Hudson: Hiring expectations drop, but "bloodletting" not expected

Singapore - Hiring expectations for the media, PR, and advertising industries has fallen by 10% from last quarter, according to The Hudson Report's Q4 2008 findings, but the company says the outlook for the industry in 2009 is of "single digit growth".

"That's the main message we've been receiving in the market. There has been no indication of major doom and gloom yet but what we do sense is cautious optimism," Karen Kwan, director of sales and marketing for Singapore, said.

The latest findings showed 41% of respondents in the media, PR, and advertising industry forecasted increased recruitment (down from 51% in Q3) but no respondents anticipated cutting staff numbers. Across all industries surveyed, Kwan said companies were "putting in place more stringent hiring processes" while freelancers "typically tended to get more work" during times of economic downturn.

The survey was conducted before the most recent bouts of economic instability started hitting global markets some weeks ago, and Q4 results indicated optimism for 2009 within the industry with 55% forecasting good performances and an exceptionally high 24% saying it will be excellent. Hudson attributed the F1 motor racing and the development of the Integrated Resort as likely to create strong demand for marketing and promotion services.

"There will always be opportunities to hire, and the media, PR, and advertising industry has never been in a privileged position for over hiring - this industry has always faced the talent crunch. So even in times when business goes down, they are not in a dire situation where they have more staff than work. Obviously there will be clients who will be shifting accounts and downsizing budgets but again my take on this is there's not going to be any major bloodletting at all," Kwan said.