As our clients and candidates get used to the new normal in APAC, we’ve seen a surge in hiring so far in 2021. This was expected and is mainly driven by two things. Firstly, the pent-up demand from clients that paused hiring and held back headcounts in 2020, followed by optimism for the year ahead as the world recovers from the global pandemic.
We expect China to continue its growth trajectory in hiring, particularly as many multinational companies have started to move some of their regional layers to the mainland, adding to domestic growth. We are also seeing a rise in “out-of-the-box” hires as clients are more open to recruiting from outside their industries.
SIX HIRING TRENDS ACROSS APAC
1. DIGITAL, DIGITAL AND MORE DIGITAL
The urgency to advance tech during the pandemic has meant that from a digital perspective, organisations have had to adapt at a rate like never before. And to keep up with the rapid pace of technological change, the number of people applying with digital skills in APAC is set to see a five-fold increase (and then some) from 149 million workers today to 819 million in 2025.
To achieve this level of skilling in the region, the average worker will need to gain seven new digital skills by 2025, research from Amazon Web Services suggested. As a result, lawyers with technology exposure and/or the ability to support digitalisation initiatives are in high demand, everywhere.
Many legal teams have been working hard to sharpen their digital skills throughout the pandemic, with the ability to not just conduct data analysis, but present it using data visualisation, transforming how they work by providing invaluable insight. We expect this demand to continue over the coming months as businesses continue to get used to the new normal.
APAC is home to more than half of the world's internet users and according to estimates, 60% of the APAC region's GDP will be derived from digital products or services in 2021, with technologies adding 0.8% annual to GDP.
2. CANDIDATES ARE LOOKING
A lot of the workers who were fearful about changing jobs in 2020 because they didn’t want to be the “last in, first out”, are now willing to look elsewhere. The new normal is now, well, normal. And we’re seeing an uptick from the previous year (April 2020) in the number of professionals across APAC who intend to leave their current organisation within the next six to nine months.
Further, based on our annual surveys of over 3,000 professionals across APAC, our research from March 2021 showed that of those who have made a career move recently, 44% said it was due to a lack of career growth and developmental opportunities. As a result, organisations will need to ensure they develop and implement robust training programs and communicate this to jobseekers via their recruitment marketing activities.
% of respondents who indicated an intention to leave their current organisation in the near future
3. OUT-OF-THE-BOX HIRES RISING
Those in General Counsel and Head of Compliance roles are increasingly willing to hire from outside their industries. They are also focusing less on technical expertise and favouring stakeholder engagement skills instead. This is because the disruption associated with the pandemic meant many legal counsel professionals took on the role of strategic leaders and advisors within their businesses, and this will only carry on. Stakeholder engagement skills are now viewed as a desirable, if not key skill, as a result.
4. CAPITAL MARKETS BACK IN VOGUE
Firms are getting back to capital markets to fundraise. In addition, the ongoing volatility of global markets, coupled with the recent economic tensions between China and the US, will no doubt increase the number of local Chinese companies listed in the US seeking a secondary listing on the Hong Kong Stock Exchange. This means that legal counsels with capital markets experience will carry on being highly sought after in the region.
5. CHINA
The hiring of senior legal professionals has gone up as multinational companies continue to move their APAC operations to China. In fact, local internet giants have already been bolstering their in-house M&A legal talent to support future business growth. Meanwhile, the easing of Chinese regulations allowing foreign investors access to Chinese domestic markets has fuelled hiring across the board for bilingual legal & compliance professionals with asset and wealth management experience.
APAC has also recently seen a surge of domestic Chinese companies expanding their operations in the region. Many Chinese tech giants, such as TikTok, Alibaba and Tencent, have set up hubs in Singapore and the city-state is now seeing a talent crunch within the industry, underscoring the need for legal professionals with digital skills and experience.
6. ASSET OWNERS/ MANAGERS
Asset owners/managers have been steadily expanding their investment capabilities, especially on the private side. This has resulted in a strong demand for private asset lawyers who specialise in private equity, real estate and credit.
HIRING HOTSPOTS FOR 2021
These are areas of high demand amongst our clients:
Mandarin-speaking Counsels & Compliance Officers
Asset & Wealth Management Compliance Officers
Data Privacy Legal & Compliance professionals
Counsels with in-house digital/ technology project management experience
Capital Market Lawyers
Counsels with in-house IPO experience
Legal & Compliance professionals with a solution-oriented mindset
RECENT PLACEMENTS BY PROFILE
ROLE | ORGANISATION | LOCATION |
Head of Legal and Compliance | European Healthcare Firm | Singapore |
Senior Digital Legal Counsel | Insurance Firm | Singapore |
APAC Head of Legal | Global Fund Manager | Singapore |
Legal Counsel | Multi-Family Office | Singapore |
Legal Counsel | Global Fund Manager | Singapore |
IP Counsel | Global Luxury Brand | Singapore |
Legal Manager | Real Estate Firm | Singapore |
SG Head of Risk and Compliance | Fund Manager | Singapore |
Director, Compliance | Global Infrastructure Fund | Singapore |
VP, Compliance | Global Private Equity Fund | Singapore |
APAC Head of Legal | European Fund Manager | Hong Kong |
Greater China Head of Compliance | US Private Equity Fund | Hong Kong |
Greater Head of Compliance | US Fund Manager | Hong Kong |
Hong Kong Head of Compliance | European Fund Manager | Hong Kong |
Hong Kong Head of Compliance | US Brokerage | Hong Kong |
APAC Head of Investment Compliance | US Fund Manager | Hong Kong |
APAC Legal Counsel | European Fund Manager | Hong Kong |
Legal Counsel | Global Insurance Firm | Hong Kong |
Compliance Officer | Hedge Fund | Hong Kong |
Legal & Compliance Officer | US Private Equity Fund | Hong Kong |
Legal VP | TMT Company | China |
Legal Counsel | European Luxury Brand | China |
Legal Counsel | Chinese Healthcare Company | China |
Contracts Counsel, APAC | US Management Firm | China |
Chief Compliance & Risk Officer | UK Asset Manager | China |
Chief Compliance Officer | UK Asset Manager | China |
Chief Compliance Officer | US Asset Manager | China |
MD, CCO, AMC | US Asset Manager | China |
Chief Compliance Officer, China AMC | US Asset Manager | China |
Senior Legal & Compliance Counsel | US Asset Manager | China |
AVP, Investment Compliance | US Asset Manager | China |
Chief Compliance Officer | US Asset Manager | China |
Senior Compliance Manager | Global Asset Manager | China |
VP, Compliance | Global Asset Manager | China |
Compliance Analyst | US Asset Manager | China |
MD, Chief Compliance Officer, JV WMC | US Asset Manager | China |
Head of Compliance | UK Asset Manager | China |
VP, Compliance, JV WMC | US Asset Manager | China |
Director, Compliance | Global Infrastructure Fund | China |
VP, Compliance | Global Private Equity Fund | China |
KEY CONTACTS
For more information or individually tailored advice, please do not hesitate to contact our regional Legal & Compliance team:
Hong Kong Office - please contact Sonny Wong
Singapore Office - please contact Suan Wei Yeo
Shanghai Office - please contact Andy Zhi or Sophia Sun
Click here to download the full report.
Sources: New report: Asia Pacific workforce applying digital skills will need to increase five-fold by 2025 | AWS Public Sector Blog (amazon.com)
