Demand for executives rebounds strongly

The demand of companies for employing executives has grown strongly, especially from the second and third quarters of this year owing to high optimism about Vietnam’s economic growth projection, a Navigos Group executive said. The recruitment demand for qualified executives in the past quarters of this year surged by 25% or higher compared to the same period last year, said Nguyen Thi Van Anh, managing director of Navigos Group - the leading and largest recruitment service firm in Vietnam. Anh shared the growth figure with the Daily during the tea break of a client seminar entitled “Accounting/Finance Talent in 2010 – the Foundation for Growth” in HCMC on Thursday. This event was held by Navigos and the Associations of Chartered Certified Accountants (ACCA) for some 200 CEOs, chief financial official (CFO), human resource directors and managers from domestic and multi-national corporations. “Companies speed up hiring executives because they are more optimistic about Vietnam’s economic growth forecast to reach 6.7% or higher this year, and want to make the best of this strong recovery,” Anh said. Anh said companies’ demand for executives was very low in late 2008 and the year 2009 when they were hit hard by the impact of global economic turbulence. But the demand has rebounded, particularly from the second quarter of this year. At the seminar, Anh ranked the top five industries on demand in 2010 as fast moving consumer goods (FMCG), banking, manufacturing, engineering and construction based on a recent research conducted by Navigos. The top five job functions were sales, information technology, accounting/finance, HR and administration, and marketing. Accounting/finance ranked third among the top five functions with the highest demand for executive positions in the first three quarters of 2010, but Anh stressed companies in Vietnam were paying more attention to professionals in this field, especially CFOs. “The most recent monetary downturn was witness to the growing influence and control that CFOs and finance leaders have in guiding businesses through troubled times,” Anh said. Le Thi Hong Len, country manager of ACCA Vietnam, supported Anh’s view. “Changes in the roles of professional accountants and the finance function itself are partly a consequence of the downturn, and partly an outcome of a growing recognition of the value that the finance function and professional accountants can add to an organization,” she said. Anh said accounting and finance professionals were no longer regarded as just bookkeepers but also business partners who contribute to divesting and restructuring businesses, developing financial models and analyzing financial forecasts. The research showed 38% of the demand for accounting/finance employees was for chief accountants, 33% for accountants, 25% for finance managers and directors, and 4% for finance controllers. As for industry segments, the demand for accounting/finance manpower was highest in the banking/finance sector at 46% followed by 32% in trading/services and 22% in manufacturing/engineering/construction. Anh raised a concern about demand outstripping supply for accounting/finance in Vietnam, saying that Navigos often had assisted employers in finding CFOs from regional markets. Anh and other speakers at the seminar called for companies to devise a comprehensive and integrated talent management program as a foundation for business growth. “An appropriate talent management program would help to address HR challenges in the coming year,” she said. Navigos also found 41% of the over 3,000 people polled in September 2010 identified a poor work environment as the top reason for them to leave a company, above unprofessional line-managers and inadequate remuneration packages with 37% and 22% respectively.