2020 was definitely a year of massive change for both employers and employees, and 2021 is looking to be no different. According to the latest survey by Morgan McKinley, the company foresees the global recruitment market to start picking up, with local opportunities mainly arising from the maturing 5G and FinTech fields.
Morgan McKinley, the global professional recruitment firm, has launched its new-look, interactive Salary Guide Calculator for 2021. Part of this project included the ‘2021 World of Work’ survey, which revealed that employees are generally a little more cautious than employers of the potential of the hiring market and pay rises, when in fact it looks like there will be great opportunities for them through upskilling and applying for new roles either internally or externally.
According to the survey, nearly half of global businesses are relatively confident that their organisations will return to normal levels of hiring within the next 21 months, despite the current pandemic situation. Additionally, salary increments are also expected to rise as well, with about 51 percent of global employers feeling confident about offering pay rises in 2021. On the contrary, only about 28 percent of employees are feeling confident about an increase in salary.
Based on the current trends and coronavirus situation, Morgan McKinley has found that businesses are still expecting remote working to be the norm heading into 2021, especially leading into the second half of 2021.
In order to grasp the chances under the turbulent market, both companies and professionals are aware of the importance of keeping skill sets up-to-date. According to the survey, 77 percent of the employees planning to upskill in their area of expertise, and 51 percent of companies believe that they will need to hire for new skill sets throughout 2021.
“The upskilling of job seekers and their employers digitally supporting this across Finance & Accounting, Sales & Marketing, Risk & Compliance will be the key to ensure continued growth in these sectors. We have seen wage inflation across in-demand market sectors whilst other areas remain largely flat. Some level of increased job mobility amongst senior professionals reskilling and moving sectors are also anticipated,” said Rob Sheffield, Managing Director of Greater China, Morgan McKinley.