© Consea 2022. All right reserved
© Consea 2022. All right reserved
You’ve been at Consea for many years, is there a memory or special moment that has stayed with you? Today, there’s greater focus on personal well-being, flexibility, and quality of life. Twenty-five years ago, these topics were not central to company policies, especially in smaller organizations. When I found myself needing a different balance between my personal life and work, I was given that opportunity, and it allowed me to make important choices with peace of mind. Over the years, how have you seen Consea evolve, and what has that change meant for you? I’ve had the opportunity to witness all of Consea’s major milestones: its expansion first across Italy and then internationally, the diversification of services and target markets, and the arrival of the new generation of the Altomonte family at the Group’s helm. Despite these changes, the company’s founding values have remained unchanged. This journey has also shaped my own professional path, particularly as I’ve focused on the U.S. market for many years. What do you enjoy most about your job? The variety. While the selection process follows a similar structure, every project is unique—industry, company culture, and candidate requirements always vary. What skill or personal quality have you developed the most thanks to your experience at Consea? Working in an ever-changing environment and across diverse markets has helped me build strong adaptability and enhanced my interpersonal and cross-cultural communication skills. What has been the biggest challenge in your career, and how did you overcome it? Becoming a recruiter for the U.S. market. It was a completely new environment for me, but I had the opportunity to build and refine the necessary skills directly on the field. Every step of the journey has been a chance to grow, and constant exposure to new situations has helped me develop new abilities. How would you describe Consea to someone who doesn’t know the company? Consea is a company that blends professionalism and strategic vision with a strong human approach. Over time, it has grown and adapted to market changes without ever losing sight on its core values. It’s a dynamic, international organization that supports companies in identifying top talent. For me, Consea means growth, stimulating challenges, and ongoing development opportunities. How do you envision Consea’s future? Bright. I believe Consea will continue to monitor market trends and socioeconomic developments closely, respond quickly to new challenges, and explore emerging technologies to stay aligned with client needs. If you had to choose one adjective to describe yourself, what would it be? Determined. What’s your favorite activity outside of work, and how does it help you recharge? I enjoy reading and watching crime or sci-fi series. It allows me to fully disconnect from the everyday routine and engage my mind in a different, stimulating way. If you could give one piece of advice to your younger self, what would it be? To embrace change with optimism and to not fear uncertainty, because every challenge is an opportunity for growth.
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
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
Press release Consea America and Cometa Coaching Announce Strategic Partnership to Revolutionize Human Resources Solutions in North America. Chicago, March 19th, 2024 In response to the market's ever-evolving demands, Consea America and Cometa Coaching (“Cometa”) are proud to announce their strategic partnership to reshape Human Capital strategies in the US market for Italian and European companies. This partnership combines Consea America's extensive global experience in talent acquisition and recruitment with Cometa’s prowess in designing and implementing coaching, training and change management programs for individuals and teams. It promises a unique and tailor-made approach to talent management at every lifecycle stage, from recruitment, to development and retention. "At Consea America, we understand the critical importance of talents in driving organizational success," said Antonella Cerabona, CEO of Consea America. "By joining forces with Cometa Coaching, we are excited to offer our clients a holistic solution that combines recruitment expertise with cutting-edge coaching, communication, and training programs. This offering seamlessly integrates with our established Human Capital Consulting division in Italy, uniting our efforts to expand into the North American market." Founded on the principles of partnership, integrity, and uniqueness, the value proposition of Consea America and Cometa's collaboration is clear: Partnership: We believe in partnering with our clients in their talent management projects, offering more than just advisory services. By sharing competencies, resources, and expertise, we work towards a common goal of success. Integrity: Our commitment to operating from a position of integrity means we listen to our clients, understand their needs, and provide transparent and honest support throughout our engagement. Uniqueness: We recognize the unique dynamics of each work environment and collaborate with our clients to design and implement talent solutions tailored to their specific needs, considering the cultural differences and main challenges Italian and European companies have when operating in the US Market. With Consea's 50 years of experience in executive search and Cometa's founder Mariateresa Romeo's two decades of expertise in executive coaching and organizational behavior, clients can trust the depth of knowledge and the breadth of experience this partnership brings. "Cometa Coaching is dedicated to supporting driven professionals and dynamic organizations in their transformational journeys, unlocking individuals and teams' full potential, and creating nurturing work environments. With Consea America, we share the same belief that people and their contributions are at the heart of any organization," said Mariateresa Romeo, founder of Cometa Coaching. “Through this partnership, we are excited to expand our reach and offer comprehensive solutions that drive lasting organizational impact." For more information about Consea America and Cometa's strategic partnership and the services they offer, visit www.consea-group.com. About Consea: Consea America is part of Consea Group, a global executive search firm with offices in the US and around the world. With 50 years of experience, Consea has supported thousands of small, medium, and large-sized companies in attracting and retaining top managerial talent through a team of experts and consultants. About Cometa Coaching: Cometa Coaching, founded by Mariateresa Romeo, an experienced executive coach and organizational behavior professional, is a Leadership Consulting Company. It supports leaders and their teams in navigating professional challenges, improving performance, and creating a work environment that vibrates with sharing, understanding, and collaboration. For media inquiries, please contact: Antonella Cerabona, CEO of Consea America - a.cerabona@consea-group.com Mariateresa Romeo, Founder of Cometa Coaching - mt@cometacoaching.com
Emotional Intelligence is the common thread in every project promoted by Consea Human Capital Consulting: we firmly believe in the effectiveness of this skill, which is now internationally recognized, both in the field of psychology and in business organization. The term emotional intelligence was first used in the 1980s by psychologist Howard Gardner, who introduced the concepts of inter-personal intelligence (which allows one to understand others' intentions and emotions) and intra-personal intelligence (i.e., the ability to understand one's own emotions and motivations). However, the concept of emotional intelligence was popularized and made famous by U.S. psychologist, author and science journalist Daniel Goleman, with the book "Emotional Intelligence: What It Is and Why It Can Make Us Happy": in this essay, the author explains how a good IQ is not enough to achieve success at work and well-being in life, as a mix of self-control, perseverance, empathy and attention to others contribute to the basis of our choices. The power of emotional intelligence Emotional intelligence is thus the ability to recognize and understand one's own and others' emotions, but also the ability to use this awareness to better manage one's own behaviours. Why can this change our lives and, to quote Goleman's words, make us happy? The answer is simple: emotions often get the better of us, sabotaging our chances of success at work and in life. With emotional intelligence, however, it is possible to prevent this from happening by learning to make decisions guided by common sense and self-awareness, rather than impulsivity and fear. By recognizing and training one's emotional intelligence, one first achieves greater mental serenity and thus greater well-being. Emotional intelligence between reason and emotionality Underlying emotional intelligence, we can find neuroscientific explanations. In fact, we must consider that everything we perceive through our senses travels inside our body by means of electrical signals, which pass from cell to cell until they reach our brain and, specifically, the limbic system, where emotions are born, to arrive, only later, to the frontal lobe, the seat of logical and rational thought. Analyzing this process, we easily conclude: even before we can rationally evaluate reality, we perceive it emotionally and react to external stimuli, first with our emotional center and then with our logical center. That is why sometimes, in moments of anger, it is difficult to control one's emotions, risking saying things that one does not really mean. In fact, in such cases, reason is hindered by emotions, which do not allow us to evaluate the information and thus choose the most appropriate reaction. We can therefore say, in a grand summary, that emotional intelligence is the skill that enables us to narrow the gap between emotionality and reason. Follow us to find out what emotional intelligence skills are and how they can impact the workplace.
You’ve been at Consea for many years, is there a memory or special moment that has stayed with you? Today, there’s greater focus on personal well-being, flexibility, and quality of life. Twenty-five years ago, these topics were not central to company policies, especially in smaller organizations. When I found myself needing a different balance between my personal life and work, I was given that opportunity, and it allowed me to make important choices with peace of mind. Over the years, how have you seen Consea evolve, and what has that change meant for you? I’ve had the opportunity to witness all of Consea’s major milestones: its expansion first across Italy and then internationally, the diversification of services and target markets, and the arrival of the new generation of the Altomonte family at the Group’s helm. Despite these changes, the company’s founding values have remained unchanged. This journey has also shaped my own professional path, particularly as I’ve focused on the U.S. market for many years. What do you enjoy most about your job? The variety. While the selection process follows a similar structure, every project is unique—industry, company culture, and candidate requirements always vary. What skill or personal quality have you developed the most thanks to your experience at Consea? Working in an ever-changing environment and across diverse markets has helped me build strong adaptability and enhanced my interpersonal and cross-cultural communication skills. What has been the biggest challenge in your career, and how did you overcome it? Becoming a recruiter for the U.S. market. It was a completely new environment for me, but I had the opportunity to build and refine the necessary skills directly on the field. Every step of the journey has been a chance to grow, and constant exposure to new situations has helped me develop new abilities. How would you describe Consea to someone who doesn’t know the company? Consea is a company that blends professionalism and strategic vision with a strong human approach. Over time, it has grown and adapted to market changes without ever losing sight on its core values. It’s a dynamic, international organization that supports companies in identifying top talent. For me, Consea means growth, stimulating challenges, and ongoing development opportunities. How do you envision Consea’s future? Bright. I believe Consea will continue to monitor market trends and socioeconomic developments closely, respond quickly to new challenges, and explore emerging technologies to stay aligned with client needs. If you had to choose one adjective to describe yourself, what would it be? Determined. What’s your favorite activity outside of work, and how does it help you recharge? I enjoy reading and watching crime or sci-fi series. It allows me to fully disconnect from the everyday routine and engage my mind in a different, stimulating way. If you could give one piece of advice to your younger self, what would it be? To embrace change with optimism and to not fear uncertainty, because every challenge is an opportunity for growth.
Read allMay is internationally recognized as Mental Health Awareness Month. It is an opportunity to bring attention to the vital importance of psychological well being. But beyond the public messages and official awareness events, mental health is something deeply personal that affects many people every day. Many individuals around us are silently navigating emotional and psychological challenges that are neither visible nor easily expressed. In professional environments especially, the emphasis on performance, composure, and productivity can inadvertently mask the internal experiences of employees and leaders alike. Behind composed demeanors may lie the weight of job insecurity, the quiet pain of personal loss, the stress of unmet expectations, or the anxiety brought on by an uncertain future. These are the unspoken struggles that surround us. It is important to recognize that not everyone has a support system to lean on. Some individuals function as their own sole source of strength. They manage households, careers, or personal transitions without external reinforcement. While independence is admirable, it is not always sustainable, and isolation can have compounding effects on mental health. The familiar phrase “Be kind, you do not know what a person is going through” resonates now more than ever. In recent years, many of us have experienced transformative events. Global disruption, personal grief, and professional setbacks have become part of our shared yet often unspoken experience. These moments have reshaped the emotional landscape of our communities. In this reality, small gestures take on profound meaning. A thoughtful message, a door held open, a sincere “How are you” may seem trivial, yet they have the power to offer comfort and restore connection at crucial times. This month is not only a reminder to prioritize mental health. It is a call to action. We are encouraged to lead with empathy, to foster cultures of psychological safety, and to remain mindful that behind every title and role is a human being who deserves care and understanding. Let us remember that compassion, attentiveness, and human connection are not distractions from productivity. They are essential to sustaining it. -Julia Galloway, HRBP- North America
Read allUpdates 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
Read allThe 56th edition of Cosmoprof Worldwide Bologna has just concluded, taking place from March 20 to 23, 2025, with significant participation, confirming its status as a leading event in the cosmetics industry. This year’s results once again highlighted great success: over 3,000 companies from 65 countries participated (35% of which for the first time), along with more than 250,000 visitors and industry professionals. The global scale of the event was further emphasized by the presence of 80 international delegations. There is no doubt that in recent years, the beauty industry—including makeup, skincare, and haircare—has experienced significant global growth. In 2023, global beauty market retail sales grew to $446 billion, marking a 10% increase compared to 2022. Forecasts indicate that the market will continue to expand, reaching a revenue of $673.70 billion by 2025, with a projected compound annual growth rate (CAGR) of 3.35% for the period 2025–2029 (source: McKinsey). The cosmetics industry is undergoing a profound transformation, both in terms of values and market dynamics, including distribution channels. What are the main trends? Clean Beauty and Sustainability: consumers are increasingly attentive to product ingredient lists (INCI), favoring natural and eco-friendly solutions. This has led many companies to adopt the “Clean Beauty” philosophy, introducing organic and sustainable product lines. E-commerce and Social Media: the online sale of beauty products has seen exponential growth in recent years. Platforms like TikTok and Instagram have become essential for discovering and purchasing cosmetics, with social commerce on the rise. Beauty influencers, in particular, are shaping the future of product promotion and sponsorship. Technological Innovation: the integration of artificial intelligence (AI) in product development is revolutionizing the industry. AI enables companies to analyze huge amounts of data, such as consumer preferences and market trends, optimizing product development and enhancing operational efficiency. Inclusivity and Personalization: the growing demand for products that cater to diverse consumer needs highlights inclusivity and personalization. This trend reflects increased awareness of diversity. Personalization allows companies to create tailored, almost “custom-made” solutions that meet individual preferences, fostering deeper connections and strengthening customer loyalty. Innovation, technology, trend awareness, and inspiration are key elements in this industry, whose continuous growth is deeply rooted. Cosmetics are closely linked to personal identity, intimacy, and self-esteem, and the beauty sector has the unique ability to swiftly adapt to consumer desires. This makes it an extremely resilient industry, capable of withstanding inflation and economic crises. As mentioned earlier, the global beauty market is continuously expanding, with an estimated value of just under $700 billion. Of this, skincare accounts for 28%, haircare for 17%, and makeup for 14%. From a geographical perspective, the Asia-Pacific region leads the growth, followed by North America. The fastest-growing regions are Latin America, the Middle East, and Africa, all experiencing double-digit growth rates. Western Europe is growing at a rate of 4.9%. The expansion of the beauty industry has also had a significant impact on the job market in Italy, where the cosmetics sector employs approximately 155,000 people across the entire supply chain, from production to distribution. Italy stands out as a center of excellence in this sector, both in research and development and in manufacturing. This growth has created an increasing demand for qualified professionals, highlighting the need to attract highly skilled and structured profiles suited to the industry’s landscape while also investing in training and skills development. Consea, a company specializing in recruiting and human capital consulting, serves as a strategic partner for businesses in the beauty sector. With in-depth knowledge of the global market and the ability to identify professionals with targeted expertise, Consea supports companies in sourcing and attracting talent—both with specific beauty backgrounds and cross-sector experiences that bring added value. Furthermore, Consea assists businesses in defining talent management strategies, helping build career development paths aimed at retaining key professionals. In an ever-evolving industry like cosmetics, partnering with an expert like Consea presents a tangible opportunity to successfully navigate challenges and change. Author Chiara Altomonte, CEO Fashion&Retail and Consumer division
Read allSingapore 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
Read allAs 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
Read allIn 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
Read allManaging 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
Read allIn today's rapidly evolving job market, companies are increasingly turning their attention towards attracting and retaining Gen Z candidates. Born into a world of constant connectivity and technological innovation, Gen Z brings a unique set of skills, preferences, and expectations to the table. Understanding what makes this generation tick and embedding it in the employer brand and value proposition is critical for companies looking to thrive in tomorrow's competitive landscape. Tech-Savvy from Birth Gen Z is the first generation to grow up entirely in the digital age. Since day one, technology has been an integral part of their lives, from smartphones to social media. As a result, Gen Z is inherently tech-savvy, effortlessly navigating digital tools and platforms for communication, learning, and productivity. For companies looking to appeal to Gen Z candidates, a solid digital presence and innovative use of technology in the workplace are non-negotiables. The attitude towards new technologies is the field where the clash between generations occurs most often. Except for start-ups and cutting-edge digital companies, most organizations across industries need to create work environments where the older generations, typically in senior and leadership positions, can sustain and adequately address the Gen Zers' optimism and attitude towards using technologies if they want to engage and retain those talents. Shared Values and Meaningful Work Gen Zers are more diverse in race, ethnicity, and sexual orientation than any other generation. They prioritize researching inclusive work environments and are sensitive and committed to global topics such as social justice and climate change. As consumers and employees, Gen Zers choose brands that align with their values. They want to work for companies with a clear social commitment and mission that goes beyond profit. They select a job not only because it meets their financial needs but also because it makes them feel proud and fulfills their purpose. Creating a corporate culture that reflects the company's mission and values is essential to engaging Gen Z employees. They demand accountability and integrity and tend to abandon workplaces where the declared commitment to inclusion or sustainability, for example, is not encountered in the daily practices and expected behaviors. Embracing Entrepreneurialism Unlike previous generations, Gen Z has a strong entrepreneurial spirit. Fueled by a desire for independence, creativity, and impact, many Gen Zers are eschewing traditional career paths to forge their way. Instead of climbing the corporate ladder, they are pursuing passion projects and side hustles, leveraging their skills and interests to create meaningful work on their terms. Companies that offer autonomy, creativity, and impact opportunities are more likely to attract and retain Gen Z talent. To this extent, innovation labs, internal contests to promote problem resolutions, and employee-led initiatives are excellent examples of allowing Gen Z workers to fulfill their aspirations and needs and simultaneously impact the company's success. In addition, new generations seek out organizations that allow employees to have side jobs to pursue their passions, explore their entrepreneurship ideas, and manage them through clear "moonlighting policies" and open communication. Flexible Work Arrangements The need for independence of the newest generations of employees also arises in their approach to the work arrangement. Work-life balance is a top priority for Gen Z. They value flexibility and autonomy in their work schedules, preferring hybrid or remote work arrangements that allow them to effectively balance their professional and personal lives. For Gen Z, productivity goals take precedence overclocking in hours at the office. Companies that embrace flexible work policies and prioritize outcomes over input are better positioned to attract and retain top Gen Z talent. Gen Z workers don't love routines. They appreciate the autonomy of managing their schedule and the opportunity to work from anywhere and in any time zone. They don't appreciate mandatory days in the office and similar prescriptions, as they consider the virtual work environment as effective as the in-person one. However, contrary to what the older generations sometimes believe, Gen Z values face-to-face conversations and the connection created by working in the same room with others as long as they understand the benefit and don't perceive it as an attachment to old working patterns. Investing in Continuous Learning In a world where industries constantly evolve and new technologies emerge rapidly, continuous learning is essential for staying competitive. Gen Z recognizes the importance of upskilling and adapting to industry trends and technologies. Companies that invest in employee development and offer opportunities for growth and advancement are more likely to retain Gen Z talent in the long run. They are also more keen to reskill and have the chance to redesign their career path to follow their curiosity and interests. The idea of doing the same type of job or growing in a single direction through their career is not appealing to them; as mentioned before, Gen Z workers seek opportunities to prove themselves and are more open to questioning their choices if they are not in line with their values and needs, than the previous generations. Whether through training programs, mentorship opportunities, or access to educational resources, companies prioritizing learning and development and offering multiple chances for career paths will stand out in the eyes of Gen Z candidates. Conclusion As Gen Z enters the workforce more significantly, companies must adapt their recruitment and retention strategies to meet this generation's unique needs and preferences. To this extent, they must enhance the company's reputation and image as an employer (i.e., employer brand) and communicate internally and externally the benefits, opportunities, and rewards that the company offers and what it expects to have in return from its employees (i.e., employer value proposition) in a way that includes the aspects mentioned above. This approach is fundamental for a talent strategy that attracts and retains top Gen Z resources, ensuring the company's success in tomorrow's competitive job market. By partnering with Consea and Cometa Coaching, your organization can receive comprehensive executive coaching, training programs, and advisory services that will equip you to successfully navigate the challenges of managing and engaging a Gen Z workforce. Authors Antonella Cerabona, CEO of Consea America Mariateresa Romeo, Founder of Cometa Coaching
Read allMore 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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