Below is a special interview conducted by Emidas on the overview of the labor market in Vietnam during the period of 2023-2024.
G.A.Consultants Vietnam Co.,Ltd.
Introduce human resources and Support investment in Vietnam.
▶️https://r-vietnam.com/about-us.html
Under the influence of domestic economic fluctuations, the Vietnamese job market in 2023 seems to be more "challenging" compared to the previous year. Looking at the actual data on Vieclambank, the job portal for Vietnamese people operated by our company, we have noticed that the number of job seekers has increased nearly 1.4 times compared to the previous year, while the number of job opportunities has remained relatively stable. The reason behind this is the increase in the number of junior-level personnel with limited experience. On the other hand, most job opportunities are available for high-level positions such as middle-level personnel, managerial positions, or experienced individuals who can start working immediately. Another notable characteristic is that recruitment in the manufacturing sector is often aimed at strengthening organizations, while in the non-manufacturing sector, experienced sales positions are often recruited to ensure profitability. The issue of job hopping has decreased to some extent, which has helped companies become more stable. We have received feedback from many companies stating that the resignation rate is significantly low this year, allowing companies to allocate more time for training, resulting in significant growth and development among their employees.
In 2023, due to economic recession, the job mobility of high-level personnel decreased significantly. However, as the economy recovers and the number of new businesses increases, this situation is expected to return. Alongside this personnel trend, we believe that 2024 will be a year for expanding business operations while strengthening the organization's foundation.
TOPCV Viet Nam Joint Stock Company
Recruitment website - CV writing and creating service
In 2023, it was a year of significant volatility. Geopolitical conflicts, changes in legal frameworks, inflationary pressures, and supply chain disruptions, etc. All of these factors were reflecting an unfavorable situation of the global economy. Faced with these challenges, many businesses had to implement measures to stabilize their financial situation and maintain operational flexibility. This has led to cutting spending, optimizing production processes, and even laying off staff to ease the financial burden.
In addition, 2023 also witnessed significant technological breakthroughs. Among them, the widespread popularity of AI chatbots like ChatGPT stood out. Businesses have actively applied these technologies to improve customer experiences, optimize workflows, and enhance information interaction capabilities. The integration of artificial intelligence is becoming a crucial factor in business strategies and opening up new prospects for enterprises in various fields.
The labor market is also facing significant changes as the number of Gen Z individuals is increasing in each business, and they are predicted to become a sizable workforce in the future. Born and raised in the technology era, Gen Z - with their strong individuality and creativity - is setting unique demands for the working environment. They crave flexibility, a technologically integrated workplace, and aim for sustainable development goals. This is driving businesses to adapt and optimize their human resources strategies to attract and retain this generation. Additionally, the cultural diversity and perspectives of Gen Z present both challenges and opportunities for creating a diverse and enriching working environment.
It is forecasted that 2024 will continue to be a challenging year for businesses. During such difficult times, the cost-cutting measures implemented from the previous year may extend into the following year. Even more reductions and improvements may be necessary in various aspects. To strike a balance between cost-cutting goals and human resources strategies, here are some suggestions from HR experts in the TopCV Insights series organized by TopCV Vietnam Joint Stock Company.
Firstly, businesses need to redefine the profile of the ideal candidate they are seeking to recruit. In the current dynamic environment, new skills are emerging and becoming increasingly important to adapt to the current business landscape. Additionally, businesses should focus on developing their existing workforce through training and retraining initiatives. Updating the skills and knowledge of employees not only helps them adapt to new challenges but also enhances their positive contributions to the development of the business.
Secondly, in the face of challenging economic conditions where businesses may struggle to maintain salary and bonus levels that meet employee expectations, it may be beneficial to focus more on other employee benefits. One strategy that can be implemented is to enhance career development and training policies. This not only helps employees enhance their individual skills but also creates opportunities for advancement within the organization. Additionally, businesses can improve the working environment and show greater concern for the mental well-being of employees. This not only has a positive impact on work performance but also contributes to employee unity and loyalty.
Thirdly, businesses can leverage technology in recruitment processes to save costs and improve recruitment efficiency. This can include posting job advertisements on social media and recruitment platforms. Additionally, companies can utilize AI chatbot technologies like ChatGPT to create job descriptions or automate recruitment procedures. Online meeting applications can also be useful for conducting quick and efficient online interviews with candidates.
Ly Thai To College
The biggest issue that businesses often mention nowadays is "retraining." This means that every time a business hires new personnel, they cannot immediately put them to work but instead need to retrain them for them to perform well. However, in my opinion, it is not a complete retraining; rather, most businesses only need to train new employees to understand the company's culture, work processes, and business orientation.
If businesses do not want to spend time retraining new personnel, the only option is to engage with educational institutions to provide guidance to students while they are still in school. This is where vocational education institutions have an advantage over universities Because vocational education institutions can combine with businesses to build a training program to create "tailor-made" personnel for businesses. For example, currently at Ly Thai To College, we are collaborating with a business in Bac Ninh province to develop a training program specifically designed to produce personnel for that company.
For businesses, a dedicated training program provides personnel with specialized skills that meet the needs and job requirements. Students are guided and trained according to the practical operational model of the business from the learning stage, helping them quickly adapt and adjust when entering the workplace. For students, this program ensures immediate job opportunities upon graduation. Moreover, during the learning process, students have the opportunity to directly practice in their desired fields, optimizing their ability to apply the knowledge they have learned.
From the perspective of a vocational college specializing in training personnel for the industry, we firmly believe that the learning process is lifelong, and education is meant for practical application. To achieve this, the collaboration between educational institutions and businesses is crucial. At Ly Thai To College, we always strive to build relationships with businesses, regularly inviting them to visit the campus and share industry insights as well as the knowledge and skills that students need to acquire.
In an era of rapid and unpredictable change like today, what businesses truly need from employees, in addition to knowledge and specialized skills, is the ability to self-learn and adapt to new technologies. The ability to self-learn is also crucial for individuals to build a sustainable and meaningful career. Employees need to be proactive in exploring and applying new knowledge to not only meet the increasingly diverse demands of the labor market but also maintain their position in the competitive working environment.
