Vietnamese Enterprises Struggle as Labor Market Faces Changes
Vietnamese enterprises are grappling with significant challenges as the labor market undergoes a shift in 2022. Navigos Search, a leading job recruitment agency, has reported that many businesses in Vietnam are facing difficulties that are impacting the labor market.
According to Navigos, at least 50 percent of businesses have experienced a decrease in revenue, with some industries seeing as much as 90 percent of businesses heavily affected. Consequently, many enterprises have been forced to lay off employees and cut workers’ wages. Furthermore, businesses are now looking for new workers with different skill sets compared to previous periods.
Ngo Thi Ngoc Lan, from Navigos, shared that previously candidates who scored 5-6 out of 10 still had opportunities for employment. However, the current landscape demands higher standards, with enterprises only accepting candidates who score 8 or 9. This not only means the candidates can perform the required tasks, but also possess the capacity to meet future job requirements.
As a result, competition among job seekers has intensified significantly. In the past, a single vacancy would attract around 20 candidates, but now, the number of applicants can reach up to 60.
Mai Thuy Hang, the deputy CEO of Sun Group, explained that businesses are setting higher requirements for candidates due to increasing consumer demands for better products and services. To meet these demands, enterprises need advanced technologies and qualified staff.
Hang emphasized that today’s requirements for human resources are more diverse and complex. It is no longer sufficient for workers to possess only good skills and deep knowledge. They must also be able to connect various technologies and resources to solve problems for clients and businesses across different contexts.
With automation and the rise of artificial intelligence (AI), the labor landscape is rapidly changing. Hoang Nam Tien, an experienced manager in the IT sector, noted that robots have replaced many factory workers in Vietnam, even for intricate tasks. This trend extends to fields like journalism and coding, where AI technology is expected to replace certain job functions.
To adapt and avoid unemployment, workers must prioritize continuous learning and acquiring new knowledge and skills. Tien stressed the importance of regular retraining and in-depth training to stay relevant in the evolving job market.
In conclusion, Vietnamese enterprises are facing significant difficulties as the labor market undergoes a transformation. The shift in consumer demands, advancements in technology, and the rise of automation have all contributed to these challenges. To thrive in this changing landscape, businesses are raising their requirements for candidates, with a greater emphasis on advanced skills and the ability to adapt to future job requirements. Workers must prioritize lifelong learning to remain competitive and avoid unemployment in the evolving job market.
