This recent study by specialist recruiters Michael Page Vietnam has 996 professionals participating from Vietnam and reveals that 1 in 2 employees have changed roles since the pandemic started. This data indicates a fundamental shift in the workforce’s relationship with their jobs, leading to an “Invisible Revolution” characterised by a more transactional approach to work.
According to the Michael Page Vietnam Talent Trends 2023 report titled “The Invisible Revolution”, the pace of change is accelerating. An astonishing 9 in 10 Vietnamese who started a new job last year are open to new opportunities. A flexible mindset towards career progression has become the new norm, with the majority viewing job transitions as a regular part of their employment journey.
In observation of this trend, May Wah Chan, Regional Director of Michael Page Vietnam says, “95% of all employees in Vietnam are open to considering new opportunities. Even generally happy employees will explore new career prospects. Vietnamese employees are now seeking a more comprehensive package – attractive salaries, flexibility, career growth, frequent recognition and a work culture that aligns with their values in a range of areas, including sustainability, and diversity, equity and inclusion.”
The correlation between the economy and job-seeking behaviour is becoming more apparent. In fact, 54% of the population are more likely to seek a new job when the economic environment deteriorates. However, this openness will not necessarily convert into job applications. After a high volume of career migration during and after the pandemic, people now focus on finding employment opportunities that best meet their individual ambitions and fulfil their vision of an ideal work-life balance.
Nicholas Kirk, CEO at PageGroup, said, “The trends in Vietnam mirror the sentiment of the global talent market – every region has seen a transformative change across all age groups, markets, and industries.
“These are not fleeting trends or reactionary responses to a period of turbulence. Rather, they are reshaping the workplace in a way that will subtly yet fundamentally change the way businesses attract and retain their talent.”
Despite a very open-minded base of talent in the market, the candidate-driven dynamics in Vietnam will only intensify, with pressure on companies to stand out with their job advertisements and create more compelling employee value propositions based on what matters most to the talent market. The threat of high turnover will be a permanent fixture in the new talent era.