As of the second half of 2023, employers have reduced their hiring demands, but candidates' behaviors remain active, resulting in an oversupply of candidates on the job market. As a result of economic trends and policy changes, employers and job seekers in different industries have been impacted. This RGF Quarterly Job Market Index for Q3 2023 was conducted by RGF International Recruitment in order to assist employers and candidates in better understanding the job market trends in the job market during the third quarter of 2023.
Mavis Xu
Manager, E-commerce & New Media
RGF Professional Recruitment China
"In 2023, with the country promulgating a series of powerful policies to stimulate consumption, the domestic consumer goods market continues to recover, making it one of the important engines for economic recovery. It can be seen that compared with the fir st half of this year, many consumer goods companies have a relatively positive attitude towards business growth in the second half of the year or next year, which is also reflected in the rising trend of recruitment demand for consumer goods e commerce in the third quarter ...... from the perspective of segmented tracks, nutrition, health products, and functional beverages still maintain good growth. In the long run, the pet track is also very optimistic. After the 'new normal', outdoor travel or sports have become the most potent ial window for consumption growth this year."
(For more insights, please click on the link for the full report at the bottom.)
KEY FINDINGS
Average Hiring Demand Dropped by 10%
According to the hiring demand we have observed in various industries in Q3 2023, Corporate Services positions have the largest growth rate, including Finance & Accounting, Human Resources, Legal and other functional positions. On the contrary, the TMT sector has seen the most significant decline in hiring demand, down 32% from the previous quarter. Despite this, compared with the same period last year, the demand for talents in the TMT sector is basically the same. Overall, average hiring demand across industries is expected to decline slightly as Q4 begins. However, with the rebound of the consumer market and policy support for the manufacturing industry, the recruitment demand of companies in The Consumer Goods and Retail and Industrial fields may increase in Q4.
Talent Activity Rised Continuously
Whether compared with the previous quarter or the same period last year, talents in all industries showed an increase in the percentage of active candidates who are proactively looking for new opportunities in Q3 2023, with candidates in the Corporate Services, Consumer Goods, and Financial Services industries showing the most active job search behavior. Rather than being passively resigned as the majority company is optimizing its personnel structure, many candidates actively choose to resign voluntarily. Factors such as the cancellation of salary increase plans originally planned to be implemented by some companies in the second half of the year, the uncertainty of the market outlook, and the reduction of promotion opportunities provided by companies have resulted in an oversupply situation in the relationship between talents and employers.
Top 1 Reason for Offer Rejection
73% of our recruitment consultants reported that they had encountered candidates turning down the offer at the final stage of the process, an increase of 20% from 53% in Q2. Among the reasons candidates reject offers, we found "The Compensation Package is below Expectations" to be the number one reason. We also collected the percentage of candidates who resigned passively in Q3. This number is equally astonishing, with the industry average being as high as 56%.
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Chinese: https://www.rgf-professional.com.cn/china-job-index-2023-q3-cn
English: https://www.rgf-professional.com.cn/china-job-index-2023-q3
