea Group, como firma local y global con más de 45 años en la industria de Executive Search, es un socio estratégico y confiable que puede apoyarlo en la gestión de sus desafíos de recursos humanos. A medida que se hace más difícil encontrar el mejor talento para las empresas, en un mercado más orientado a la globalización, también lo hace la necesidad de implementar estrategias con el apoyo de expertos que sepan atraer talentos locales e internacionales en su mercado de referencia. Gracias a nuestro conocimiento de diferentes mercados e industrias, podemos brindarle la mejor experiencia y diseñar un plan de consultoría adaptado a su empresa para definir un enfoque efectivo para su estrategia de Adquisición de Talento. Siga a Consea Group para mantenerse actualizado sobre las últimas tendencias del mercado laboral. Autor: Enríque Pedroza – Business Development Manager in Consea Group, Mexico

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Fashion & Retails

Head Hunting

Pambianco’s 25th Fashion Summit Highlights

The 25th Pambianco Fashion Summit titled “The Fashion Industry and the Management of Uncertainty,” was held on Wednesday, November 11th, 2020. The event highlighted the impact the pandemic has had on global markets and the actions taken by companies to address this crisis. Resulting from this year’s turbulent events, the luxury fashion sector was severely damaged by the global closure of shops, as well as by the lack of tourists – something still having an impact in European markets. The key component for facing adversity, common to all the interlocutors present at the summit, ultimately relies on “resilience.” Thanks to the willpower and team spirit, the featured companies present at the event expressed gratitude and satisfaction for the results obtained. A recovery was highlighted in the third quarter, especially in the Asian market driven by China, where domestic consumers returned to travel, giving advantage to the areas where tax-free poles have been created (Hainan) and ultimately enabling those to benefit from the new concessions introduced by the government. From the analysis conducted by PwC on Millennials and Generation Z, it has been discovered that in the new normal, consumers will have greater attention to the price of products and will seek a safe and accessible customer experience. Engagement will be shifted towards digital and companies will have to place more and more attention to issues relating to sustainability. If the number of consumers who moved their shopping channel online during Covid-19 has increased in all markets, and that number will no longer return to pre-pandemic levels, it is also true that the physical brick & mortar store will continue to represent an important space for the consumer; consumers want to “touch and feel” and will continue to seek that. Omnichannel is now essential, and it has to allow a true integration between physical and digital, giving rise to a “phy-gital” shopping experience. Another interesting find, provided by Silvio Campara, CEO of Golden Goose, underlined how the crisis has definitively changed the way of approaching the consumer, who can no longer be defined by the 4 P model (Place / Product / Price / Promotion) but from a new model based on 4 Cs (Consumer / Community / Conversations / Consideration) that all revolve around People. A key role in the world of fashion is certainly played by Italy, where 41% of European fashion production takes place. Furthermore, 60% of the high-end product is produced in Italy (data: National Chamber of Fashion). Italian textiles and clothing allocate about 66% of their production to exports (data: Confindustria Moda). Fashion is, therefore, the second most important industry at a national level and it is extremely important to protect the entire chain that goes from large brands to SMEs. In addition to the issues of sustainability and digitalization – in order to overcome the crisis, it will be crucial also to focus on competencies and on the training of people (both for technical roles and within the retail locations): this strategy will protect the fashion chain and create added value. Even if the numbers are still not trending positive, signs of cautious optimism came from the summit; once the health crisis is resolved, consumers will return to travel and choose European markets for their purchases because they are more advantageous to them. Ultimately, a new approach to the global consumer and an organic integration between online and offline will allow for greater engagement and the possibility of a complete customer experience. Interested in the summit? Find out more here!

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Head Hunting

Human Resources in China: challenges brought by Covid-19 pandemic

Two and a half years after it started, the Covid-19 pandemic is still greatly impacting businesses in China at all levels. Especially the ‘zero-cases policy’ is creating increasing difficulties to individuals and businesses in the mid-long term. From HR perspective, for companies, especially foreign companies, one of the major concerns today is how to attract and retain international talents, considering the exodus of foreign nationals and the scarcity of new talents coming to China. In some specific industries, international competences are hardly replaceable by local workforce and the increased scarcity of foreign talents is creating many challenges. International businesses that provide internal rotations of international profiles now, find themselves having to look outside their own reality to overcome the difficulty of moving talents in China. The immediate effect is that businesses are willing to offer highly competitive salary to attract and retain international resources and others are turning to local employees to bridge the gap. The peculiarity of China job market challenges European companies in attracting and retaining local employees, as many are the job opportunities rising all at once. In addition, it is not easy to find qualified resources, particularly in terms of “soft skills”, “critical thinking” and “practical knowledge”; an issue present for several years but exacerbated in the last period due to the scarcity of international resources, which led businesses to look at the pool of local candidates. In the long run, this localization strategy of the team might significantly impact the management and communication between HQs and the China business. Both foreign and Chinese are unable to travel to HQ for information exchanges, networking, training, and sharing of expertise. The risks facing are the lack of diversity in the team, and the isolation of China operations. All these elements have led to an increase in the demand for international resources which is unbalanced with respect to the current market offer. Currently, businesses in China are monitoring the situation for their next moves, and we, Consea Group, with our team in Shanghai will keep a close eye on it for you. Authors: Gaia Ceccatelli - Country Manager China Chiara Altomonte - General Manager and Head of the Fashion & Retail division

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Head Hunting

Human Capital Consulting

NEW GENERATIONS @ WORK

Nowadays, investing in young people should not just be a slogan, but the best strategy companies should adopt to grow, innovate and gain competitive advantages over their competitors. Regarding Consea Head Hunting's experience in managing recruitment processes with the younger generation, a certain rigidity shown by candidates is emerging, expressed especially in terms of demands related to hybrid working opportunities, career plans and business ethics. As a result, there is often a significant lack of motivation and engagement when faced with an offer that fails to detail or satisfy these aspects. WHAT CAN ORGANIZATIONS DO? To make themselves more attractive to the younger generation, companies should first of all understand what is actually being sought, and in this regard, there is an increasing emergence of the importance for young people being able to identify with company values in terms of sustainability (environmental, valuing diversity, inclusive approach and equity), ethics, training (with an important focus on soft skills, skills that can become an asset to the individual and not just a direct benefit to the company as is the case with technical skills), policies for investing in resources and sharing the expected goals and their consequent development plans envisaged not only in terms of vertical growth, but also about involvement in initiatives, task forces and projects aimed at the well-being of the internal community. Equally important seems to be the attention paid to the work-life balance, flexibility and wellbeing policies within the organization. In terms of attraction and retention, an important role is played by the organization's external communication as the new generations put great importance to the company's website and its presence on social networks as well as, in general, its web reputation. COMPANY AS COMMUNITY This focus is symptomatic of the fact that nowadays the company is no longer considered a mere workplace, on the contrary, it increasingly constitutes a real community for new generations, who can appreciate opportunities of involvement that can allow them to come closer and share experiences with other employees belonging not only to different areas or functions, but also to different generations; of this a significant example could be reverse mentoring. BETRAYAL OR OPENNESS TO CHANGE? In conclusion, we can highlight one more peculiarity: increasingly, new generations are experiencing change as a development opportunity to enrich their skills and, therefore, the decision to leave one company for another should not be experienced as a betrayal; on the contrary, it would be much more functional for the organization to maintain relations with the resource who has changed reality by opting for a new context. This attitude could generate future opportunities for a new encounter and possible opportunities to reintegrate the resource, enriched by the new experiences gained in the meantime. Authors: Sara Ruffinatti – Senior Consultant & Executive Coach Marzia Pio – Junior Consultant at Consea Executive Search

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Candidate

Singapore’s Job Market: present challenges but positive outlook

Navigating China Retail Landscape and HR Implications

Upskilling & Reskilling: The Future of Work, Talent Shortage, and Human Capacity Within Organizations

Consea APAC: China Labor market outlook, with an eye on Asia 2024

Singapore’s Job Market: present challenges but positive outlook

Our office is getting bigger: new opening in Singapore

Nearshoring: A Turning Point for Global Trade

Employer Branding: The Art of Attracting the Best Talent

Pambianco’s 25th Fashion Summit Highlights

Human Resources in China: challenges brought by Covid-19 pandemic

NEW GENERATIONS @ WORK