1、www.rgf-Advancing Beyond Recovery:Talent in Asia 2023IndiaAbout this ReportRGFs Talent in Asia Report is conducted annually,with the aim of better understanding candidates needs and behaviors across four major Asia markets:Mainland China,Singapore,India,and Japan.This report is based on RGF-owned da

2、ta compiled via a targeted survey,completed in November 2022,from nearly 3,000 employees and employers across seven key industry sectors,namely:Consumer Goods,Retail,&Hospitality Industrial Manufacturing Electronics&Materials Healthcare&Life Sciences Banking,Financial Services,&Insurance(BFSI)Techno

3、logy,Media,&Telecommunications(TMT)Professional Services&Business Process Outsourcing The survey findings and insights highlight respondents talent sentiment,talent activity,salary and compensation,flexibility/work-life balance as well as recommendations for both talents and employers.Statistical an

4、alysis was conducted to further explore any correlation between the factors included in the survey.Due to the real-time nature of some of this data,RGF encourages readers to use its insights at their discretion.Advancing Beyond Recovery:Talent in Asia 20232Table of ContentsAbout this Report2From our

5、 Managing Director4Talent in India:At a Glance5Market Overview 8Key Findings11Talent Sentiment for 2023:Optimistic12Talent Activity14Salary and Compensation17Flexibility and Work-Life Balance22MobilityRecommendations for TalentRecommendations for Employers252729About RGF31Advancing Beyond Recovery:T

6、alent in Asia 20233From our Managing Director2022 was a period of recovery for India.Following the initial blows of COVID-19 in 2020,and the widespread job losses of 2021 due to the pandemics second wave,industries across the country eventually found more solid footing last year.Businesses were rath

7、er cautious in 2021;by 2022,they had grown more confident,having survived the biggest impacts of the pandemic and embraced innovation,digital transformation,and advancements in technology.This year,most industries are optimistic about the future,with the Consumer Goods,Retail&Hospitality,and Industr

8、ial Manufacturing industries having the most positive outlooks for 2023.Many plan to ramp up hiring activities,not just to address the needs of current operations,but also to help power innovation,new business units,and new strategies.Talent is also more active this year than last,with more candidat

9、es looking for new roles in pursuit of higher salaries,career growth,and work-life balance.Flexibility in the workplace has become a priority,and employees and employers agree that hybrid work arrangements are here to stay.As the country continues on the path to recovery,employers and talent alike w

10、ill need to find ways to meet halfway and manage expectations.Understanding talent in Asias motivations,needs,and priorities is a good first step towards this.To that end,we are pleased to share with you the latest Talent in Asia report.We hope the data-led insights in this research can inform your

11、decision-making and strategy,and strengthen our position as your partner in this fast-changing recruitment landscape.Sachin Kulshrestha Managing Director,RGF Professional Recruitment IndiaAdvancing Beyond Recovery:Talent in Asia 20234Talent in India:At a GlanceAdvancing Beyond Recovery:Talent in Asi

12、a 20235Optimistic for the year aheadMost optimistic industries70%21%9%83%77%81%OptimisticNeutralPessimisticConsumer Goods,Retail&Hospitality Technology,Media&TelecommunicationsIndustrial Manufacturing Looking for new opportunitiesare not actively looking but open to new opportunitieshave no intentio

13、n of changing jobschanged jobs between 1-3 years agochanged jobs in the last year63%29%9%31%25%40%of talent last changed jobs more than 3 years ago2023202259%61%40%52%23%37%Salary or benefit packageSalary or benefit packageLack of opportunities for career progressionLack of opportunities for career

14、progressionPoor work-life balanceManagement style and company cultureTop reasons why talent are looking for new jobsare actively searching for a new jobAdvancing Beyond Recovery:Talent in Asia 20236Top flexible working priorities for jobseekers when looking for a new employerAverage annual salary in

15、crease,by industry2023202239%18%14%13%13%11%12%9%15%(2022 12%)36%are satisfied or very satisfied with their compensationBanking,Financial Services&Insurancebelieve hybrid arrangements are by far the most beneficial for their productivitya slight drop but still close to last years 71%.In contrast,onl

16、y 21%say they work best in the office,and just 10%think they are most productive at home.Electronics&MaterialsProfessional Services&Business Process OutsourcingConsumer Goods,Retail&HospitalityTechnology,Media&TelecommunicationsHealthcare&Life SciencesIndustrial ManufacturingAverage salary increasei

17、s the salary increase most candidates expect when changing jobsSatisfied with compensation62%67%58%59%37%53%Hybrid work arrangementsHybrid work arrangementsFlexible working hoursFlexible working hoursCompensation for any weekend work,overtime,or working on public holidaysCompetitive annual leave ent

18、itlementMost productive in hybrid working environments69%Advancing Beyond Recovery:Talent in Asia 20237Market OverviewAdvancing Beyond Recovery:Talent in Asia 20238The central bank,however,had to re-tighten its monetary policy to manage the inflationary pressures caused by the war in Ukraine.But as

19、COVID-19 restrictions ease further in the coming year,the economy will likely continue to strengthen,albeit at a pace slower than last years.The International Monetary Fund expects growth to slow down to 6.1%in 2023 from 6.8%in 2022,2 but predicts it will rebound to 6.8%by 2024 thanks to strong dome

20、stic demand.The International Monetary Fund expectseconomic growth in 2024The easing of pandemic restrictions in the middle of 2022 helped stimulate the recovery of Indias economy.16.8%1.Reuters.(6 January 2023).India forecasts slower GDP growth of 7%for 2022-2023 fiscal year.Nikkei Asia.2.TheH.(31

21、January 2023).IMF retains growth projections for India;economy expected to slowdown to 6.1%in 2023 from 6.8%in 2022.The Hindu.Advancing Beyond Recovery:Talent in Asia 20239The countrys job market will also likely enjoy an upward swing in 2023.This will be a big leap forward from the massive job loss

22、es the country suffered in 2021,triggered by the second wave of COVID-19,3 and will be a continuation of the recovery that began in 2022,which saw hiring activity increase across industries.This year,Indias job market will be dynamic.Many employers are already actively recruiting,and are planning to

23、 increase hiring activities within the next six to twelve months to fill roles in existing positions and new business units,as well as to get the right talent to propel innovation and new strategies forward.The majority of candidates are also proactively seeking new career opportunities in search of

24、 better compensation,career advancement,and a good work-life balance.Overall,India is poised for slow yet steady growth in 2023,opening up opportunities for both employers and candidates.3.BusinessToday.In.(1 June 2021).10 million lost jobs in Covid 2nd wave,97%households income declined:CMIE.Busine

25、ss Today.Advancing Beyond Recovery:Talent in Asia 202310Key FindingsAdvancing Beyond Recovery:Talent in Asia 202311Talent optimism seems to be on an upswing in recent years:the vast majority of respondents(70%)are optimistic about their overall outlook for their industry in the next six to twelve mo

26、nths,up from 61%in 2021,and 51%in 2020.There was a small increase in the number of people who are pessimistic,from 7%last year to 9%this year.Rather than pointing to COVID-19,however,most respondents see negative global economic predictions as the main driver of their pessimistic outlook.Those who w

27、ere neutral decreased from 32%to 21%in the same period.Concerns over COVID-19 also seem to be waning:this year,fewer respondents(42%versus last years 60%)said they hold a neutral outlook because of uncertainty about COVID-19s long-term impact on their industries.Talent from the following industries

28、were the most optimistic:Consumer Goods,Retail&Hospitality(83%),Industrial Manufacturing(81%)and Technology,Media&Telecommunications(77%).Respondents from the Banking,Financial Services&Insurance industry were the most pessimistic,while those in Healthcare&Life Sciences were the most neutral about t

29、heir overall outlook.Talent Sentiment for 2023:Optimistic83%81%77%Consumer Goods,Retail&HospitalityIndustrial ManufacturingTechnology,Media&Telecommunications Most optimistic sectorsAdvancing Beyond Recovery:Talent in Asia 20231270%61%51%20232022202121%32%24%9%7%7%OptimisticOptimisticOptimisticNeutr

30、alNeutralNeutralPessimisticPessimisticPessimisticTalent industry outlook for the next 6-12 monthspositive outlook:neutral outlook:negative outlook:Top reasons cited for Top reasons cited for Top reasons cited for 59%42%69%Industry overcame COVID-19-related challengesUncertainty over long-term impact

31、 of COVID-19Negative global economic predictions45%29%38%42%60%44%35%19%31%Increased innovationNo significant marketplace size and talent changesIndustry still impacted by COVID-19Advancement in technology/digital transformationIndustry overcame COVID-19-related challengesIncreased innovation;advanc

32、ements in technology/digital transformationFavorable changes in customer lifestyles/preferences/demandsPositive changes have had little to no impactNegative regulatory changesof employers are optimistic about their industriesMost employers(73%)are optimistic about their industries in the next six to

33、 twelve months.Employer perspective73%Top reasons for employers optimistic outlookAdvancing Beyond Recovery:Talent in Asia 202313No,but open to new opportunitiesNoYes63%55%29%31%9%14%More respondents are actively seeking out new roles this year(63%)compared to last year(55%).The majority of active j

34、ob seekers are in Industrial Manufacturing(72%)and Banking,Financial Services&Insurance(70%),while those in Professional Services&Business Processes and Technology,Media&Telecommunications(both around 17%)are the least active.About 33%of talent in Consumer Goods,Retail&Hospitality and Healthcare&Lif

35、e Sciences are not actively looking for work,but are open to new opportunities.Talent ActivityCandidates look for good compensation,career progression,and work-life balancePercentage of talent actively seeking new job opportunities20232022Advancing Beyond Recovery:Talent in Asia 202314Employee reten

36、tion hinges on work-life balance,career progression,and company cultureThe most proactive job seekers are those aged 26-30,followed by those above 46 years old.Younger talent(aged 26-35)and female talent are also more likely to have switched jobs within the last three years.Except for those in Banki

37、ng,Financial Services&Insurance and Technology,Media&Telecommunications,all other respondents(40%)last moved jobs more than three years ago.This year,flexible working options ranked higher than job security and salary or benefits packages in terms of importanceindicative of the growing significance

38、of flexibility in the workplace.For those in the Industrial Manufacturing industry,safety at the workplace and confidence in the company and industrys future are also critical;those in Banking,Financial Services&Insurance look at external factors such as COVID-19s impact,recession,and inflation,as w

39、ell as job security concerns.As for age-mediated differences,younger people(26-30 years old)are more likely to stay with an employer because of salary or benefits packages;this age group and those between 31-35 years old are also more likely to stay when there are opportunities for career progressio

40、n within their organizations.Top motivating factors for talent when looking for a new jobBiggest motivating factors for staying with current employer2023202246%49%34%27%47%36%33%40%Work-life balanceManagement style and company cultureOpportunities for career progressionFlexible working optionsWork-l

41、ife balanceOpportunities for career progressionManagement style and company cultureSalary or benefit package59%18%15%40%23%Salary or benefit packageManagement style and company cultureLack of training or development opportunitiesLack of opportunities for career progressionPoor work-life balanceAdvan

42、cing Beyond Recovery:Talent in Asia 202315About 62%say their companies are currently actively recruiting,down from 82%last year but still making up the majority of employers.They are looking to fill vacancies in existing positions and new business units,and address the workforce demands of increasin

43、g innovation and introducing new strategies.Most employers expect their companies to increase hiring activities in the next six months.However,those in Electronics&Materials,Healthcare&Life Sciences,and Professional Services&Business Process Outsourcing expect it to remain the same or are unsure abo

44、ut their outlook.In the next six months,most employers(54%)also expect their operations to be mildly or moderately impacted by external factors such as COVID-19,a global recession,and increasing inflation.About 25%think they will be impacted or extremely impacted,16%do not expect to be affected,and

45、5%anticipate some positive impact.62%62%48%39%of employers say their companies are currently actively recruitingEmployer hiring activityactively recruitingincreased hiring activity in the past 6 monthsexpect to increase hiring activity in the next 6 monthsEmployer perspective:Ramping up hiring activ

46、ityAdvancing Beyond Recovery:Talent in Asia 202316The number of people who were satisfied or very satisfied with their compensation dropped to 39%in 2023 from 44%last year.This may seem counterintuitive,given that more people(65%)received a salary increase in the past 12 months than the year before(

47、49%).This discrepancy may be due to the fact that the majority of those who did not get a pay raise also did not receive any other benefits from their companies to compensate for stagnating salaries.Rising expectations may have also played a part,with almost half of the respondents saying their sala

48、ry increment expectations increased post-pandemic.Salary and CompensationMost talent are satisfied with compensation but disparities persistAdvancing Beyond Recovery:Talent in Asia 202317Still,talent in most industries are satisfied with their compensation.Those aged 36-45 are the most dissatisfied,

49、and more females than males are dissatisfied with their compensation packages.Only Banking,Financial Services&Insurance provided above-average salary increases at 18%(versus the overall average of 15%).Satisfied or very satisfiedNeutral Dissatisfied or very dissatisfied39%31%30%44%22%31%32%37%20%202

50、320212022Compensation by the numbers:Talent satisfaction with compensation package65%36%15%49%Received a salary increase in the past year (up from 49%last year)Expected salary increase when changing employers(from 31%in 2022)Average salary increase across industries (from 12%last year)Salary increme

51、nt expectations increased post-COVID-19Advancing Beyond Recovery:Talent in Asia 202318Salary increase by industry18%12%14%11%72%59%35%31%22%13%9%13%Banking,Financial Services&InsuranceIndustrial ManufacturingTechnology,Media&TelecommunicationsProfessional Services&Business Process OutsourcingSalary

52、and compensation Career development opportunity Management style and corporate cultureJob responsibilitiesLocationHealthcare&Life SciencesConsumer Goods,Retail&HospitalityElectronics&MaterialsCandidates want better compensationWhen considering new jobs,most talent expect to receive an average salary

53、 increase of 36%.Salary and compensation is also the biggest factor behind job change decisions.Factors jobseekers value most when considering a new job offer:Advancing Beyond Recovery:Talent in Asia 202319Annual incrementIncrement when switching jobsOur study found a lack of alignment between what

54、jobseekers and employees hope to receive on one hand,and what employers are willing to offer on the other.A majority(48%)of employers who dont plan to give salary increases are also unlikely to offer other benefits,but about 44%say they are willing to extend employee wellbeing perks,and 20%may provi

55、de more time off work.For the next six to twelve months,Banking,Financial Services&Insurance and Professional Services are expected to offer the most generous raises to their employees.Average salary increase employers are willing to offer in the next 6-12 months,by industryBanking,Financial Service

56、s&InsuranceProfessional Services&Business Process OutsourcingTechnology,Media&TelecommunicationsElectronics&MaterialsHealthcare&Life SciencesIndustrial ManufacturingConsumer Goods,Retail&Hospitality16%13%13%12%12%11%10%Employer perspective:Salary expectations mismatchEmployees who were satisfied wit

57、h their pay received increments of 15%on average.Most employers,however,expect to provide just a 13%increase in the coming yearMost jobseekers expect to get a 36%pay raise when moving to a new jobhigher than the 29%employers think is sufficient to attract talent.Advancing Beyond Recovery:Talent in A

58、sia 202320Average job offer salary increase by industryTechnology,Media&TelecommunicationsIndustrial ManufacturingHealthcare&Life SciencesProfessional Services&Business Process OutsourcingConsumer Goods,Retail&HospitalityElectronics&MaterialsBanking,Financial Services&Insurance35%40%30%34%27%32%24%3

59、2%27%30%29%29%27%26%Candidates expectationsEmployers offer(when hiring externally)For most industries,the salary increase they deem reasonable to offer to attract candidates when hiring externally is lower than what candidates expect to receive when changing jobs.The exceptions are Professional Serv

60、ices&Business Process Outsourcing and Electronics&Materials,which manage to match candidates expectations.Advancing Beyond Recovery:Talent in Asia 202321Majority of respondents(69%)believe they are most productive under hybrid work arrangements.Flexibility and Work-Life BalanceHybrid working models

61、are best for productivityTalent opinion on the working model most beneficial to their productivityHybrid work(a mix of working in the office and from home)Working in the officeWorking from home 69%21%10%Advancing Beyond Recovery:Talent in Asia 202322Good work-life balance overallTalent want more fle

62、xibility Majority of talent surveyed in India(54%)reported having good or very good work-life balance in the past year.The availability of flexible working options or benefits may have contributed to this:39%were offered hybrid arrangements combining working from home and in the office,31%had flexib

63、le working hours,and 19%were allowed to work from home completely.Hybrid topped the list of flexible work options that talent will look for when considering a new role(62%).Very goodAveragePoorVery poorGood17%32%9%6%36%62%58%37%33%32%Hybrid(work from home and office)arrangementsFlexible work hoursCo

64、mpensation for weekend work,overtime,or working on public holidaysCompetitive annual leave entitlementThe option to work remotely from other geographical locationsTalent rating of work-life balanceMost important flexible working options for candidates considering new rolesAdvancing Beyond Recovery:T

65、alent in Asia 202323Employers agree that productivity is highest under a hybrid model(the majority rated their productivity as“high”),followed by working in the office(the majority rated their productivity as“high”).Fully working from home is considered the arrangement least conducive to productivit

66、y(the majority rated their productivity as“medium”).Most employers(82%)also think hybrid arrangements will be the norm going forward.Candidates echo this sentiment:72%agree that hybrid arrangements will become commonplace,with the biggest believers coming from Technology,Media&Telecommunications(85%

67、),Professional Services&Business Process Outsourcing(69%),and Consumer Goods,Retail&Hospitality(69%).Employer perspective:82%Of employers think hybrid arrangements will be the norm going forwardAdvancing Beyond Recovery:Talent in Asia 202324An overwhelming majority of respondents(80%)are willing to

68、relocate to another country to meet their career expectations.While most talent(52%)say their desire to move abroad was not at all influenced by the pandemic,about 28%say their level of interest in relocating increased,and 19%say it decreased,because of COVID-19.MobilityAdvancing Beyond Recovery:Tal

69、ent in Asia 202325The top countries for possible relocationThe top considerations for moving abroad68%55%40%58%53%34%49%52%EuropeHigher salariesFaster career advancementSingaporeBetter benefits(other than salary)offeredLeading companies in their industry have headquarters or offices in those locatio

70、nsNorth AmericaHigher standard of livingAdvancing Beyond Recovery:Talent in Asia 202326Our survey found a mismatch between candidates and employers salary expectations.To manage this,talent may need to set more realistic expectations.Improving their skills may also give them a leg up in terms of emp

71、loyability,and can help justify asking for higher salaries and better benefits.Many organizations are also looking to innovate and digitalize,so brushing up on digital knowledge and skills can help candidates become more attractive.Recommendations for TalentManage expectations and upskillAdvancing B

72、eyond Recovery:Talent in Asia 202327Take advantage of employers optimismGet comfortable with hybrid workA majority of employers still expect to be impacted by threats including COVID-19,inflation,and a global recession;but an overwhelming majority have a positive outlook for the coming year.Employer

73、s across industries are actively recruiting and plan to increase their hiring activities in the coming months.Candidates searching for greener pastures may do well to take advantage of this optimism and start looking for new roles now.That the majority of respondents are actively looking for work is

74、 another reason to begin the job search before competition heats up.Both employers and candidates expect that hybrid work will become the norm moving forward.But greater flexibility comes with a bigger responsibility to stay on top of things without too much supervision.Talent can perform better whe

75、n they take the time to learn how to optimize their productivity while maintaining a good work-life balance under this arrangement.Advancing Beyond Recovery:Talent in Asia 202328Candidates look for good compensation,career advancement,and work-life balance when considering new roles.If talent salary

76、 expectations cannot be met,counter with more flexibility,well-being benefits,and opportunities to develop professionally.This works for employee retention as well,since work-life balance and career progression emerged as some of the top reasons for staying with an employer.Recommendations for Emplo

77、yersManage salary mismatches with flexibility,wellness,and professional growthAdvancing Beyond Recovery:Talent in Asia 202329Nurture company culture remotelyInnovate and transform to mitigate threatsWhether evaluating their current employer or considering a new job,talent in India think management s

78、tyle and corporate culture is important.But the rise of hybrid work and other flexible arrangements has created new conditions that may or may not mesh well with traditional ways of working.Organizations need to evolve in response to new norms.To this end,employers are encouraged to upskill their le

79、adership on how to cultivate corporate culture and manage employees well remotely.Despite the impacts of external forces such as COVID-19,inflation,and recessions,a vast majority of employers maintain a sunny outlook for their industry because they had survived most of the challenges of the pandemic

80、;and because of increased innovation,technological advancement,and digital transformation in their industries.Embracing innovation and digitalization can help strengthen organizations and,at the same time,make them more attractive to candidatesAdvancing Beyond Recovery:Talent in Asia 202330Focuses o

81、n senior executives to middle management search to fulfill organizational goals,strategic planning development and overall decision making that affects the entire business organization.Hires managerial and specialist positions who are essential to the real work of the business dealing with the peopl

82、e,customers and teams driving the business cross-functionally.They can also be considered developmental candidates for executive senior leadership positions.Fills a range of managerial,specialist and staff positions at Japanese companies that require Japanese language skills.Draws on a deep understa

83、nding of Japanese companies with a vast database of Japanese-speaking personnel to find the best candidates.22+years of historySpecialized across all industry sectors and job functions 10K+placements per yearWe find the best talent 17 cities in AsiaTo support your regional recruitment needsAbout RGF

84、RGF International Recruitment is the global brand of Recruit Group and provides total recruiting solutions of superior quality that advance the career opportunities of individuals at all levels.Through unrivaled service,dedication to the best recruitment solutions and a commitment to clients and can

85、didates,RGF has grown rapidly to become one of the largest regional networks with a presence in 17 cities across Asia driven by the aim of unleashing the potential of individuals and companies through consistently superior HR solutions.For more information,market insights,and advice on career and talent search requirements,please visit www.india.rgf-.Brands and servicesRGF Executive SearchRGF Professional RecruitmentRGF HR AgentAdvancing Beyond Recovery:Talent in Asia 202331