Recruitment Guide to South East Asia


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Recruitment Guide to South East Asia

  1. 1. Recruiter guide to... Asia Pacific CONTENTS Region looks full of 34 recruitment promise Connected Group 37 Opinion Simply Recruitment 38 Opinion JPA Opinion 41 Antal Opinion 43 Economies in the West still seem to be licking their wounds from the aftermath of the global financial crisis. Despite positive signals, overall growth is tentative to say the least, as business remains wary of the fragile state of the Eurozone and the inflation-making price of oil due to the situation in the Middle East. The Asian tigers, by contrast, appear to have woken from hibernation and are roaring at the world to come and join in their growth. Countries such as Hong Kong, Singapore, Vietnam, Taiwan, Thailand and of course China are witnessing a boom in the recruitment market and need experienced recruiters to help them meet their challenges. Recruiter’s Guide to Asia Pacific opens up the world of recruitment in the region and reveals the good — and the bad — points of working out there. Read their experiences and decide if the crouching tigers can unleash your hidden dragon... DeeDee Doke Editor, Guide to Asia Pacific9 March 11 Recruiter 33
  2. 2. Recruiter guide to... Asia PacificRegion looks full ofrecruitment promiseProspects for recruiters seem to be nearly as hot as the region’s manycountries. Kurt Jacobs investigates what the reality is for recruiterslooking to relocate and where the best opportunities are t’s the heat that hits first: aI blast that causes a sharp intake of breath in any European visitor stepping offat a South-East Asian airport. Andit’s not just the air that’s hot, forwhile the UK’s economy is frozenin near recession, Asia Pacific’swealth and recruitment sector arerising like mercury. Last year the region’s economyexpanded by 8.6%. It ispredicted that during 2011, AsiaPacific’s rush for growth willbarely break stride at 7.6%. “It’s going gangbusters.Recruitment here is an incrediblydynamic industry,” says StevenYeong, of Singaporeanrecruitment training consultancyHof. “Yes, the credit crunch hit theregion, but within four months theeconomy was growing againacross a range of sectors — IT,financial services, manufacturing,green tech.” “Asia Pacific is growing at anincredible rate,” adds JohnHunter, who has worked acrossthe region and is now developinga presence there for RedgravePartners. “It’s driven in part bythe global shift of power fromNorth America and Europe, andpartly because recruitment hereis still a relatively immaturemarket.” Although the region’srecruitment market is spreadacross more than 20 countries Lmost high-level work is handled34 Recruiter 9 March 11
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  4. 4. OPINION Asia Connection – The markets in Asia are currently booming Mathew Gollop, Group Managing Director of ConnectedGroup talks about the region and the company’s growth and challenges I arrived in Hong Kong in February 2001 to join business. Emerging markets by definition are We look for people that are motivated by how ConnectedGroup. My plane landed as the dot highly entrepreneurial and with a commitment they can develop their career as opposed to com bubble burst, and following the a to building meaningful relationships and just the opportunity to work overseas. The management buy-out 12 months later, which I seeking to add value at every turn the results markets are busy but they are highly led, we weathered a prolonged downturn which are rewarding. As an example, in the last competitive and need people with that included the impact of SARS. By 2003 a month we have: commercial edge to really make a difference. significant corner was turned, where we began We generally recruit more experienced – sat at the Boardroom table with a multi-billion a growth trajectory from seven people in one consultants and this translates into the quality (US$) Hong Kong company on a global office to eighty five across five offices which of our delivery and how we are perceived by acquisition spree, we worked exclusively on gave a geographical reach of Asia and the hiring across the top tier of three new our clients. Our company page on LinkedIn Middle East by mid 2008. The recent Global additional organisational charts. shows that 60% of people at ConnectedGroup crisis has again brought its challenges which possess five to10 years experience compared have been overcome by acquiring new investors. – worked closely with a new China focused to 38% of similar companies. Operating in an This enabled us to rebuild and also restructure to private equity fund which aims to be worth environment of experienced peers makes a become our strongest team yet with an US$20bn in value in 10 years, and started big difference to your personal development. exceptional and optimistic outlook as we ride the hiring the core operational team. upturn. ConnectedGroup as now at a ‘moment in – advised a €65m pre-IPO ecommerce business Asian markets are challenging in many ways. time’ – one of those points in history where it can on how to structure their management team You need to be professionally aggressive without be a career defining choice to be involved. and, as a result, received exclusive searches being personally aggressive and have an open for two roles and gotten a foot in the door to mind to understand some of the cultural Running ConnectedGroup has given me the grow with the business and work directly with subtleties that shape the business dynamic. opportunity to work across a broad range of industry verticals including banking the founder. (investment and commercial/retail), Hong Kong and Singapore are amazing places manufacturing, supply chain, consumer, In order to meet our goal of growing to 200-250 to live being convenient, safe and lively. With technology, healthcare and professional staff in the next three years our leadership team access to such a diverse range of social, services to name a few which have then needs to be released and enabled to bring historical and natural experiences very few cascaded down into fully operational significant value as both people and business places in the world compare. Combine this practices. This has given me a good overview developers. This is why we are working on with the highly competitive tax environment of how the region is structured in terms of evolving our internal talent plus recruiting current and if you can deal with the distance from industry focus in addition to the cultural and future leaders that will help us shape the home then its hard to think why you would be differences that exist. future. If you work for a big brand then the name anywhere else right now. above the door tells you what you need to know The region offers a real opportunity to truly about the culture – at ConnectedGroup we are all consult as opposed to simply transact involved in defining the culture for ourselves. Mathew Gollop, Group Managing Director, ConnectedGroup T : +852 3972 5874 F : +852 3972 5897 E : Visit us at www.connectedgroup.com9 March 11 Recruiter 37
  5. 5. COMMUNITY CONTENT OPINION Asian Focus Overview of Marketplace and Sectors Jackie Rees, Simply Recruitment f you’re considering a move to Asia then there Hong Kong it’s a flat rate of 15% and in Singapore highly sought after. Other areas in demand are I is no better time. As a recruiter you’ll be delighted to hear that whilst Asia’s economy took a big dip during the recession, it was there’s a sliding scale up to a maximum of 20%. Cost of living is fairly high but you can still enjoy a great standard of living. And it’s not just the IT and T, Digital, Sales, Marketing and Legal. Solid experience really means that you can demonstrate your knowledge in your market amongst the first to recover. place for single people; families also relocate sector and have a steady track record of and settle well too. developing business within it. For all overseas So why Asia? hires a stable employment background is There are many good reasons to explore the What about the language and necessary although there is obviously an Asian market for your next career move. There how dominated is the understanding that the last couple of years is certainly money to be made but it’s not all recruitment industry with have proved to be a challenge for many. about the money. The Asian market is typically a little less mature and that creates opportunity. Westerners? The process? What that means to you is the chance to operate The senior management level within recruitment Gaining a position in Asia can be relatively at a more senior level than you’re exposed to in in Asia is fairly top heavy with Westerners but straightforward and amazingly quick so make the UK, to be more consultative and less below that there’s a fairly even split between sure you have considered the move carefully (and transactional with your clients and to enrich your locals and expats. Most businesses work hard what you will do with your house, car etc) before career and life by spending time in a completely to gain a balance and in an ideal world their staff you start the ball rolling. Typically you will have different culture. Other benefits include the would all speak the local language. It’s easier two or three telephone and/or Skype opportunity to be central to a whole new for English speakers in Singapore than places conversations, and you will need to give two continent to explore in your free time and let’s like Hong Kong, but certain industry sectors referees who can be contacted by phone. Within not forget the climate! throughout Asia can accommodate them more a couple of weeks an offer could be made without readily. However, not speaking the language will you ever stepping foot into Asia. Think this But what does working in Asia not get in the way of success if you are able and through carefully though as you want to make the really mean to a UK recruiter? willing to overcome the cultural sensitivities: it right choice. It might be in your interest to plan a The biggest difference is of course the culture might just take a bit longer. holiday to make sure you know what you’re and what that means to you is that you will signing up for. At a more senior level you may be need to be sensitive to the differences and be Who is in demand and where flown in for the last stage but this isn’t always the happy to adapt your style accordingly. Since are the opportunities? case. Relocation is not always a given either so the recruitment market is less mature and far Experienced recruitment consultants are don’t expect it and certainly budget without it. more relationship focused, if you are a hard- highly sought after and in Asia there’s also a Visas take between two and six weeks to come nosed recruiter who wants everything shortage of strong mid to senior managers. In through and can accommodate both you and yesterday, it might not be for you. If on the fact, Asia has been struggling with talent partner/families as appropriate. So within two other hand you understand that relationships shortages for 15 years and it’s still one of the months you could find yourself sitting in a new air take work and time but can result in a loyal major constraints to business growth. You will conditioned office wondering what delicacy to and committed client base, this could be the need to have at least three years’ solid have for lunch! perfect next step to springboard your career. recruitment experience and since so much of Food for thought isn’t it?? The income tax levels are another major the economies’ GDP’s are made up of Financial attraction to the UK recruiter. For example in Services, a background in this area will be To discuss your situation and get an idea about what the Asian market can offer you contact Jackie Rees at Simply Recruitment Recruiter 9 March 11
  6. 6. OPINION JPA: perfectly positioned to help you exceed your boundaries in recruitment Robin Clarke, Director, JPA Asia Pacific Pty LTD ince 2004, JPA has successfully relocated To be able to work in Singapore and Hong Kong it When you’re looking to get away from the S hundreds of experienced UK-based recruitment consultants to Asia and Australasia. is essential to hold a work permit and in both locations it is advantageous to have a degree coupled with the essential recruitment corporate life, both Hong Kong and Singapore have expansive areas of countryside, which are in complete contrast to the modern and built-up experience. However, should you have sufficient atmosphere of the cities. Here, you are free to Within Asia we have placed experienced experience there is less of a necessity to have a relax and enjoy the stunning views, and be recruiters in Hong Kong, Singapore and Tokyo degree to gain a visa in the Hong Kong market. reminded of the historic background upon which across a variety of sectors. We have these two nations were built. relationships with major national, international What are the Hong Kong and and boutique brands. We have the ability and the Singapore recruitment Despite being an appealing place to live, with know-how to initiate the process before your plenty of attractions, stunning views and good departure from the UK, which gives you peace of markets like to work in? food, Hong Kong and Singapore are expensive mind knowing you have a role secured, or will The markets are fast paced and it is very place to live. Renting and accommodation can have had or will have interviews arranged for competitive between the different consultancies be extremely expensive; often prices are higher your arrival. – a mixture of national, international and than London. boutique brands. The HK and Singapore markets At JPA, we look to partner with recruiters who are very relationship-based and a consultative Hong Kong and Singapore both have very are serious about a move overseas because, just approach is needed to gain trust from clients. favourable tax systems, which will give you the like our clients, we want recruiters who are not opportunity to achieve very lucrative earnings only moving for a lifestyle change but primarily to The Chinese attach particular importance to and in turn lead an affluent lifestyle. further their careers. relationships in business, and it is natural that many new friendships are formed through work We would advise anyone who moves to these Why consider Hong Kong both with clients and candidates. As such, the countries to take cultural differences into or Singapore? ability to network and socialise is key to success consideration. It will obviously take a period of within the HK and Singapore markets; expect to time to settle in but once you do you will enjoy a As two of the world’s major financial centres, be socialising hard as well as working hard. fantastic lifestyle, and at the same time develop both have fast-growing, free-trade economies your career in a buoyant and ever-growing and excellent financial infrastructures. There is a strong ‘ex-pat’ community and within economy. Hong Kong is seen as the gateway into the vast many recruitment businesses a large proportion Chinese market and Singapore has declared of the consultants will be from overseas markets, itself as one of the fastest growing economies in although it is essential to integrate yourself into If you have a strong recruitment background the world. the local culture and working environment. within the UK, and are looking to explore a move In both markets English is spoken as the primary overseas, JPA will talk you through the In similar fashion to Australia, the economies of business language, although you will need to be opportunities which suit your needs. We will also Hong Kong and Singapore are very buoyant, with mindful of some cultural differences when offer advice on salaries and how the process of not enough recruiters to meet the demand. dealing with and entertaining clients. relocating to these countries can work for you. Therefore we are currently dealing with a large With close client relationships across a wide number of mandates from clients in both Hong What is it like to live in HK Asia-Pacific network, coupled with more than a Kong and Singapore that are wanting to hire experienced contingent and search consultants, and Singapore? decade’s experience in successfully introducing clients to candidates, JPA is perfectly poised to team leaders and managers primarily in the IT, Both are renowned for their spectacular skyline help you make that move and exceed your accountancy & finance, financial services, HR and bright lights. Hong Kong and Singapore are boundaries in recruitment. and legal sectors. vibrant cities and offer great nightlife. To find out more about recruitment roles overseas in Asia or Australasia, please contact Alice McKeown in JPA’s London office 0207 821 4822 or Robin Clarke, Director of JPA Asia Pacific, on +612 8249 4033 www.j-p-a.asia9 March 11 Recruiter 41
  7. 7. OPINION China for the New Year: in at the deep end Antal International’s Sarah Jones reports on the Shanghai experience Sarah, can you tell us world’s front line. There is more happening here few basic phrases. It shows a level of respect right now than in any other market in the world and effort that Chinese nationals really warm to. something about your and Shanghai is right at the forefront of the background and how you’ve country’s economic development. With nearly 20 ended up in Shanghai? What is the working million people it’s now China’s most populous city Originally from Sussex I did a marketing degree and almost certainly its most exciting one. environment like on a at university and then fell into recruitment, There’s a real buzz and energy about the place day-to-day basis? initially working for a large IT recruiter. I then set that makes New York feel positively sleepy and Very fast moving, very challenging but very up a media division for another recruitment uncool by comparison. So, let’s face it, how rewarding. There is a huge demand for talent specialist before getting the opportunity to make could I say no? from both international and local companies and, more use of my academic training by joining if you can satisfy it, you can carve a real niche Antal International. I initially worked with chief for yourself here and build, not just a successful Nowhere is ever perfect though, executive, Tony Goodwin, and group managing desk but a complete business. Having said that I director, Graeme Read, to create an in-house Sarah. What’s it really like think it’s very important that you come to China marketing function and was then asked to move under the glitz? with the right organisation. There are a lot of to the franchise arm of the business to help with Everyone here is in a hurry to get to where overseas recruitment companies trying to jump its international expansion. After five years with they’re going and get things done, and it can all on the China bandwagon at the moment and a the company I decided I wanted to do the be a bit exhausting, particularly in the first few fair few are falling straight off again. Antal has travelling I’d missed out on before and took weeks. Just negotiating the commute from been here for over a dozen years now and has nearly two years out before coming back into a apartment to office sometimes leaves me as over 150 fee earners spread across its offices in role supporting the training and development of bruised and battered as if I’d done a couple of Shanghai and Beijing. It means we have the sort franchisees around the world. It was a great rounds with David Haye. It’s also still very of experience and contacts that many of our experience and a lot of fun, but before long I felt bureaucratic. For example, I had nightmares competitors can only dream about. the need to get back to the front line and start getting my visa as the application forms changed generating revenue myself again rather than at the last minute — several days after I’d What advice would you give to helping others to do it. It was then that the completed and submitted them. And while English is becoming increasingly important, the a recruiter thinking about a company suggested a move to its Shanghai office to handle recruitment in the media and great majority of people still don’t speak it move to China? communications sectors. outside of the business world, so some Get used to eating with chopsticks. Get used to knowledge of Chinese is vital. Antal has a working like a lunatic. Buy into Chinese culture. fantastic internal network and I used that to find And most of all, don’t hesitate. If you are really A lot of recruiters would be a really good local tutor who has already got me serious about your career, this is the place to be hard pressed to point out up to a reasonable level, even though I’ve only over the next few years. Shanghai on a map, let alone been here since January. Some expatriates do move there. What attracted you seem to get by without learning the language but to the city? I think that showing you are making the effort I said I wanted to get back to the front line and makes all the difference. People are very it’s no exaggeration to say that China is now the impressed, even if you can just come out with a For more information about opportunities in China or with Antal in over 30 countries, contact James Darlington on +86 10 6410 8866 ext. 211 or email or for global opportunities with Antal email prc@antal.com9 March 11 Recruiter 43
  8. 8. Recruiter guide to... Asia Pacific Chris Arnold, managing consultant, Proco Multinationals increasingly feel they must have a presence in Asia, and wherever the money goes, recruiters followLthrough Singapore and Hong setting up a 10-strong office in of Kelly Services in Singapore.Kong, two city-island states which Hong Kong, and plans to open in “It’s because Singapore isconduct a 1,600 mile love-hate Singapore and then Shanghai. Its winning the reputation as therelationship, but in truth work managing consultant Chris easiest place in Asia in which toclosely and interchangeably. Arnold says that multinationals do business. We’re seeing lots of Most international recruiters — increasingly feel they must have a businesses move operations fromsuch as Kelly, Robert Walters, presence in Asia and “wherever Australia to here. It’s generallyHays, Adecco and Michael Page the money goes, recruiters seen that if you want to be in Asia— have strong presences in follow”. you have to be in Singapore.”either one or both cities, but do Although some consolidation is “It’s a well-worn path,” addsnot hold the same market taking place the small and Guy Day, chief executive ofdominance as they do in Europe middle recruiter market remains Ambition, which has establishedor North America. strong: to be a recruiter in offices in both Hong Kong and Some larger players cut staff Singapore or Hong Kong is Singapore. “There’s a view thatduring the global recession and usually to work in one of London is going to be a long sloghave yet to return to previous hundreds of small agencies, often to recovery, so let’s go to Asia andstrengths. However, there has created by established expats, make some money there.been a rush to stake claims in taking advantage of a market that “But it’s not that easy — it takesboth cities in recent months, with puts great reliance on personal time to build a presence, and it’srecruiters such as search relationships and where the idea only after three or four years thatspecialist Green Park and middle of a preferred supplier is still in its clients start to take you recruiter Argyll infancy. There are not that many ChineseScott, a subsidiary of Redgrave “Although there are many recruiters in Hong Kong orPartners, opening in Singapore. recruiters here there’s increasing Shanghai, so we have to train Meanwhile Proco, the supply pressure on the mid-tier,” says people up from an earlier stagechain leader search firm, is Mark Sparrow, managing director in their career, but you can’t drop Downtown Hong KongA recruiter’s life building relationships in Asia PacificA recruiter who has learned his or her trade in the Western would typically earn twice that of his counterpart in Singapore,school of hard sell, fast talking and quick deals will have to and four times that of a peer in Kuala Lumpur. Now a Londoneradapt sharpish to the intimate style of business in Asia Pacific. and a Singaporean would be on a fairly even footing. “Getting on here is all about developing relationships,” says Where those working in Asia Pacific really benefit, though, isRobert Walters managing director Andrea Ross, whose patch via low levels of tax. Even the highest earning recruiters arecovers Singapore and Malaysia. unlikely to pay more than 20% tax in Singapore, while in Hong “You have to adopt a long-term strategy in building Kong income is taxed after rent — usually the biggest singleconnections — rounds of golf, restaurant meals after work.You outgoing — with sizable tax free allowances and income taxhave to be a mature, more traditional recruiter willing to spend levels rarely rising above 15%: some pay as little as five%.time getting to know people.” The numbers of expats working in Asia Pacific varies greatly What most recruitment firms in Asia Pacific look for from between nations. For example, more than a third of Singapore’spotential employees is sensitivity and staying power: population is foreign-born, while in Hong Kong they accountunderstanding and respecting a different business culture and for less than 5% despite it having been a British colony until 14an intention to stay more than a few years. years ago. Kelly’s Mark Sparrow adds: “The impetus is on building Hong Kong is the faster, racier of the three main Asia Pacificrelationships. If you come here for quick gains you may get one recruitment centres, typically appealing to 20 somethings whoor two successes but you’ll eventually fail. The people that enjoy a work hard, play hard attitude. Singapore, meanwhile, isthrive are those that take time to build relationships.Viewed called the Switzerland of Asia because it is ordered, safe,from the UK, Asia Pacific might appear to be a backwater of clean, and appeals to those with families.recruitment. The truth is that it works in a different way, and is The main criteria for working in Japan, says Swan, isas dynamic and sophisticated as any other part of the world.” cultural: willingness to adapt and identify with the way of life is Wage levels in the region vary widely, but as the industry critical. Indeed many of his staff come from those who havematures they are coming into line with those of the UK. gone to Japan to teach English and turn to recruiting as a way of Robert Walters’ David Swan says in Japan commissions for staying in the country. “It may be traditional recruiting butlarge international deals are considerable — between 30% and working in South Asia means long hours,” says Ross. “It’s not45%. Hunter adds that five years ago a recruiter in London finishing in the office for tennis at six. It’s hard work.”44 Recruiter 9 March 11
  9. 9. Dilal Ranasinghe, managing John Hunter, Redgrave director, Argyll Scott Partners This is a very relationship- Asia Pacific is driven in part driven market. People don’t by the global shift of power like being sold to, and from North America and certainly don’t like pressure Europe selling Market your individuality “The thing that really cripples you in Hong Kong is the social life,” says Dilal Ranasinghe. “It’s so easy to go out — if you want to make money keep a cap on your social life.” Ranasinghe, managing director of Argyll Scott’s commerce division, moved to Hong Kong with his partner three years ago. He had been partly brought up in Asia and, after starting his career in London, decided he wanted to move there again. He says one of the biggest adaptations he has had to make is in technique: “This is a very relationship-driven market. People don’t like being sold to, and certainly don’t like pressure selling. “One of the first things any client wants to know is how long you’ve been in Asia. If you can say three to six years you can see them relax and open up. If you say you’ve just arrived they’ll grill you. Hong Kong and Singapore are such transient cities, and they want to make sure any relationship they develop is for the longer term.” Ranasinghe says successful recruiters in Asia Pacific market themselves as individual brands rather than as parts of a corporation. Despite its dynamism and transience, Hong Kong is a small market where everyone knows everyone anda lot of foreigners on the market Pacific than Singapore, Hong personal recommendation carries weight.and expect the operation to fly.” Kong and Tokyo. Increasingly There is one downside to working in Hong Kong: it is not a Many senior recruiters working recruiters are servicing other job for those who like their beauty sleep: “Recruiters in Hongin Asia Pacific have the phrase nations directly as their Kong work longer hours than counterparts in the UK or US. It’s‘ex-Japan’ slipped quietly into economies modernise. For partly because they have to take calls from other parts of thetheir job titles, a quiet admission example, late last year Robert world, which means they’re regularly working until 7.30-8pm.that the Japanese market is Walters opened an office in South Fortunately, locals in Hong Kong are not morning people.”distinct from other parts of the Korea, while technical recruiterregion. Fircroft has recently opened in In comparison with the both Malaysia and Thailand.rocketing growth of the rest of Vietnam’s economy is growingthe region Japan is struggling, at 6.5%, driven by a The great opportunity, though, with challenges and one in whichafter two decades, to recover the manufacturing economy, and has in Asia Pacific is China. Up to now a number of recruiters have haddrive that made it a post-war been forecast to become the most recruiters trying to break their fingers burnt. The mainlandeconomic miracle. Ironically this fastest growing of all Asia Pacific into the People’s Republic have does not use English as its mainmakes its recruitment market a nations by 2025. been content to use Hong Kong business language — indeed itsrather promising one. That has been matched by 7% as a stepping stone and Beijing Mandarin is very different from “Compared with Europe or growth in Malaysia as it switches as their great leap forward into Hong Kong’s Cantonese. NorNorth America the Japanese from an economy based on China proper. does it use the English legalrecruitment market is agriculture to one on technology But, says James Bennett, system adopted by Singaporeunderdeveloped,” says David and financial services. managing director of and Hong Kong.Swan, Robert Walters’ managing Meanwhile, the third Asian in Asia, “It’s actually quite hard todirector in Japan and South tiger, South Korea — which did there is now interest in cities such place non-mainland Chinese inKorea. not go into recession during the as Shenzhen and Shanghai, cities like Beijing and Shanghai, “Recruitment, in the past, was credit crunch — is clawing ahead particularly for financial services. even from Singapore, Taiwanbased around jobs for life. with aggressive exports of “It’s no secret Shanghai intends and Hong Kong,” he adds. “A lotPeople joined a business, were electronics, textiles, ships and becoming a global financial of mainland Chinese have beentried out in various roles and cars. centre by 2026,” he adds. “The overseas to university and arethen promoted internally. It Taiwan, the final tiger, is thing they really need is talent: starting to fill senior roles likemeant there wasn’t much showing its stripes with an there’s a great opportunity for managers and accountants.recruiting taking place. That’s economy that grew by 10% last recruiters to help deepen that It’s also difficult to get seniornow changing but it’s still a year as it moves from pool.” people to relocate to thestrong element –– and South manufacturing towards services, Ambition’s Day says that mainland because wages areKorea is 10 years behind that.” technology and creative although there is growing interest often well below their levels However, there is more to Asia industries. in mainland China, it is a market of expectation.”9 March 11 Recruiter 45