APAC companies are issuing hiring freezes amid recession fears
One in five companies in Asia-Pacific (APAC) already issued hiring freezes, with 40% hiring for just critical roles, as fears of recessions grow across the region.
In an interview with CNBC’s Squawk Box Asia, Mercer Asia, Middle East, and Africa Career Business Leader Puneet Swani said that companies are “starting to get cautious” ihn the second half of the year.
“There’s another 30% of organizations which are saying that the hiring decisions require another layer of approval,” Swani added.
However, companies are still facing talent shortages. According to Mercer’s global poll last July, 70% of 181 APAC companies were struggling to attract talent.
In response, Swani said that companies had gotten “creative” to attract talent. This includes offering higher salaries and retention bonuses.
However, the Mercer career leader stated that competing for talent on compensation alone won’t be sustainable.
“Organizations will need to look at this as a marathon rather than a sprint … [and] look at the broader employee experience,” emphasized Swani.
