RGF’s annual Market Outlook study aims to look at the optimism of the market based on hiring plans. Responses to RGF’s Market Outlook Report for 2017 was consolidated in November and December 2016 via online and phone polls. We personally contacted approximately 500 professionals, consisting of C to director, senior and middle level management, where most of them hold regional portfolios. Respondents from different sectors were well represented.
For this edition of our study, we have included an additional section to gain an insight into upcoming challenges across sectors.
- Consumer & Digital Media
- Financial Services
- Healthcare & Life Science/ Pharmaceutical
- Professional Services
Highlights from the report:
- Demand for Accounting & Finance talent has increased, 9% as compared to 6% in H2’2016.
- Increased demand for Marketing/ PR/ Communications, BD/ Sales and legal talent.
- Life Science/ Healthcare/ Pharmaceutical and IT&T remain optimistic.
- Extreme responses from the Manufacturing/ Engineering/ Industrial sector.
- Demand for digital talent is forecasted to fall by 50% compared to H2’2106.
- Sectors which have been impacted by economic slow down, change in consumer behavior and low oil prices have mostly decided to put a hold on headcount changes for 2017.
- Sectors within Financial Services where increased hiring is expected would be compliance and FinTech where higher importance have been placed on security and data compliance. Projects that were put on hold previously would be expected to take place in 2017.
- Compared to 2016, we see more sectors forecasting an increase in salaries, 42% as compared to only 4% in H1’2016 and 39% in H2’2016.
- More organizations embraced non-monetary benefits such as providing exciting opportunities for growth, enhanced L&D programmes and flexible work, but we note that organizations are also still using pay increases to retain top performers which is critical especially in the current market situation.
- Most respondents stated Economic Uncertainty (26%) as a major challenge for 2017, followed by Project Slow Down at 11% and Global Constricts (10%).
- Persistent challenge which had been around for years is the War for Talent, driving the need to engage talent.
- Although Big Data and Cloud Technology have been huge trending topics in 2016, from the responses we sense less urgency in ensuring Data Compliance.