Asia Regional Outlook 2014
A message from the Regional Chairs
The Asia Pacific region, having emerged from the global financial crisis relatively unscathed, stands poised to lead the world out of one of the most testing times for business that we have witnessed in the last 25 years. In fact, the region is in a solid growth mode, with businesses looking to expand.
This positive economic position stands in contrast to other regions, where the governments of many countries are forced to stimulate their economies by taking on significant international debt, and businesses (including some Cornerstone clients) are reducing staff.
But while we are experiencing genuine growth, our region is still influenced by the major economies of China, the US and Europe. While this influence is more obvious in the case of China, with its size and positive growth, the head offices of the majority of multinational corporations doing business in the Asia Pacific region are domiciled in the US and Europe. And there’s the rub: head offices are prone to view the world situation through the prism of their poorly-performing domestic economies. The result is generally a reduction in their global recruitment activity.
Asia Pacific clients have voiced frustration regarding this unfortunate head office tendency, so inimical to the need for senior-level talent in the corporations’ regional markets.
Australia the Exception
The Australian economy is the exception to positive growth in Asia Pacific. The now ironically- labelled ‘Lucky Country’ has had a change of government, and debt reduction policies have cut deep.
The previously buoyant minerals sector has reduced new investment and is in the process of downsizing. General Motors, Ford and Toyota have decided to stop local auto manufacturing over the next three years, displacing a significant workforce and with ripple effects on automotive industry support industries. Our colleagues in Australia continue to make the best of their experience and draw on their Cornerstone association.
From a Cornerstone perspective, 2014 will be seen as a year in which the Asian economy experiences growth not seen in other regions. Our great challenge will be sourcing the highest calibre candidates for our clients. This is a time where we can benefit from our network by calling on our colleagues across the group to assist us in sourcing talent globally, where appropriate, for these clients.
Focus on Growth
For Cornerstone as a network, growth is paramount. We have an opportunity to add offices in Japan, Singapore, Thailand and Malaysia within Asia. For our clients, we will continue to provide the gold standard of effective talent sourcing service in Asia Pacific.
Cornerstone’s reputation for the quality of delivery on assignments, often where other recruiters have failed, continues to grow. Our unique blend of locally-owned consultants working within a global network is attuned to the agility and responsiveness required in a dynamic and changing environment.
People's Republic of China
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