The Antal International ‘Global Snapshot’ is a quarterly survey of hiring (and firing) trends in some of the world’s most important employment markets and in those likely to join this group over the coming decade.
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Global Snapshot Winter 2009 Final
1. ––––––– ––––––– –––– –––
Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
The Antal International ‘Global Snapshot’
The Antal International ‘Global Snapshot’ is a quarterly survey
+44 (0)870 770 1606
UK
of hiring (and firing) trends in some of the world’s most
+32 (0)2 719 04 85
Belgium
+55 62 8131 7723
Brazil important employment markets and in those likely to join this
+359 2 9523660
Bulgaria group over the coming decade. This second report in the
+86(10) 6410 8866
China series, covering the winter of 2008/09, is based upon material
+385 1 4576 200
Croatia
sourced from over 2700 businesses in commerce, industry
+20 2 3337 4663
Egypt
and the financial services sector in 107 countries on four
+33 (0) 143 49 52 21
France
continents.
+49 69 976 750
Germany
+233 277 551 561
Ghana
+36 1 336 2414
Hungary
+91 (0)22 4010 8100
India
+39 02 80 60 601
Italy
+352 276 26 701
Luxembourg
+356 27 377443
Malta
+31 (0) 20 751 6100
Netherlands
+234 1 741 4783
Nigeria
+00 92 21 4312155
Pakistan
+63 2 479 1859
Philippines
+48 22 58 36 800
Poland
+4 031 6201 025
Romania
+7 (495) 935 8606
Russia
+65 6622 5570
Singapore
+27 11 455 2744
South Africa
+34 91 310 60 15
Spain
+00 41 (0)71912 4850
Switzerland
+9 0212 244 08 41
Turkey
+971 4 397 4541
UAE We hope that you find it both interesting and useful.
Tony Goodwin
Chairman and CEO
Antal International
snapshot@antal.com www.antal.com 1
INTRODUCTION
2. ––––––– ––––––– –––– –––
Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
About Antal International
+44 (0)870 770 1606
UK Founded in 1993, Antal International is a management and
+32 (0)2 719 04 85
Belgium
professional recruitment specialist with a particular focus on
+55 62 8131 7723
Brazil
the sourcing and retention of candidates at middle and
+359 2 9523660
Bulgaria
senior level. One of the first recruitment organisations to
+86(10) 6410 8866
China
+385 1 4576 200 devote substantial resources to emerging markets, the
Croatia
+20 2 3337 4663
Egypt company now has 52 offices in 28 countries and works with
+33 (0) 143 49 52 21
France many of the world’s most successful and ambitious multi-
+49 69 976 750
Germany nationals.
+233 277 551 561
Ghana
+36 1 336 2414
Hungary
+91 (0)22 4010 8100
India
+39 02 80 60 601
Italy
+352 276 26 701
Luxembourg
+356 27 377443
Malta
+31 (0) 20 751 6100
Netherlands
+234 1 741 4783
Nigeria
+00 92 21 4312155
Pakistan
+63 2 479 1859
Philippines
+48 22 58 36 800
Poland
+4 031 6201 025
Romania
Methodology
+7 (495) 935 8606
Russia
+65 6622 5570
Singapore This edition of the Antal
+27 11 455 2744
South Africa
International ‘Global Snapshot’
+34 91 310 60 15
Spain
is based upon survey forms
+00 41 (0)71912 4850
Switzerland
and telephone interviews
+9 0212 244 08 41
Turkey
+971 4 397 4541
UAE completed by line and HR
managers in 2762 companies,
professional partnerships and
financial institutions across 107 countries in the winter of
2008/09. In-depth information is provided on 23 key
employment markets.
Each respondent was asked whether they were currently
hiring or letting go professional/managerial staff and whether
they intended to over the coming quarter. All respondents
were guaranteed anonymity to encourage open and honest
answers.
snapshot@antal.com www.antal.com 2
ABOUT ANTAL
3. ––––––– ––––––– –––– –––
Winter 2008/2009
The Global Snapshot
––––––– ––––––– –––– –––
A survey of hiring and firing trends in key employment markets around the world
Germany
Germany
Currently hiring at managerial/professional level
Despite the fact that the global downturn has now hit the
Reflecting the fact levelsGermany has activity arerelatively
German economy, that of recruitment been left actually
Expect to hire at managerial/professional level over the coming quarter
unscathed by they‘credit crunch’, employers with 81% of
higher than the were in the autumn in the country
Currently letting people go at managerial/professional level
are recruiting looking for managerial and professional level
respondents heavily at staff
andopposed to 57% lastdemand for such staff will actually
as are expecting that quarter. However there are some Expect to let people go at managerial/professional level over the coming quarter
increase uncertainty about the early part of 2009 with only
signs of over the next quarter.
64% of those questioned expecting to hire during this time.
Hiring plans are particularly positive in the country in
Western Europe
the key discipline of engineering
UK
Hiring activity in the UK is down slightly on the previous
quarter with 28% of respondents currently seeking staff at
managerial and professional level in contrast to 31% in the
autumn. Optimism about the future also seems to have
Germany
been eroded with only 18% expecting to hire over the next
three months, down from 48% last time. However, the
effects of the general downturn are by no means uniform.
The market for senior sales and marketing professionals,
for example, appears to be particularly active, perhaps due
to a desire get the most out of this key business function by
UK
recruiting and retaining high quality staff.
The survey helped to give credence to the perception that UK
the country is experiencing a downturn in economic activity
Netherlands is feeding into the demand for managerial and
and that this
Despite predictionsHowever the polleconomy will two into
professional staff. that the Dutch did produce fall key
recession in 2009, it appears better placed topicture. First,
findings which qualify this generally gloomy weather the
storm than do appear its European Union about the future
employers many of relatively optimistic partners. As a
resultare consequently expecting to ramp up their hiring
and current and future hiring intentions remain relatively
Scotland
positive, the year progresses. And secondly, medium-sized
plans as particularly amongst smaller and the hiring and
companies that are no means a uniform the downturn the
firing picture is by taking advantage of one. Whilst to
seize market and property sectors and certain parts larger
construction share and high quality staff from their of the
counterparts. Thereindustry are suffering a real crisisthe
financial services are also signs that businesses in of
country are organisations in other areas suchout’ telecoms
confidence, in the process of ‘clearing as weaker
members of their generally positive about hiring.
and technology are management teams right across the
Netherlands
spectrum.
Spain
The well-publicised troubles of the Spanish economy are
now being reflected in the jobs market with current hiring
intentions dropping sharply from 63% in the autumn to 31%
now and future hiring plans down from 50% to 22%.
Spain
Italy
Hiring at managerial/professional level was looking
considerably healthy in the poll in the autumn of 2008, yet
Spain
in the current climate this has dropped from 73% to 51%.
Although wellItaly the downturn has businesses an increase
However, for over half of Spanish not meant questioned Italy
arefiring since autumn the deteriorating economy and a
in currently hiring, resulting in relative stability across
slowing ofjobs marketplace. seem set to bite into the
the senior growth in GDP
managerial/professional employment market next quarter
Switzerland
unless the government can take strong remedial action as a
matter of urgency.
The figures reflect a relatively static market at present, but
suggest a more positive outlook for hiring and a drop in the
shedding of professional and managerial staff over the
Italy Switzerland
coming months.
Whilst Italy shares many economic and social
characteristics with Spain, the employment market for
Malta
Current and future hiring intentions in Malta appearspositive
managers and professionals in the country remain to be a
although there are one. relatively employers questioned
much more healthy a 47% of high percentage of
believed that trends for intending to shed professional and
business were positive, 29% that
businesses on the island Malta
managerial staff. and only 23% felt that they were negative.
they were stable
snapshot@antal.com www.antal.com
snapshot@antal.com Western Europe 3
4. Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
Western Europe
UK Currently hiring at managerial/professional level
Hiring activity in the UK is down slightly on the previous Expect to hire at managerial/professional level over the coming quarter
Sector Analysis
quarter with 28% of respondents currently seeking staff at
Currently letting people go at managerial/professional level
managerial and professional level in contrast to 31% in the
autumn. Optimism about the future also seems to have Expect to let people go at managerial/professional level over the coming quarter
been eroded with only 18% expecting to hire over the next
three months, down from 48% last time. However, the
effects of the general downturn are by no means uniform.
The market for senior sales and marketing professionals,
UK by Sector
for example, appears to be particularly active, perhaps due
to a desire get the most out of this key business function by
recruiting and retaining high quality staff.
Energy,
Renewable,
Netherlands
Oil and Gas
Despite predictions that the Dutch economy will fall into
recession in 2009, it appears better placed to weather the
storm than many of its European Union partners. As a
result current and future hiring intentions remain relatively
Financial Services
positive, particularly amongst smaller and medium-sized
companies that are taking advantage of the downturn to
seize market share and high quality staff from their larger
counterparts. There are also signs that businesses in the
IT and Telecoms
country are in the process of ‘clearing out’ weaker
members of their management teams right across the
spectrum.
IT Contract
Sales and Marketing
The Netherlands by Sector
Accounting and finance
Sales & Marketing
IT and Technology
Energy
3
www.antal.com Western Europe 4
snapshot@antal.com
5. Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
Hungary Currently hiring at managerial/professional level
Expect to hire at managerial/professional level over the coming quarter
Hungary ran into major economic problems shortly after the
publication of our last survey in the autumn, leading to an
Currently letting people go at managerial/professional level
IMF-led rescue loan of over $25 billion. As a result of the
Expect to let people go at managerial/professional level over the coming quarter
turmoil hiring levels are down – from 74% to 45% -
although 50% firmly intend to hire over the next quarter in
comparison to 59% in the autumn.
Poland
Eastern Europe and Eurasia
Even Eastern Europe’s most successful economy has been
hit by the downturn with current hiring levels down from
93% in the autumn to 60% now and the percentage of
organisations expecting to recruit in the coming quarter
dropping from 63% to 54%. However the employment
market is still relatively robust and the general consensus is
that the country will escape the worst effects of the financial
Hungary
storm thanks to healthy domestic consumption, a strong
banking sector and a well-balanced economy less reliant on
exports than many of its neighbours.
Bulgaria
Hiring levels in Bulgaria have dropped dramatically over the Poland
last quarter from 89% to 28% and intentions to recruit in the
next three months from 90% to 29%. However this is, to
some extent countered by an equally significant reduction
in the shedding of professional and managerial staff from
49% in the autumn to only 4% now, whilst none of the
businesses questioned expressed an expectation that they Bulgaria
would further reduce staffing levels in the coming quarter.
Romania
In sharp contrast to most other countries featured in this
report, Romania is showing a significant increase in hiring
levels – up from 37% in the autumn to 54% now – although
Romania
the current employment drive may mean that these high
levels drop over the coming three months.
Croatia
Croatia is one of the few other countries to join Romania
experiencing an upsurge in recruitment with 58% of
Croatia
businesses currently hiring in comparison to 41% in the
autumn. Many of the employers questioned continued to
complain about the shortage of good professional and
managerial staff, particularly in highly technical areas such
as IT and engineering, and of the spiralling levels of pay
expected by the best candidates.
Turkey
Turkey
Despite the fact that demand for qualified and able
managers and professionals is still exceeding supply hiring
levels are down, albeit slightly from 73% in the autumn to
60% this winter. Overall, however, the employment market
in Turkey remains relatively buoyant. Russia
Russia
Russia is not in recession, but it has experienced some of
the effects of the economic downturn in other markets.
Certain disciplines and industry sectors have been affected
and others less so. Investment banking has been very
volatile and there has been a significant outflow of talent in
this area with bleak prospects for the intermediate future.
Construction, being heavily reliant on financing, has also
seen significant problems relating to the lack of credit, as
have retail chains that have traditionally financed
aggressive regional expansion through debt. Large western
IT vendors are treating the market very cautiously, however
to take up the slack many medium and small companies in
the IT sector are actually expanding.
Eastern Europe 5
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snapshot@antal.com
6. ––––––– ––––––– –––– –––
Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
Eastern Europe and Eurasia Currently hiring at managerial/professional level
Sector Analysis Expect to hire at managerial/professional level over the coming quarter
Currently letting people go at managerial/professional level
Expect to let people go at managerial/professional level over the coming quarter
Poland by Sector
Accounting and
Finance
Legal
Banking
Sales and Marketing
IT and Telecoms
Manufacturing
and Technology
FMCG
Pharmacy
OGE
HR
Russia by Sector
IT
Sales and Marketing
Banking and Finance
FMCG
snapshot@antal.com www.antal.com Eastern Europe 6
7. Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
Currently hiring at managerial/professional level
Expect to hire at managerial/professional level over the coming quarter
Currently letting people go at managerial/professional level
Expect to let people go at managerial/professional level over the coming quarter
Latin America, Africa and the Middle East
Brazil
Brazil, the region's largest economy, has now pumped tens
of billions of dollars into shoring up its currency and once-
Brazil
booming housing and automotive sectors, while
announcing an additional $3.6 billion in tax cuts, along with
$10 billion in credit for indebted Brazilian firms. Hiring levels
still remain very high but seem set to drop during the first
quarter of 2009.
Egypt
Egypt
The level of hiring remains high in Egypt with nearly three
quarters of organisations questioned in the process of
taking on new staff. 83% of businesses definitely intend to
recruit over the coming quarter.
UAE
UAE
Despite a slight dampening of the ‘boom’ conditions seen in
recent years across the Gulf, the area’s economy remains
robust and demand for professional and managerial staff is
high. The UAE in particular is still benefiting from the
Nigeria
migration of professional workers from the US and Western
Europe seeking refuge from actual or threatened downturns
in their own countries.
Nigeria
As is the case in many of the world’s emerging economies,
South Africa
high calibre professional and managerial staff are in short
supply in Nigeria and current hiring rates are consequently
relatively high. However businesses in the country share
the general uncertainty about the coming year and are
particularly concerned about the possible adverse effects of
falling oil prices.
South Africa
Although certain sectors of the economy have already
entered recession and the government has responded by
cutting interest rates, there is still high demand for
managers and professionals, particularly in and around the
main population centres such as Cape Town and
Johannesburg and in key sectors such as FMCG and
engineering. Current recruitment is consequently healthy
although South African businesses appear as hesitant as
others around the globe about the coming quarter.
snapshot@antal.com www.antal.com Africa & UAE 7
8. Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
South Africa Currently hiring at managerial/professional level
Sector Analysis Expect to hire at managerial/professional level over the coming quarter
Currently letting people go at managerial/professional level
Expect to let people go at managerial/professional level over the coming quarter
South Africa by Sector
Accountancy
Construction
Energy
Engineering
Financial Services
FMCG
IT and Technology
snapshot@antal.com www.antal.com Africa & UAE 8
9. Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
Currently hiring at managerial/professional level
Expect to hire at managerial/professional level over the coming quarter
Currently letting people go at managerial/professional level
Expect to let people go at managerial/professional level over the coming quarter
Asia
India
After a period of extremely strong demand for qualified
managers and professionals across practically every sector
we are now seeing a degree of caution entering the hiring India
process. Intentions to recruit in the coming quarter are
down since the last report in the autumn of 2008.
Singapore
Worries about Singapore’s economy have fed into the
recruitment of professional and managerial staff with only
6% of businesses firmly intending to hire in the coming
quarter. Singapore
Philippines
So far the employment market in the Philippines appears to
be relatively robust with current levels of hiring at
professional and managerial level at a high 70% and
expected to rise to 76% over the coming quarter. Firing
levels are currently low although organisations expect them
to rise slightly during the early part of 2009.
Philippines
China
As confidence falters around the globe, even the world’s
newest economic superpower seems to have been
affected. Hiring levels are down noticeably from the
extremely high levels seen in the autumn 2008 survey,
although they still remain relatively buoyant in comparison
to those in many other countries. The global downturn
obviously has a part to play in this, but so too has the fact
China
that China is still not producing enough of the right type of
graduate from its burgeoning university system. The
country is still struggling to train enough managers and
professionals with real understanding of the commercial
world or of key practical skills such as engineering or
industrial management.
snapshot@antal.com www.antal.com Asia 9
10. Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
China Currently hiring at managerial/professional level
Expect to hire at managerial/professional level over the coming quarter
Sector Analysis
Currently letting people go at managerial/professional level
Expect to let people go at managerial/professional level over the coming quarter
China by Sector
Automotive
Accountancy
Banking
Media
snapshot@antal.com www.antal.com ASIA
Asia 10
11. ––––––– ––––––– –––– –––
Winter 2008/2009
The Global Snapshot
A survey of hiring and firing trends in key employment markets around the world
Conclusions
“….like a duck hit over the head.”
+44 (0)870 770 1606
UK
+32 (0)2 719 04 85
Belgium
The British Prime Minister Harold Wilson once remarked that a
+55 62 8131 7723
Brazil
week is a long time in politics.
+359 2 9523660
Bulgaria
+86(10) 6410 8866
China
And so is three months in the middle of a credit crisis.
+385 1 4576 200
Croatia
+20 2 3337 4663
Egypt Despite all the doom and gloom in the media, when we undertook
+33 (0) 143 49 52 21
France our last survey of hiring and firing around the globe, most countries
+49 69 976 750
Germany appeared confident about the future. Now that confidence has
+233 277 551 561
Ghana
faltered, but has it evaporated completely?
+36 1 336 2414
Hungary
+91 (0)22 4010 8100
India Let’s look at the good news. There is no denying that there has
+39 02 80 60 601
Italy certainly been a slowdown in economies across the world and a
+352 276 26 701
Luxembourg consequent knock-on effect on jobs and career development
+356 27 377443
Malta prospects for professionals and managers at all levels. However
+31 (0) 20 751 6100
Netherlands
this does not mean that recruitment has come to a complete stop
+234 1 741 4783
Nigeria
by any means. Overall the research found that well over half of all
+00 92 21 4312155
Pakistan
businesses questioned were currently hiring and 43% intended to
+63 2 479 1859
Philippines
hire in the coming quarter. The hiring of locals and returnees in
+48 22 58 36 800
Poland
preference to international staff in countries such as China, India
+4 031 6201 025
Romania
and Russia has really taken off, for example, as organisations look
+7 (495) 935 8606
Russia
for best value from their hires. Rather than being a classic
+65 6622 5570
Singapore
downturn, this one seems to be developing a very specific nature,
+27 11 455 2744
South Africa
+34 91 310 60 15 which hits certain countries and sectors extremely hard whilst
Spain
+00 41 (0)71912 4850
Switzerland leaving others relatively or even completely unscathed. The major
+9 0212 244 08 41
Turkey problem we face is one of uncertainty. To borrow another quote
+971 4 397 4541
UAE from the past – this time from Abraham Lincoln commenting on one
of his generals – it seems that a large part of the global business
community is currently “confused and stunned, like a duck hit over
the head” with obvious consequences for the professional and
managerial jobs market.
Contact Us
This year, perhaps even the next couple of years in global jobs
If you would like any further information
markets will certainly be quieter than the preceding ones – the
about material included in this report or
boom is on hold, at least for now. What organisations and
would like to reserve a copy of the next
individuals need to do now is to accept that a downturn is here and
‘Global Snapshot’, contact Sarah Jones
overcome it. That means acknowledging that pay will not keep
at snapshot@antal.com or your local
rising all the time, that desirable jobs will be more difficult to get and
Antal office – see www.antal.com for
that the workplace will be harder, more competitive and more
more details.
unforgiving than it has been for some time. Once this happens the
panic will stop and organisations and individuals alike will get on
with getting back to basics - focusing on their clients and
customers, delivering good products and good service and starting
us out on the path to economic recovery.
snapshot@antal.com www.antal.com Contact Us 11