Careers Interview: Job-Crunch
Issue 45 - September 2008

The The ripple effects of the credit crunch and gloomy economic outlook in Europe and the U.S. are now being felt in Asian job markets. Ben Butt examines the impact for professionals in the industries of the built environment.

In the May issue of RFP the advice was don't panic but get your CV ready just in case. The advice now is make a business case to keep your job as even if you were to start looking, the number of opportunities are dwindling fast whichever sector you are in with the exception of architecture and certain specialist positions.

Corporate Sector
As expected the global financial crisis has trickled down to Asia but the jury is still out as to whether the trickle will turn into a torrent. July and August have been the quietest months for many years with regard to new opportunities, particularly in the banking sector as many banks feel the pinch of the credit crunch. Those in real estate transactions are keeping themselves busy with disposals and re-negotiations rather than new deals.

Project managers still have committed projects to finish but will soon be on re-stacks and consolidation work. A number of investment banks have put non-essential projects on hold and are cutting back on expenditure for committed relocations. Facilities Managers are also feeling the pinch with budgets being slashed and all but core positions being outsourced.

Hospitality & Construction
On the development side Macau has been hardest hit with major projects being put on hold or slowed down due to new government restrictions, difficult negotiations with lenders and a sharp drop in gaming and hotel revenue. Rumours abound of mega projects being shelved and mid-to-senior level managers hired on very high packages at the early stages of the projects being replaced by those accepting lower levels of remuneration.

China continues to grow albeit at a slower pace, and opportunities exist across the board for those willing to relocate. There is an air of optimism that the post Olympics momentum will drive investment and create more opportunities. There has been no slow down in the demand for real estate professionals, architects, designers, project managers and facilities managers although packages on offer may not be much higher than those on offer in Hong Kong or Singapore. The correction in real estate prices in India has slowed down the residential market but in the commercial and retail sectors. MNC's are still hiring internationally experienced and local professionals for a range of positions.

The demand for architects, master planners and hotel designers continues to be strong across the region increasing the talent crunch in this sector. No more so than in Hong Kong where a number of large infrastructure projects are at design stage requiring architects with railways experience.

In Singapore the property development sector has seen 22,100 new jobs added in the second quarter of 2008, double the amount of new jobs added in the same quarter last year. This has mainly been fuelled by the integrated resort developments such as Marina Bay Sands, new resorts at Sentosa and other infrastructure projects. Corporate real estate, project management and design professionals are also still in high demand in the Lion city fuelled by MNC's relocations to non-core CBD locations, although salary levels have remained steady.

What should you be looking at if you are considering changing jobs or concerned about being re-trenched?

Mobility is the key. If you are able to relocate to other parts of the region there are still opportunities available. Gaining regional experience improves your marketability and also value to your organization. China and India are the obvious ones where many MNC's are focussing their investment but best opt for the main cities before venturing to second and third tier locations.

If you are prepared to move further afield and can take the heat, try Dubai, Abu Dhabi, Qatar or Bahrain. These areas are still booming in almost all sectors with attractive packages that are tax free. RFP

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