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Sweet revenge
Baat Gwaa
update on Friday, April 30, 2010

My, how the tables have turned. Many of the same companies that not too long ago sacked their senior managers are now paying at least 20 per cent more to find replacements. Many of Baat Gwaa's friends are jumping for joy that they have multiple job offers. This job market optimism has spread beyond the banking and financial services sector.

Industry sources say the local employment market has undergone a significant turnaround, with job numbers shooting up by more than 30 per cent across all industries over the last three months.

A friend in the recruitment sector explains that initially this was just for replacement hires in certain sectors after the extensive headcount freezes last year, but it's now prevalent across many areas such as sales, marketing and business development. The expansion trend seems unstoppable. She says mid-level job seekers, who were securing on average 15 per cent salary hikes a few months ago, could now demand a 20 per cent rise.

She says even bosses, willing to pay more, are likely to face a huge talent shortage because those in demand are taking their time.

Serves them right for getting rid of their good people to cut costs last year. 

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