This is my first update in a while, but I wanted to let you know. I left my most recent company yesterday, August 20th.
So, I will not be able to provide candidates for clients or job introductions to candidates for the time being. Thank you for your understanding.
It was about three and a half years, but it went by so quickly. In conclusion, it was a great company.
The work environment and my superiors' understanding of employees were solid, so I felt there was little stress at work. There were also many unique company-wide events and company trips (dragon boat racing, cooking classes, etc.), which were fun.
Especially during my first one or two years at the company, the Singapore job market (especially the Japanese job market) was not as bad as it is now, and my performance was stable, so I enjoyed my work.
When I first joined the company, it was small and not well known by clients (especially Japanese companies), so I thought it might be a challenge, but I think I was able to perform reasonably well, mainly with my existing clients and with new clients.
However, as you all know, the job market for Japanese companies in Singapore has deteriorated significantly in recent years.
It has become more difficult to obtain a work visa
The hurdles for obtaining a work visa for foreigners have risen significantly, resulting in a decrease in job openings for Japanese people, and Japanese companies are cutting back on employment (the impact of Compass Point has led to an increase in companies keeping their workforce below 24).
- Japanese companies are downsizing and relocating to other countries
The difficulty of obtaining a work visa has made it difficult to hire talent, and the rising salary requirements for work visas, along with the high cost of living and rising office rents in Singapore, have led to a reduction in expatriates, leading to business downsizing in Singapore and the relocation of regional headquarters to other countries.
- The rise of local agencies as competitors
For Japanese-speaking positions, candidates tend to be local Japanese speakers, so we are now competing with non-Japanese recruitment agencies.
While competition was already prevalent, it has become significantly more intense in recent years.
- The Rise of In-House Recruiters
Some companies have begun to hire in-house recruiters and reduce their use of agencies, simply resulting in fewer jobs than before.
- Tighter MAS (Financial Services Authority) Regulations
Following the Singapore money laundering scandal a few years ago, MAS tightened regulations on the establishment of new family offices, significantly lengthening license approval times then newly established asset management companies had to stop hiring.
- Difficulty in Contracting with Major Clients
Smaller recruitment agencies face difficulties in signing referral agreements with major companies (large companies generally already have their preferred vendors, making it difficult to enter their market). This makes it difficult to secure new positions.
For these and other reasons, the difficulty of placing Japanese and Japanese-speaking candidates has increased dramatically.
Furthermore, Japanese recruitment tends to take about two months longer to close than local recruitment. Even after developing clients and securing positions, the selection process often stalls and candidates often fail to close.
In fact, RGF Singapore, which I used to work for, is apparently closing down in September. (Incidentally, RGF Hong Kong is said to have closed down on the 11th of this month.) Other Japanese recruitment agencies are also shrinking.
However, that doesn't mean the local market is doing well. The local market itself isn't doing so well, and many companies seem to be cutting staff.
I've written a lot, but due to the circumstances described above, I have decided to resign.
Going forward, I will continue my job search while keeping an eye on the state of the job market in Singapore and thinking about what kind of work would be best for me.
I'm not sure whether I will return to the recruitment industry, or whether I will work in another industry or as an in-house recruiter, but I will update my LinkedIn account once I find a job.
So, everyone, let's do our best this month!
