Permanent job positions in APAC climb 5% in Q3

Despite uncertainty, there's still stability.

Brexit, instability in the Middle East, military muscle flexing in the South China Sea and market fluctuations are making for global uncertainty that has employers and jobseekers alike unsure of what lies ahead.

According to a research note from Morgan McKinley, nevertheless, quarter three (Q3) employment data shows an overall resilient financial services employment market in the APAC region.

After a marked decline in both permanent and contracting jobs in Q2, Q3 employment numbers show a steadying of the jobs market. Permanent positions increased by 3% quarter-on-quarter and 5% year-on-year, rising to a total of 16,095. Contracting openings remained flat with a change of 1% quarter-on-quarter, decreasing only slightly by 3% year-on-year.

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“It’s encouraging that despite so much uncertainty, we’re seeing a relatively stable employment market, with financial institutions continuing to release jobs”, said Richie Holliday, Chief Operations Officer, Morgan McKinley Asia Pacific.

The number of professionals seeking new roles soared by 27% quarter-on-quarter and by 45% year-on-year. A combination of seasonal factors, confidence in fintech growth and concerns about job continuity all contributed to the spike.

Global events underlie mixed regional performance: Reverberations from Brexit ranged from significant in Hong Kong to paltry in China, but for the most part left the region unscathed. “While Brexit contributed to the erratic business climate, the doom and gloom that was predicted failed to materialise”, said Holliday. “APAC countries are following Brexit with extreme interest, but also moving on with day-to-day transactions”.

With tensions in the South China Sea growing; military bluster by China, North Korea, Russia, the Philippines and the United States is causing anxiety in the region. If tensions escalate, global trade and market stability may be further affected but, for now, business continues as usual.