According to the latest Robert Walters Asia Job Index for Q3 2016, hiring was cautiously optimistic across Asia Pacific, driven primarily by external macroeconomic trends and returning market confidence in some locations and industries.

The index showed that the e-commerce and digital sectors saw an overall growth of 11% compared to the previous year. Meanwhile, legal & compliance roles remained in demand, due to stricter regulatory and compliance laws which impacted sectors outside the banking and financial services industry. Job advertisement grew year-on-year in three of the five regions with Hong Kong leading the way.

Demand for HR Professionals across the region grew by 12%, year-on-year.

In China, job advertisement was up by 21% compared to the previous year.

“Demand for talent continues to rise in China’s candidate short economy, especially as more businesses enter the market,” Matthew Bennett Managing Director, Robert Walters, Greater China, said. “Recruitment processes are becoming increasingly sophisticated and robust, with hiring managers becoming more selective. Organisations are now focusing on enhancing the quality of hires in order to be more cost-effective.”

Hong Kong saw a 23% increase in job advertisements

“Annual growth in job advertisements fared better than expected, considering China’s economic situation and the market uncertainty stemming from the effects of Brexit and the upcoming elections in the United States,” Bennett said. “We predict that the local hiring sentiment will remain cautiously optimistic throughout the remainder of the year as the Hong Kong market becomes more stable and companies become more open to taking risk. As demand for permanent roles remains stable, companies are also becoming more receptive to hiring contractors.”

In Hong Kong, growth in the FinTech sector was a significant contributor to the 34% rise in legal & compliance job advertisements, as more firms sought expertise to develop their business.

Malaysia saw a decrease of 1% due to the fall in the oil and gas industry.

The dip in annual job advertisements was not unexpected. Much like the previous quarter, the dip was due to continued contraction in the oil and gas industry and the fall in the Ringgit,” Sally Raj, Managing Director, Robert Walters Malaysia, said.

In Singapore, job advertisements fell by 2%.

“The slight decrease in job advertisement volumes in Singapore was reflective of a changing economy,” Toby Fowlston, Managing Director Southeast Asia of Robert Walters, said. “Sectors like manufacturing, residential property and shipping have come under duress as companies undergo restructuring to cut costs. However, there has been positive growth in the technology and e-commerce field as businesses improve customer engagement and shore up their security practices, resulting in more job opportunities available for user experience and user interface designers, and cyber security professionals in particular.”

Meanwhile, Taiwan’s job advertisements grew by 3% compared to the previous year.

“Being a principally export-driven economy, the minimal growth in Taiwan’s Q3 job advertisements can be attributed to a similarly slight increase in its GDP,” John Winter General Manager Taiwan, Robert Walters, said.  “Companies continued to make strategic hires, particularly within the sales, finance and supply chain sectors.”