New Year, New Career: Recruiting and Finding Work After the Tết Holiday
The immediate months after the Tet holiday — between January or February to April — is considered the busiest time for recruiters and job seekers alike. During this period, job hunters are on the lookout for new opportunities to secure employment as an auspicious start for the Lunar New Year. Some workers may decide to leave their current company to pursue other avenues for career advancement at the beginning of the New Year.
This has become an annual trend that recruiters in Vietnam have learned to anticipate. In 2021 alone, as much as 30,000 job vacancies were reported in Ho Chi Minh City after the Tết holiday, according to the HCMC Center of Forecasting Manpower Needs and Labor Market Information (FALMI). With some employees resigning to work for another company, organisations need the vital assistance and expertise of recruitment agencies to fill the vacancies immediately. Recruiters will also have their hands full with the influx of job applicants who are using this period to look for work.
Time for reassessment
The week-long Tết holiday gives employees a chance to take a break from work and spend time with their families to prepare and welcome the Lunar New Year. This is also the time when they can reassess their goals in life and plan ahead on their next steps in their career development. After all, the idea of entering the New Year with a new job that’s more rewarding is an attractive prospect to consider.
It’s no wonder that, once the holiday season is over, there is a flurry of activity among job hunters as they farm out their applications to companies and reach out to recruiters for job opportunities. As a result, the market is rife with competition – whether from the applicants themselves or from recruiters who want to attract and quickly bring in the most qualified prospects.
In recent years, however, this trend of looking for new employment after the holidays has led to an alarming turnover rate. In a 2019 survey by Vietnam Best Places to Work, employee turnover rate was reported at 24% — that’s more than twice the ideal rate of 10%. Among the age groups, the younger employees are more likely to leave, with 17% planning to resign within the succeeding year.
Higher level employees, such as managers and directors, are also at high risk. For every two people with a salary of over VND80 million, one of them will consider leaving. This is a clear indication that, despite having a bigger salary or a higher rank, these incentives will not necessarily guarantee that an employee will remain with the company.
The threat of Covid-19 still remains and it has contributed to a significant labour shortage. Skilled workers who have travelled back to their hometowns for the holidays are unwilling to return to the city just yet. Some workers have lost their jobs after the recent outbreak and they have decided to stay in their hometowns instead. Another reason is that they’re afraid of getting stuck in the city if another surge happens again, along with the inevitable lockdowns and the Covid-19 testing requirements that they have to go through.
Hope in sight
As a result, these challenges have impacted the demand for workers which has dropped by 45% by the end of last year. According to FALMI, around 45,000 laborers are needed in various manufacturing, processing, and commercial industries for the first quarter of 2022. But for January, only 19,600 were looking for new employment.
To meet the demand, the city is conducting more activities in social media and online job platforms to reach out to more job seekers. The Ministry of Labor, War Invalids and Social Affairs has committed to providing support to migrant workers in terms of minimum living expenses, transportation costs, free Covid-19 testing procedures, and medicines. It is also expected that recruitment activities will be at their peak within the next three to six months.
Employers who want to attract and retain the best talents should look into reassessing their company culture and work environment. Understanding employee demands and encouraging engagement will help drive productivity and instil loyalty. Applying these necessary adjustments will also make employers more appealing to prospective talents.
The foremost recruitment agency in Vietnam
Finding the best talent for your organisation can be quite challenging after the Tết holiday. For job seekers, you need to stand out amidst the fierce competition during this period. The Talent Consultants is an industry leader in workforce management in Vietnam that offers solutions to your recruitment and job-hunting concerns.
As a talent acquisition consultant based in Ho Chi Minh City, we can provide access to a rich pool of talent from across the Southeast Asian region who are highly qualified to work in the multinational business sector – whether for technical job roles or even for c-suite positions. We also offer a wide range of career opportunities if you’re looking for new employment just in time for the Lunar New Year.
For more information about our services, visit our website to learn more about our effective and efficient recruitment process. If you’re interested to look for work, we encourage you to send your CV to us here or go through our job vacancies. You can check our free resources as a helpful guide for managers and applicants. To book a consultation, contact us on +84 28 7309 7991 or fill up our form and our representatives will reach out to you right away.