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Expansion with caution
Published on Thursday, 22 Dec 2011

Business confidence appears to remain high, with most companies continuing to focus on recruitment rather than retrenchment. The improved economic outlook has also allowed companies to expand in the region, creating opportunities for existing staff in new business areas. 

This year has seen mixed fortunes for the tourism industry in Asia. Driven by resurgent regional economies, led by China, tourist arrivals to the region continued to rise. But the year was not without its challenges and lingering doubts over the euro zone debt crisis have dampened growth, particularly in this time of year when companies turn cautious heading into 2012.

Without doubt, concerns over the euro zone debt crisis pose the greatest threat and will hurt tourism unless resolved soon. Most companies are still spooked by the global financial crisis of 2008-2009 so the euro crisis can dampen the partially restored business confidence.

Companies appear to be offering greater prospects for career advancement, and more opportunities are becoming available, amid the seasonal cautious mood.

The 'war for talent' is again heating up in Asia, with employers dangling higher pay to retain top staff. After the downturn of recent years, most employers have also started to restore salary to pre-crisis levels.

Andrew Chan, CEO, TMS Asia-Pacific