The new developing economy has entailed a fast growing consumer base and strong workforce which is continuously enhancing the required skill set. It is estimated that the number of people in Vietnam labor market would increase by more than one million people annually. As the current trend of the market, three areas that have the most hiring demand are tourism, sales and marketing, IT and software.
Leading economists have predicted that the economies in the ASEAN would see a boom of new job from 2018. Many international companies have partnered with the Vietnamese government to provide sponsored training and education program to enhance the quality of the labor force. However, the number of highly skilled senior staff still has not met the demand of recruitment market.
The difficulty in finding high quality employees
Considering the nature development of Vietnam workforce, there is still a lack of skill and talent in high demand fields, especially banking and technology. Therefore, many big organizations such as ANZ are having attractive program to invite expatriates going back to Vietnam for working. The situation arises due to the fact that local applicants usually lack interpersonal and technical skills needed for some specialize positions, especially regarding business and engineering.
Statistics have shown that Vietnam saw a remarkable talent shortage in 2016, placing the country in the bottom half among 123 other countries, according to the survey of human capital index conducted by the World Economic Forum. The number well reflected the ineffectiveness of country development in workforce management. On the another hand, Malaysia, other country in the ASEAN neighborhood, ranked in the 4th place. Moreover, the situation is forecasted to get even worse in 2020 if country leaders do not take effectual action.
Nearly all job in five years’ time will also require much better skills regarding social and collaboration aspects and the shortage of qualified candidates would likely dismiss the job growth opportunities. To prepare for the Industry 4.0, employees need to equip themselves at least with a higher level of knowledge and skills for working with modern technology.
The need for professional recruitment agency
Talent acquisition and human capital development activities are now at the heart of organizations’ business strategy. As the recruitment market is getting more and more competitive, using a recruitment agency offer an efficient and effective way for talent acquisition compared to in-house recruiting, because you get benefits from the most competent specialists in HR field.
At Faro Recruitment, one of the most well-known recruitment agency in Vietnam, recruitment is and ongoing process, helping organizations with additional task and burden arisen from in house hiring. With of experiences in headhunting and widespread network, large organizations will be fast and effectively access pools of senior, experienced candidates, including employees in high positions who are not actively searching for new career opportunity. Along with the value of time saved by using the recruitment service from Faro Vietnam, your company will also save short time and long term cost due to unprofessional in-house hiring.