Much of 2021 has been spent by Chinese enterprises balancing regulatory compliance with transitioning to a post-COVID environment. Regulatory pressure has been applied to a variety of industries, ranging from ride hailing to Big Tech, as businesses try to regain lost growth due to the pandemic’s disruption.
As we head into 2022, a greater emphasis on growth will be placed, particularly as more traditional enterprises embrace the digital economy. Demand for personnel with specialized digital skills and knowledge of emerging technologies will skyrocket across industries, therefore now is the time for candidates to upskill.
This, however, implies that the battle for talent is heating up, and talent acquisition teams are racing to catch up.
However, this implies that talent competition is heating up, and talent acquisition teams are racing to forecast early and adapt talent strategies to altering business needs. Recruitment outsourcing could be the answer for organizations with small teams trying to meet the challenge of recruiting at a higher volume and for more specialized talents.
- Industry-wide digital change at a faster pace
The pandemic’s digital transition over the last year is obviously here to stay, especially as more businesses formalize flexible working habits and look for new ways to grab business online. Concurrently, there is a major push in the Manufacturing industry for increased modernisation and connectivity, with improvements in 5G, cloud computing, and industrial IoT on the horizon (Internet of Things). This transition is expected to boost China’s global competitiveness by increasing productivity and lowering costs by converting traditional facilities into smart factories.
As a result, numerous industries such as education, e-commerce, real estate, automotive, and online healthcare are projected to accelerate their digitalization in the next months in order to stay competitive. More possibilities for Chief Data Officers, Cloud Engineers, Business/Data Analysts, and User Experience Designers will arise as cloud and digital experience become more prominent.
- Cybersecurity professionals will be in high demand in the near future.
While fast digital acceptance and innovation made it simple for the majority of the workforce to transition to remote working and working from home during the pandemic, the use of insecure home networks constituted a huge security risk. In reality, cybersecurity threats increased at an alarming rate around the world in the previous year. As a result, new legislation such as the China Cyber Security Law and Multiple Level Protection Schemes have recently been enacted. As Chinese organizations try to improve their cybersecurity skills in order to comply with these requirements and secure vital business assets, demand for cybersecurity specialists and security governance professionals is expected to rise in 2022.
- Artificial intelligence and big data will help the life sciences business grow.
On both a commercial and R&D level, the post-pandemic Life Sciences sector is undergoing tremendous transformation. While artificial intelligence (AI), cloud technology, and big data establish a deeper grip in drug development teams, sales and marketing units are embracing cloud platforms as an organization-wide data source to improve the speed and efficacy of reaching clients. As a result, there will be significant opportunities in the areas of digital marketing, artificial intelligence, and medical big data, and demand for drug discovery and clinical development expertise at both global pharmaceutical and local Chinese biotechnology companies is likely to expand steadily.
Vaccine therapies are projected to expand rapidly in a number of sectors. Many global pharmaceutical and local companies engaging in novel vaccine development will begin to hire diverse people for roles in Medical Affairs, Commercial Markets, and Drug Regulatory Affairs during the coming year.
- The industrial sectors will place a strong emphasis on sustainability.
China’s objective of becoming carbon-neutral by 2060 is driving sustainability policies across the board, posing both problems and possibilities for the industrial sector. Companies in the traditional manufacturing industry, where high pollution and energy consumption are common, are racing to optimize business processes through restructuring, lean manufacturing, and supply chain digitalization, or face the possibility of downsizing or closing down operations entirely. Renewable energy and low-carbon businesses, such as new energy vehicles and clean technology, are predicted to grow rapidly. As a result, in the coming year, demand for personnel with experience in sustainability design and R&D will skyrocket.
- Green Finance’s Continued Ascension
In China’s Banking and Financial Services sector, sustainability and ESG (Environmental, Social, and Governance) are also rapidly maturing. Green finance has been extensively promoted by the government and regulators in recent years, and larger firms are becoming more aware of the good impact ESG policies can have on global brand reputation, and hence talent attraction and retention. As a result, banks and index companies have begun issuing green bonds and forming independent ESG teams. With global ESG businesses set to enter the Chinese market in the coming year, the demand for front-to-mid-office banking and financial services candidates with ESG experience and abilities will skyrocket.
- The Greater Bay Area has a plethora of new options.
The government’s aspirations to transform the Greater Bay Area (GBA) into a globally significant innovation and technology hub by 2022 have everyone’s attention. Technology, manufacturing, consumer electronics, and e-commerce enterprises are among the industries that are expected to benefit from the injection of government resources into the region. In addition, MedTech and Banking and Finance companies have established operations in the region, bolstering the GBA’s economic growth. Expect increased headcounts in the international commercial banking space for roles like Corporate/Commercial Banking Relationship Manager and Wealth Management Manager, as well as increased demand for professionals in trading finance, supply chain finance, risk, operations, it as companies in the region grow and begin to expand overseas.
- Securities firms are anticipated to hire more people.
In recent years, China has increased attempts to provide abroad institutions greater access to investing in the local bond market in order to speed up the internationalisation of the Chinese Yuan and stimulate the country’s capital markets. Lifting quota limitations and developing additional investment techniques are two of these initiatives. Nine international financial institutions have established wholly-owned holding securities or asset management companies in China to date, with a few more banks aiming to do so soon. As additional players enter the market, there will be a surge in demand for people to fill front-, middle-, and back-office positions.
- Supply Chain specialists will continue to be in high demand.
China’s Supply Chain industry has been reasonably stable as a result of the country’s domestic strength, despite the obstacles posed by the epidemic and the protracted trade war with the United States. The number of domestic mergers and acquisitions is expected to rise in the coming year, resulting in increased demand for candidates with M&A experience. Professionals in the industrial areas should take advantage of the opportunity to upskill in data analysis tools like Power BI and Tableau, as the sector is projected to undergo fast digitisation.
The Medical Device and Pharmaceutical Service sectors have risen at a rapid rate over the last two years. Due to the scarcity of people in these fields, businesses face stiff competition, particularly for experienced individuals with leadership, stakeholder management, and communication abilities. In the coming months, organizations may look to contract employment to fill talent gaps in the near term.
- In the legal and compliance sector, data protection is a priority.
Following COVID, demand for legal professionals has returned and is on the rise, particularly in the Internet, Life Sciences, and international consumer retail industries. To prevent non-compliance in the use of data to develop business, companies will need to pay closer attention to internal compliance infrastructures and standard operating procedures, as the Data Security Law and Personal Information Protection Law were passed this year to protect individual, organizational, and national security interests.
As a result, firms that rely significantly on data will be on the lookout for employees who have familiarity with data protection and privacy rules, especially with an IT background. There are a plethora of opportunities for legal and compliance specialists in the coming months, with law firms and consulting firms competing in the same pool to provide these services to businesses without internal compliance teams.
Recruitment Outsourcing will become more popular among organizations.
With the Chinese economy resuming normalcy and increasing competition for talent, multinational and domestic enterprises in China are increasingly turning to RPO (Recruitment Process Outsourcing) as they hire for more specialized positions. RPO not only saves time and money in the hiring process, but it also diversifies the sources of talent, allowing firms to locate and engage the appropriate people faster. This efficiency and speed will become increasingly important as the demand for talent in Tier 3 and 4 cities grows. As a result, onsite RPO professionals with a flexible mentality and the capacity to change their sourcing and recruitment techniques to diverse client needs will be in high demand in the coming year.
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