SINGAPORE, 28 MAY 2009 - While corporate headhunters are starting to be tasked by banks to recruit for senior IT positions, this is an unlikely indicator that the economy is recovering, according to Yeo Gek Cheng, director, IT & T practice, Hudson Global Resources.
According to local industry sources, recruitment firms are on the move sourcing for a variety of IT positions, especially in the finance sector, prompting rumours that the market is on its way up.
However, Yeo felt it is not the case. “Many companies realise the current economic climate provides a perfect opportunity to look at talent which would otherwise be hard for them to reach out to in a competitive market,” said Yeo.
She suggested that it is more of a situation where organisations are taking a strategic view in their hiring of personnel. “Senior positions take time to hire, so doing talent pipeline building and discussions in the meantime would pave the way for getting someone on board once the market improves.”
Currently, the recruitment scene on the whole is quieter compared to a year ago, with many businesses sticking to a recruitment freeze or “hiring by critical need only”.
“Anything affecting cost base is highly scrutinised and human resource costs is absolutely an area that is watched closely at the moment,” said Yeo.
If there is any hiring, the exercise is done to replace existing headcount and improve the quality of employees, so that the companies have better talent to help weather the tough economic climate, pointed Yeo.
Even so, there is a positive undercurrent to the local hiring scene. “Good resource planning does not indicate the economy's getting better but certainly does indicate optimism in terms of how the economy will perform in the next two quarters,” said Yeo.
