How to Win the US Talent Competition in 2025

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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Navigating the Impact of US Tariffs: Industry-Specific Challenges and Strategic Responses

Updates as of April 29th: President Donald Trump has signed an executive order and a proclamation to ease auto tariffs. While the 25% tariff on imported cars remains unchanged, a new 25% tariff on auto parts will be implemented starting this weekend 3. The new fine print includes provisions for reimbursements to domestic car producers importing car parts. These reimbursements will be capped at 3.75% of the value of domestically produced cars for the first year, decreasing to 2.5% in the second year 3. Additionally, cars containing 85% parts that comply with the United States-Mexico-Canada Agreement (USMCA) and produced domestically will effectively avoid tariffs. In the meantime, on the global scale: China Eases Tariffs on Select US Goods: China has recently waived tariffs on US ethane imports, allowing Beijing to maintain a firm public stance while offering some relief. US-China Tariff Negotiations: President Trump has stated that the US will not drop tariffs on China without something substantial in return. He emphasized the need for China to be more open to US businesses and products. Tariff Talks with India: US Treasury Secretary Scott Bessent mentioned that India is likely to finalize a bilateral trade agreement with the US to avert reciprocal tariffs. Economic Impact: The ongoing tariff policies have led to a turbulent economy, with China's manufacturing activity falling to a near two-year low. Recent Developments: Global Reactions and Market Impacts Since the announcement, several key developments have emerged: ● China's Retaliation: China has increased reciprocal tariffs on US goods to 84%, significantly impacting US exports to China. ● European Union's Response: The EU imposed 25% tariffs on a range of US imports as a countermeasure. ● Tariff Adjustments: President Trump authorized a 90-day pause on reciprocal tariffs for most countries, except China, where the tariff rate increased to 125%. ● Stock Market Surge: The US stock market surged, gaining $4 trillion in value after the announcement of a 90-day pause on tariffs for over 75 countries. Introduction In April 2025, President Trump announced a series of new tariffs aimed at addressing trade imbalances and protecting American industries. These tariffs, which vary by industry, have significant implications across sectors. This article not only explores the specific impacts on the automotive, machinery, food and beverage, medical devices, and pharmaceutical industries but also highlights the strategic role that Consea's executive search and human capital consulting services can play in helping companies navigate these turbulent times. Automotive Industry: A 25% Tariff Shock The automotive sector now faces a 25% tariff on imports, prompting immediate disruptions—Stellantis, for instance, has already announced temporary layoffs in the US and production suspensions in Mexico and Canada. These underline challenges the need for resilient leadership. Machinery Industry: Rising Costs and Supply Chain Disruptions Tariffs on steel and aluminum have driven up costs for the machinery sector, impacting production schedules for giants like Caterpillar and John Deere. Supply chain delays are becoming a norm, threatening profitability and operational efficiency. Food and Beverage Industry: Tariffs on Italian Imports With a 20% tariff now imposed on imports, the food and beverage industry faces steep cost pressures—illustrated by coffee brands like Lavazza planning to shift to 100% US production. Such policy changes force brands to re-evaluate their sourcing and supply chain strategies. Is Made in Italy in Danger? Our expertise helps companies balance tradition with innovation, ensuring that cherished brands continue to thrive even in a challenging regulatory landscape. Medical Devices: Global Supply Chain Challenges Medical device manufacturers are grappling with tariff-induced cost increases on globally sourced components. These challenges can delay production and reduce the availability of critical medical technologies. Pharmaceutical Industry: An Exemption Amidst Uncertainty While the pharmaceutical industry currently enjoys a tariff exemption, the potential for future policy changes requires vigilance. For These Issues, and Others, Consea is Qualified to Help Consea leverages decades of global expertise and a tailored, relationship-driven approach to help companies navigate the disruptive effects of new tariffs. By identifying and recruiting agile leaders equipped to manage supply chain challenges and operational shifts, we enable businesses to adjust quickly to economic pressures. Our integrated executive search and human capital consulting solutions offer strategic guidance that not only fills critical leadership gaps but also supports long-term growth and resilience in a volatile market. A Confident Partner in the Face of Uncertainty The new US tariffs present significant challenges across multiple industries, but with strategic planning and the right executive talent, companies can navigate these obstacles and continue to thrive. Consea's expertise in both executive search and human capital consulting is critical in supporting businesses through these transitions by providing leaders who drive innovative, agile responses. Take the next step : Contact Consea today for a complimentary, industry-specific tariff impact consultation to learn how we can tailor our executive search and consulting solutions to safeguard your business and drive success in this volatile market. Schedule Your Free Tariff Impact Consultation

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Importance of Soft Skills in Recruitment

Recruiters often ask themselves: “How can I find the best Candidate for my Client?” Of course, everything depends on the industry and the specifics of the role, but more and more often, there is a noticeable trend toward emphasizing the evaluation of soft skills in candidates. Why is this so important, and how can it be assessed during the recruitment process? Companies are increasingly preferring Candidates with well-developed interpersonal skills such as communication, collaboration, creativity, problem-solving, and adaptability. In the face of automation and artificial intelligence, soft skills are becoming essential for career success. These abilities help individuals handle crises better, manage teams effectively, and ultimately contribute to the success of the organization. An interesting study was conducted in Poland during the Pracuj.pl Festival, where experts asked members of Generation Z about the most important skills used at work. As many as 54% of respondents indicated that soft skills (such as empathy, communication, and teamwork) are the most important. In second place (37%) were specialist skills (courses, industry knowledge), followed by foreign language proficiency in third place. This shows that the younger generation values flexibility, growth, and adaptability. Rapidly changing technologies are increasing the importance of soft skills, and employers appreciate people who can think critically, build relationships, and work collaboratively. The younger generation is fully aware that technical skills can quickly become outdated, while interpersonal abilities remain universally relevant. That is why young people are increasingly treating soft skills as a key asset. These skills allow them not only to adapt to different professional roles but also to manage their careers more effectively in the long term. Recruiters are increasingly using various methods to assess candidates’ soft skills in realistic scenarios. This approach helps them better understand how someone performs in real-world job situations. Here are some examples: 1. Case Studies and Practical Tasks These help assess candidates’ reactions to real-life challenges. Goal: To evaluate how the candidate approaches solving actual problems. Assessment: Analytical thinking, creativity, decision-making, task prioritization. Example: Solving a client problem, analyzing sales data, or creating a short action plan. 2. Behavioral Interviews Analyzing work experiences and problem-solving approaches. Goal: To understand how the candidate responded to specific past situations. Assessment: Communication, collaboration, stress resistance, initiative. Sample question: “Tell me about a time when you had to quickly adapt to a change in plans. How did you handle it?” 3. Assessment Centers Simulations of professional scenarios in group settings. Goal: Comprehensive evaluation in a simulated work environment. Assessment: Teamwork, leadership, conflict resolution, flexibility. Tasks: Group discussions, presentations, decision-making games, role-playing. Conclusion As of 2025, recruitment focuses on identifying and developing candidates’ soft skills, which are crucial for success in a dynamic and diverse professional environment. The job market is evolving rapidly, and so are the expectations of both candidates and employers. Therefore, one of the key challenges for companies will be adapting recruitment processes to meet the demands of this new reality. If you want to stay up to date with the latest recruitment trends in the Polish market – and beyond – follow Consea! Our agency operates in Europe, North America, and Asia, which allows us to continuously expand our expertise in headhunting and share this knowledge with both Clients and Candidates. Umiejętności miękkie w rekrutacji Osoby zajmujące się na co dzień rekrutacją często zadają sobie pytanie: „Jak znaleźć dla Klienta najlepszego Kandydata na dane stanowisko?”. Wszystko zależy oczywiście od branży i specyfiki roli, ale coraz częściej można zauważyć trend, jakim jest nacisk na badanie umiejętności miękkich osoby rekrutowanej. Dlaczego jest to tak ważne i jak można to sprawdzić podczas procesu rekrutacyjnego? Firmy coraz częściej preferują Kandydatów z rozwiniętymi umiejętnościami interpersonalnymi, takimi jak komunikacja, współpraca, kreatywność, rozwiązywanie problemów oraz zdolność adaptacji. W obliczu automatyzacji i sztucznej inteligencji, kompetencje miękkie stają się kluczowe dla sukcesu zawodowego. To one pozwalają lepiej radzić sobie w sytuacjach kryzysowych, efektywnie zarządzać zespołem, a co za tym idzie – wpływać na sukces organizacji. Ciekawe badanie zostało przeprowadzone w Polsce podczas Festiwalu Pracuj.pl, gdzie eksperci zapytali przedstawicieli pokolenia Z o najważniejsze umiejętności wykorzystywane w pracy. Aż 54% ankietowanych odpowiedziało, że to właśnie „umiejętności miękkie” (empatia, komunikatywność, umiejętność pracy w grupie) są najbardziej istotne. Na drugim miejscu (37%) znalazły się umiejętności specjalistyczne (kursy, wiedza branżowa), a trzecie miejsce zajęła znajomość języków obcych. To pokazuje, że młode pokolenie stawia na elastyczność, rozwój i zdolność adaptacji. Szybko zmieniające się technologie sprawiają, że umiejętności miękkie zyskują na znaczeniu, a pracodawcy doceniają osoby, które potrafią myśleć krytycznie, budować relacje i działać w zespole. Młode pokolenie doskonale zdaje sobie sprawę, że kompetencje techniczne mogą szybko się dezaktualizować, a zdolności interpersonalne pozostają uniwersalne. To właśnie dlatego młodzi ludzie coraz częściej traktują umiejętności miękkie jako kluczowy atut. Dzięki nim są w stanie nie tylko odnaleźć się w różnych rolach zawodowych, ale także skuteczniej zarządzać swoją karierą w dłuższej perspektywie. Rekruterzy coraz częściej wykorzystują różne metody, aby ocenić umiejętności miękkie Kandydatów w realistycznych scenariuszach. Takie podejście pozwala lepiej zrozumieć, jak dana osoba radzi sobie w rzeczywistych sytuacjach zawodowych. Oto przykłady: 1. Case studies i zadania praktyczne: Pozwalają sprawdzić reakcje na realne wyzwania. Cel: Sprawdzić, jak Kandydat podchodzi do rozwiązywania rzeczywistych problemów. Ocena: Myślenie analityczne, kreatywność, podejmowanie decyzji, priorytetyzacja zadań. Przykład: Rozwiązanie problemu Klienta, analiza danych sprzedażowych czy stworzenie krótkiego planu działań. 2. Wywiady behawioralne: Analiza doświadczeń zawodowych i podejścia do problemów. Cel: Zrozumieć, jak Kandydat reagował na konkretne sytuacje w przeszłości. Ocena: Komunikacja, współpraca, odporność na stres, inicjatywa. Przykład pytania: "Opowiedz o sytuacji, w której musiałeś szybko dostosować się do zmiany planu. Jak sobie poradziłeś?" 3. Assessment centers: Symulacje sytuacji zawodowych w zespołach. Cel: Kompleksowa ocena w warunkach symulacyjnych. Ocena: Praca zespołowa, przywództwo, rozwiązywanie konfliktów, elastyczność. Zadania: Dyskusje grupowe, prezentacje, gry decyzyjne, odgrywanie ról. Podsumowując, w 2025 roku rekrutacja koncentruje się na identyfikowaniu i rozwijaniu kompetencji miękkich Kandydatów, które są kluczowe dla sukcesu w dynamicznym i zróżnicowanym środowisku zawodowym. Rynek pracy zmienia się dynamicznie, a wraz z nim ewoluują oczekiwania zarówno Kandydatów, jak i pracodawców. Zatem kluczowym wyzwaniem dla firm będzie dopasowanie procesów rekrutacyjnych do nowych realiów. Jeśli chcesz być na bieżąco z aktualnymi trendami rekrutacji na rynku polskim (i nie tylko) – obserwuj Consea! Nasza agencja jest obecna m.in. w Europie, Ameryce Północnej i Azji, a to pozwala nam stale poszerzać naszą wiedzę w zakresie „headhuntingu” i dzielić się tymi kompetencjami zarówno z Klientami, jak i Kandydatami. Iga Paskiewicz - Recruitment Consultant

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Expanding Business in the United States: The Talent Acquisition Challenge According to Consea

During the third edition of the “International Talks” series, organized by Bonfiglioli Consulting Italy and USA, I had the pleasure of participating as CEO North America for Consea, sharing our perspective on talent acquisition in the U.S. market. It was a rich and stimulating discussion that highlighted the complexities and opportunities of managing human capital in an increasingly competitive global environment. The United States is one of the most strategic markets for Italian companies today—but also one of the most complex. Opening a local office or launching a production site is not enough: success requires building a solid organization capable of attracting, selecting, and retaining top talent. This demands a deep understanding of local dynamics, candidate expectations, and the ongoing transformations in the world of work. The Challenges of Talent Acquisition in the U.S. Market One of the key topics we addressed was the set of challenges Italian companies face when entering the American market. The first is the growing global competition for talent. The rise of remote work has expanded the talent pool for many North American companies, which now hire professionals from around the world. This has increased pressure on European markets, making it even harder to attract qualified candidates. Moreover, the work culture in the U.S. is significantly different from that in Italy. Frequent job changes are considered normal, especially among younger generations. Retention, therefore, becomes a critical challenge: professionals seek stimulating environments, flexibility, shared values, and growth opportunities. Companies must be able to offer a clear, authentic, and consistent value proposition. Another fundamental aspect is investment in employer branding. Candidates expect transparency, inclusivity, and alignment between stated values and actual practices. Companies that fail to communicate their identity effectively risk being excluded from the short list of top talent. Compensation, Benefits, and Cultural Expectations Compensation is a particularly sensitive topic. In the U.S., compensation packages are often complex and include stock options, bonuses, health insurance, retirement plans, and other benefits. Italian companies must be aware of these standards and be prepared to negotiate with candidates who have very specific and pragmatic expectations. But it’s not just about numbers. Understanding cultural differences in leadership, communication, and business approach is also essential. The American model is performance-driven, fast-paced, and goal-oriented. This can create misalignments with Italian companies, which tend to be more relationship-focused and gradual in their approach. For this reason, assessing soft skills and cultural fit is a key step in the selection process. Compliance and International Mobility: A Changing Landscape Another topic we explored— in collaboration with ECA Italia—was regulatory compliance, which is particularly complex in the U.S. Recent changes in immigration policies and visa processing times have made relocating managers from Italy more difficult and costly. Companies must plan well in advance, rely on experienced partners, and adopt flexible solutions to avoid delays that could jeopardize entire expansion strategies. Managing contracts, benefits, and taxation also requires careful attention: each state has its own rules, and non-compliance can lead to legal and reputational risks. In this context, collaboration between HR, legal teams, and executive search partners is essential to ensure a smooth and secure process. Technology and Digitalization in HR Processes Finally, we shared how the adoption of digital tools is transforming our approach to talent acquisition. At Consea America, we use a combination of technologies for sourcing, evaluating, and managing recruitment processes. From talent mapping platforms to psychometric assessments like Hogan, to video interviewing systems and integrated ATS platforms—technology is now an integral part of our daily work. These tools not only increase efficiency but also enhance the candidate experience and the quality of hiring decisions. In a market like the U.S., where speed and transparency are essential, digitalization provides a decisive competitive edge. Conclusion The U.S. market offers tremendous opportunities, but it requires preparation, flexibility, and a deep understanding of the local context. Talent acquisition is not just an HR function—it is a strategic element for the success of any internationalization project. At Consea, thanks to our experience and direct presence in the region, we support Italian companies in facing these challenges with an integrated, human-centered, and technology-driven approach. “Approaching the U.S. market with awareness and vision means laying the foundation for sustainable, long-term growth. And in an increasingly interconnected world, human capital remains the true engine of innovation and competitiveness.” Antonella Cerabona – CEO Consea America Inc. Link Video

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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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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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Head Hunting

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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Head Hunting

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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Head Hunting

Unmasking Brilliance: Empowering Strategies to Conquer Imposter Syndrome

Managing the impostor phenomenon during a job interview can be a daunting task, but with some guidance from a recruiter, candidates can navigate this challenge more effectively. First and foremost, it's essential for candidates to acknowledge that they are not alone in experiencing these feelings of self-doubt. Impostor syndrome is more common than one might think, even among highly successful individuals. Understanding that these feelings are normal can help alleviate some of the anxiety associated with them. Secondly, candidates should focus on their achievements and qualifications. Before the interview, it's crucial to review their resume and remind themselves of their accomplishments. By emphasizing their strengths and past successes, candidates can boost their confidence and counteract feelings of inadequacy. Additionally, they should prepare specific examples of how their skills and experiences align with the job requirements. Being well-prepared with concrete evidence can help candidates feel more self-assured during the interview. Furthermore, it's essential for candidates to practice positive self-talk. They should challenge negative thoughts and replace them with affirmations of their capabilities. Recruiters recommend practicing mindfulness techniques to stay present during the interview and avoid getting caught up in self-doubt. Breathing exercises and visualization can be particularly helpful in staying calm and focused. Lastly, seeking support from a mentor or coach can be invaluable. A trusted advisor can provide valuable feedback, help candidates recognize their worth, and offer guidance on how to handle the impostor phenomenon. Overall, by acknowledging their feelings, focusing on their achievements, practicing positive self-talk, and seeking support, candidates can effectively manage the impostor phenomenon during a job interview, increasing their chances of presenting themselves confidently and securing the desired position. Example how Consea has helped candidates navigate Imposter Syndrome During a recent interview for a senior HR management position, the candidate, let's call her Melissa, exhibited classic signs of Imposter Syndrome. Melissa had an impressive resume with years of experience in her field, yet as soon as the interview started, she seemed uneasy. As I delved into her accomplishments and expertise, she downplayed her achievements, attributing them to luck or teamwork rather than acknowledging her own skills. It was clear that she struggled with recognizing her worth and was haunted by the fear of not being as capable as her credentials suggested. In an attempt to address this, I shifted the conversation to focus on specific projects she had led. I asked for details about challenges faced, strategies employed, and outcomes achieved. As she passionately described her experiences, it became evident that her contributions were significant and impactful. This scenerio highlighted the importance of not just evaluating a candidate's qualifications on paper but also understanding their self-perception and mindset. Here at Consea, I, as a headhunter, benefited from delving deeper into the psychological aspects of the candidate to uncover hidden potential and help them overcome Imposter Syndrome during the interview process. Author: Julia Galloway, Human Resources Business Partner

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Head Hunting

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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