Survey finds Tokyo’s jobs market set to recover in 2010

Highlights 

• Two out of three (68%) employers say finance and accountancy recruitment will start to increase before the end of 2010
• During 2009, 71% of hiring managers expect their firm’s recruitment activity to at least remain at current levels (51%) or in fact increase (20%)
• Despite increased competition in the market for fewer roles, almost three out of every four (73%) employers expect salaries to remain steady in 2009
• This is likely to be because the majority (60%) of employers still say it is just as difficult (44%) if not more difficult (16%) to source the right candidate compared to a year ago. 

Despite the challenging conditions facing the finance jobs market in Tokyo at present, over two thirds of employers believe there will be an increase in demand for finance professionals within the next 18 months, according to research by global professional recruiters, Morgan McKinley.

Morgan McKinley surveyed 160 senior level HR and hiring managers within financial services and commercial organisations in Tokyo and found that the majority (68%) believe the recruitment of finance professionals will start to increase from the current suppressed levels before the end of 2010. Almost one in four (23%) employers suggested there would be an uplift in hiring activity before the end of this year however, 45% do not expect it to happen until 2010.

Generally, employers were positive when it came to their own staffing plans for the remainder of the year. 71% of hiring managers expect their firm’s recruitment activity to at least remain at current levels (51%) or in fact increase (20%) in 2009. These results were very similar to those found in Singapore and Hong Kong, where comparable surveys were run.

Kirstin Duffy, Managing Director of Morgan McKinley Tokyo comments: “This research has produced some interesting results, not least that the majority of hiring decision-makers have predicted an uplift in finance recruitment activity next year. This sentiment is good news for jobseekers although, any increase is likely to be a steady rise over several months rather than an overnight surge in hiring activity.

It is worth remembering that finance and accountancy roles are often viewed as business critical, particularly in the current climate where businesses are focused on cost-efficiency and so within certain commerce and industry sectors, such as healthcare and pharmaceuticals, demand for finance and accountancy professionals has remained relatively steady. Within financial services, many of the bulge bracket banks, which have been conservative with regards to hiring over the past few months have trimmed their hiring down to focus on business critical roles and, in the short-term, are looking at replacement rather than expansion recruitment.”

When it comes to compensation for finance professionals, the survey found that despite the increased competition in the market for fewer roles, basic salaries are likely to hold firm. The research revealed that almost three out of every four (73%) employers expect basic salaries offered to new hires within their business to remain the same in 2009, with only 5% expecting them to increase.

Salaries may stay at current levels because the majority (60%) of employers said it was just as difficult (44%) if not more difficult (16%) to source the right candidate to suit the position they’re hiring for than it was a year ago.

This is one of the many reasons why today, MORGAN McKINLEY will launch an exciting new identity which reinforces the business’ mission to provide employers and those looking for a new role with access to a broader range of talent and opportunities across multiple sectors, disciplines and geographies.

Kirstin Duffy, Managing Director of Morgan McKinley Tokyo comments: “Despite there being more candidates available in the Tokyo market, there is still a shortage of individuals with certain skill sets that are currently in demand. Finding the right talent, even in a candidate-rich market, is difficult. Morgan McKinley, which today launches its new visual identity, aims to be the best professional recruitment company, globally, by providing our clients and candidates access to the best talent and opportunities via our sector, functional and geographically aligned specialist consultants. Likewise, our new visual identity reflects Morgan McKinley’s values as innovators, ambitious and specialists in the areas we operate in. We look forward to creating an excitement in the market with our new branding.”

- ENDS -

Further press information:

Allira Carroll                                          Kirstin Duffy                

PR Executive                                        Managing Director - Tokyo

Morgan McKinley                                  Morgan McKinley

Tel: +44 20 7438 3143                            +81 354037073

Mob : +44 77 2556 3793

Email: acarroll@imprintplc.com              kduffy@morganmckinley.com   

Notes to editors:

Statistical methodology

Survey results

Morgan McKinley conducted a survey amongst 160 HR and hiring managers within financial services institutions and commercial organisations in Tokyo between 10th – 16th March 2009.

About Morgan McKinley

Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.

With 24 offices across the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans across Banking & Financial Services, Commerce & Industry, Public Practice, Public Sector & Not For Profit and Taxation. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors, as well as thousands of smaller local employers.

Morgan McKinley is a fully owned subsidiary of Premier Group.

For further information, visit www.morganmckinley.com