Jan 22 2012
Results for Asia Pacific showed that 32% of respondents were positive about the prospects for 2012, with 48% of respondents neutral. There is no doubt that the economic events in Europe, and continued uncertainty in the United States is contributing to the lack of positivity for 2012. However, there are enough signs that should ensure that Asia Pacific experiences a year of growth, or at the very least remains stable.
The sectors for Asia Pacific that are predicted to experience growth in 2012 are Energy/Natural Resources, Manufacturing and Healthcare/Life Sciences. In conjunction with this, are the results that show that China and India (along with Brazil) are predicted to experience the greatest shortage of executive talent. These two factors combined mean that demand for executives in these industries in China and India and throughout Asia Pacific will continue to rise, and there will be competition to attract and retain the best senior-level talent. There will be a need to use executive search firms to do this work, and it likely that countries such as China and India will need to look outside their own borders to find the workers to fill these executive positions. Search firms will be called upon to find the most experienced workers to help with this talent shortage.
In addition to this, the growth of other countries in the region means that demand for executive search services will remain strong. For example, Indonesia is predicted by the International Monetary Fund to be one of the world’s top ten largest economies by 2030, and in fact by this year, the IMF predicts that 4 of the largest 10 economies will be based in Asia Pacific. In addition to Indonesia, the list includes China, India and Japan.
Signs indicate that Asia will continue to be a driver of global growth, and it is for this reason, combined with the demand for talent in the key sectors of natural resources and manufacturing, that 2012 should be a positive year for the region.
This article was written by Christine F. Hayward, Managing Director Asia Pacific and Emerging Markets, Association of Executive Search Consultants (AESC).
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