Hudson sees great expectations declining

Singapore - Amidst the economic slump, there's a silver lining for the media/PR/advertising sector - according to the Hudson Report's projection of expectations for the current quarter, 15% of job applicants have indicated a willingness to reduce their asking price. 

The Hudson Report Singapore Q3 2008 says despite the current economic climate, candidates in this sector appear willing to accept a salary lower than their original demand for the chance to join a well-established company or to work with an attractive brand. "A lot of candidates in this sector are attracted by the brand. They tend to put more value on the brand association as opposed to salary figures," Karen Kwan, director of sales and marketing for Singapore says.

The report also showed hiring expectations for Singapore are falling year-on-year with 43% of companies planning to recruit more staff this quarter compared with 54% in Q3 of 2007. However, expectations are steady among media/PR/advertising firms which only experienced a 1% drop to 51% in Q3, although the report warns hiring in this sector may become less robust as other industries reduce investment in marketing and promotion campaigns.

"Overall hiring expectations have lowered because many companies have reached a point of consolidation," Kwan says.

Regionally, hiring expectation figures for this quarter have fallen in every market surveyed except China, according to Hudson Report Asia Q3 2008. Buoyed by the further deregulation of the banking sector, 55% of respondents across all sectors in China said they plan to grow headcount, up from 52% in Q2. Kwan expects this figure to decrease once the Olympic Games are over, especially in the IT sector.