Future of Work Post COVID-19 in South East Asia
Spring Professional Published A Research Study on Future of Work Post COVID-19 in South East Asia
Navigate employers through the recovery period of COVID-19 by understanding its impacts on Malaysia, Singapore and Thailand
Global economies have come to a halt in recent months due to the Corona Virus pandemic. The world’s financial institutions are relaxing fiscal policies and governments are implementing monetary policies to keep their economies stimulated.
Due to the enforced lockdowns imposed, non-essential businesses have had to close their doors during the lockdown period and some of these organizations sadly may not open once the lockdown restrictions are eased. Employees have lost their jobs during this period and this has and will continue to impact upon families with the amount of money available to spend.
The economic and business conditions in South East Asia are no different. COVID-19 has severely disrupted many industries across South East Asia. The key industries that have felt the brunt of this crisis are tourism, travel, professional services, property and construction, supply chains, engineering, FMCG, and labour supply.
We have conducted a survey named “Future of Work under the Impact of COVID-19” throughout Q2 targeted to business leaders for their valuable insight into how they believed the current economic crisis has impacted upon their organisation and the type of talent required post-COVID-19. This report summarises the results of the business leaders’ insights and will be valuable to business leaders and employers to tackle the talent challenges in the new normal.
Spring Professional has published the results of our latest study, Future of Work Post COVID-19 in South East Asia, examining the COVID-19 Impact on Businesses in SEA, Business Continuity and Confidence to Rebound and Future of Work in SEA Post Pandemic.
Key research highlights:
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89% of the respondents identified that their businesses had been negatively impacted due to the COVID-19 outbreak especially in the industries of Engineering and Supply Chain, Professional Services, FMCG & Retail, Tourism and Hospitality.
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53% of the respondents experienced a negative downturn in sales and revenue. There has been a partial or negative shift in human capital (64%) during this pandemic. 76% of the respondents has partially or fully withheld their investment decision during this pandemic.
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81% of the respondents have a business continuity plan in place to help them survive during this pandemic. Insights from our country directors revealed a similar pattern with their clients having a business continuity plan in place.
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47% are confident that their organizations will recover within the next 6 months while 39% of the respondents believed their organization will recover between 6 to 12 months and 14% beyond the 12-month period.
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The future for talent development was highly motivated towards upskilling their employees (49%) rather than replacing existing employees (4%). Organisations will upskill or reskill their employees (60%).
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Organizations will be on the lookout for a new form of talent in the future. The future employees are expected to be people who are commercially minded and have diversified experience and skillsets spread across a wider range of business functions.
For more information:
We sincerely hope this report could help business leaders to better understand the impact of COVID-19 on businesses in SEA and the valuable insights from our country directors would help employers in tackling their talent challenges in the new normal.
To understand more on this report, you may contact Spring Professional via official channels or our recruitment consultants.
About the Spring Professional
Spring Professional is a wholly owned subsidiary of the Adecco Group, the world leading workforce solutions company. Our focus is exclusively on the permanent recruitment at the middle to senior and executive search level. We bring great people to great organisations across 23 countries and 90 offices worldwide.
Spring Professional is a technical recruitment company specialising in Engineering, Information Technology, Life Sciences, and Property & Construction supported by Supply Chain & Logistics, Finance & Accounting, Human Resources, Legal and Sales & Marketing across Asia. As part of the global leading company, Spring provides professional talent recruitment solutions with a diversified range of value-adding services including sourcing intelligence, employer branding & attraction and talent assessment.
We believe in our unique values of Expert, Consistent, Brave and Caring, making Spring Professional a great place to work.
For more information, please contact:
Spring Professional Marketing: Marketing@springasia.com
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