Ho Chi Minh City, September 11, 2019 – VietnamWorks, Vietnam’s largest online recruitment website, belongs to Navigos Group, has released The report on “Online Recruitment Market in Vietnam Mid-year 2019”. The statistics presented in the report are analyzed based on VietnamWorks database and the survey result of both employers and candidates.
I. OVERVIEWS OF THE ONLINE LABOR SUPPLY IN THE FIRST-HALF OF 2019
79% of enterprises are short of personnel in the first 6 months
When asked about the shortage of employees, up to 79% of businesses said that in the first 6 months of the year, their businesses lacked people to fill in their job vacancies.
Bigger companies have a higher rate of employee scarcity. Accordingly, 87% of companies with a scale of 501 – 1000 employees and 1001 – 5000 employees said they are short of personnel, while this figure for companies with a scale of over 5,000 is 80%. Giving the situation, it is believed there will be a large number of recruitment demand in these companies shortly and job-seekers will have many job opportunities at large-scale companies.
Professional Services and Banking have experienced strong growth in labor supply
According to statistics, the professional services-related sectors has experienced a sharp increase in the labor supply in the last 1 year from the first half of 2018 – the first half of 2019, in which Health/Medical Care increased by 64%, Consulting increased by 51% and Advertising/Promotion/PR increased 29%. The Banking sector also experienced strong growth with 65% growth in supply.
Southern cities have experienced a sharp increase in labor supply
As noted by VietnamWorks, big cities such as Ho Chi Minh, Hanoi, and Da Nang, still have sustainable growth in labor supply but no remarkable signs.
Overcoming major cities, the new economic areas have grown dramatically in terms of labor supply. This reflects the trend of moving and allocating labor from big cities to neighboring economic zones to meet the trend of the raise in investing in these areas. Accordingly, the labor supply of Bien Hoa increased by 68%, Ba Ria – Vung Tau increased by 54%, Dong Nai increased by 44%.
II. FORECASTING OF THE LABOR SUPPLY-DEMAND AND THE INTENTION TO SWITCH JOB IN THE SECOND HALF OF 2019
“Supply-demand” differences in growth trends, there are signs of excess and shortage of manpower in some industries
There are signs of labor surplus in some industries such as Administrative/Clerical, currently ranked No. 1 in the most abundant labor supply, but this industry is not in the top 10 forecasted increasing professions in the second half of 2019. Besides, Banking has the strongest growth in the supply, this group’s candidate intends to switch jobs in the second half of the year, but this group is also not in the top 10 industries that forecasted to rise in demand.
Regarding the possibility of labor shortage, there are industries such as Engineers; Maintenance; Technical Sales; Mechanical. These occupations are currently in the top 10 forecasts with the most recruiting needs in the second half of 2019, but not in the top 20 in terms of labor supply growth. Worth mentioning, Mechanical is currently in the top 10 business areas of personnel shortage.
Difficulty in job switching of candidates due to differences in recruitment needs and job search trend
Candidates in the following occupations will likely find it difficult to switch jobs in the second half of 2019, because these are among the top 10 professions with the most sought-after candidates, but not in the top 10 industries with the most recruiting needs, respectively: Banking; Educations; Customer service; Administrative/Clerical; Civil/Construction; QA/QC (quality accreditation)
The professions that are expected to be easy to find and change jobs are among the top 10 that forecasted the highest recruitment needs and also among the top 10 professions with the highest demand for job transitions, respectively: Electric/Electronic; Accountant; Sale; Engineer.
The management level of Gen X wants to change jobs after more than 5 years working
Not the Gen Y (born between 1981 – 1995) or Gen Z (born 1996 or later), but the Gen X generation is the group with the most intention to switch jobs, 83% of this group said they will look for new jobs, while Gen Y is 74%; Gen Z is 71%. Further analysis on the Gen X candidate group, 54% are working at the company for 5 years and above, 82% are in the managerial level or above.
The three main reasons why Gen X wants to change jobs the most are: Wishing to have a higher salary (33%), Looking forward to better benefits policy (29%) and Looking for a different place more cultural and corporate values (25%).
III. SURVEY ON BEST SOLUTIONS TO MINIMIZE SHORTAGE AND RETAIN TALENT
Multi-channel recruitment will be popular in the last half of 2019
When asked about the solution to help reduce the shortage, employers expressed the view that using a variety of recruitment channels will become more effective, according to which the top 3 most chosen comments are: Use large online job sites such as VietnamWorks (49%); Use recruitment channels such as social networks, email… (46%); Use internal employee referral program (44%)
Differences in the perspective of talent retention between candidates and employers
When asked about the top 5 factors that help retain talent, employers and candidates have the same 4/5 the same views are: Competitive salary; Opportunities for promotion & long-term commitment; Attractive benefits; Training opportunity and professional development.
However, there is still a difference between the candidate group and the employer, whereby the candidates prioritize the factor “Professional working environment” as the second important factor, but this factor was not in top 5 from the views of employer. In contrast, the factor “Enthusiastic support and Good line manager” was selected by the employer in the 5th position, but this factor is not in this top 5 ranking of candidates.