Organisations hiring in today's economic climate are taking advantage of the shrinking recruitment market. They recognise that there are bright patches of opportunity, even amid the negative economic headlines that highlight layoffs, cutbacks and plunging profits.
'With companies now cutting back, the supply-demand equation has shifted a bit,' said Bin Wolfe, a partner and Greater China people leader at Ernst & Young. 'There is less competition for talent out there, which, in turn, allows us access to a larger talent pool. This is a good thing for us.'
Though a wider talent pool allowed for more choice, Ms Wolfe emphasised that it did not make hiring that much easier.
'We are trying to recruit the best people, the same as what everyone else is trying to do. At the end of the day, regardless of whether the market is good or bad, there will always be opportunities for outstanding individuals,' she added.
Janet Bibi Ferreira, director of human resources and administration at mid-sized accounting firm Baker Tilly Hong Kong, agreed and said that fishing for talent in the downturn might be slightly less difficult, but the recruitment of quality staff remained challenging.
Ernst & Young and Baker Tilly Hong Kong are two accounting firms that are defying the economic downturn and are continuing to recruit. Ernst & Young has been seeking experienced staff with niche industry expertise. The firm's multidisciplinary team advises clients on a range of business issues, including business risk, financial services risk management, technology and security risk, and fraud investigation and dispute.