Global recruiters continue to adapt to the ever-shifting employment landscape. A recent report by Evenbase summarizes some of the most interesting countries to watch through the year 2020. The report includes data on GDP but also looks at factors not traditionally considered, such as the regulatory environment, language, and cultural factors. The full report is worth reading; here are some of points I found most salient:
- The BRIC countries (Brazil, Russia, China, India) are often reported as the hottest emerging economies. While Evenbase lists Brazil, India, and China as the top 3 hottest markets, they have Russia pegged at number 9, partly due to continuing political and economic uncertainty. Global recruiters may also find opportunities in Australia, Japan, and Canada among others.
- China’s recruitment industry is still in its infancy. Language barriers are significant, and the regulatory environment is also difficult. Enterprising global recruiters would do well to investigate partnerships in order to penetrate this market. One thing to consider is working on a split-fee basis with recruitment partners who are already operating in China.
- Japan has more than three times the number of employment agency branches than its nearest competitor (83,000 vs 26,000 in the US).
- Only 1.1% of the total workforce in Brazil is currently hired via a recruiting agency. Additionally, Brazil is also one of the countries where jobs are hardest to fill – 71% of employers report having trouble finding qualified candidates compared to 34% globally. These two facts should indicate a ripe market for global recruiters.
- China’s workforce is aging, with 1/3 expected to retire in the next 20 years.
- In India, job boards are responsible for 50% more hires than either recruitment agencies, direct hires, or word-of-mouth referrals.
- Smartphones also impact global recruiters. Australia has the second-highest smartphone penetration (behind Singapore) and use a lot of apps, but social media adoption for recruitment is much slower than in other markets.
- In the US, almost 1/3 of recruiters report that social networks are a major source of hires, but this number is much lower in other countries. Younger workers (25-34) are most likely to be using smartphones and represent a big target for global recruiters who are digitally-savvy.
Global recruiters who adopt digital platforms, social networks, and capitalize on smartphone technologies, will find plenty of hiring opportunities over the next decade and beyond.