HR firms thrive as economy transitions

Jobseekers gather at an employment fair in Taiyuan, Shanxi province, in October. While candidates should be prepared for structural and cyclical factors affecting the Chinese job market, opportunities are also becoming evident for foreign human resources companies to address the ongoing changes in the country, said Jean-Christophe Deslarzes, chair of the board of directors of Zurich-based HR services provider The Adecco Group. Structural factors, which are mainly skills gaps resulting from rapid technological progress and industrial upgrading, are making a big difference in the Chinese job market, he said, adding that among the many technology advancements, artificial intelligence is the number one factor in China that has exerted the biggest influence on the workplace. The rise of flexible employment among younger, tech-savvy Chinese candidates reflects a shift toward a more adaptable workforce, said Deslarzes. According to global consultancy Verified Market Reports, China's outplacement services market was valued at about $3 billion in 2023 and is projected to reach more than $5 billion by the end of 2030, with a compound annual growth rate of more than 7 percent during the forecast period from 2024 to 2030.