Workers have more power in labor supply and demand

Quỳnh Chi |

According to Manpower, after the pandemic and the wave of digital transformation, the labor market witnessed a major turning point: The power shifted strongly towards workers.

Quality personnel have more "rectors"

Ms. Bui Thi Ngoc Nga graduated from the fashion design major at the University of Industrial Fine Arts (Hanoi) in 2022.

Graduated with honors, experienced in collaborating with many domestic fashion brands, participating in collections at Vietnamese fashion weeks, and being invited to perform as part of 2 fashion weeks abroad sponsored by a luxury car brand... are the "beautiful as a dream" information lines in Ms. Nga's CV when applying for a job.

Although planning to open her own fashion brand, after consideration, Ms. Nga applied to be a creative director at 3 Vietnamese fashion brands. Shortly after that, all 3 brands invited Ms. Nga to work. Balanced and selective, Ms. Nga finally chose to work for a nearly 20-year-old fashion brand for female office customers.

According to Ms. Nga, she chose this brand not because this is the company that pays the highest salary and bonus, but because it is the unit that meets almost all of the requirements she gave in the interview.

I have my own requirements for working time, progress requirements, security commitments, intellectual property rights... In fact, the income from extra work from my second year of university has helped me have a solid financial foundation as well as a fairly rich working experience, so I chose an environment for me to freely create, not the place with the highest salary, but there are strict requirements, said Ms. Nga.

Not only do "good" workers with qualifications and degrees like Ms. Nga have more voice with employers, even in simpler positions, but experienced and qualified workers still face many opportunities to choose.

Mr. Bui Dinh Anh is a worker with 13 years of experience in interior wood construction in Hanoi. Not only a construction worker, Mr. Dinh Anh also has the ability to advise and design very professionally. For 13 years, working as a worker with a salary of 4 million VND/month, Mr. Dinh Anh now has an income of tens of millions of VND/month.

"I have not changed jobs after 13 years, but many competing companies in the craft village are calling for me at attractive salaries. In fact, since the 10th year of working, in addition to my salary, I have also been divided by the current company in business sales. When we recruited them, many young workers criticized this job as hard work and low salary, but they did not know that if their skills were solid, their income could double or exceed that of those who graduated with a bachelor's degree to work in administration," said Mr. Dinh Anh.

The turning point of the labor market

According to Manpower, after the pandemic and the wave of digital transformation, the market has witnessed a major turning point: power is strongly shifting towards workers. Instead of businesses being the completely proactive side, candidates now have many options, shape expectations and even refuse opportunities if they do not match their living values or career goals.

Manpower believes that the reason for this trend is that the supply of quality human resources is becoming scarce, especially in industries with high digital transformation rates such as technology, finance, e-commerce or some specific industries. In addition, candidates have more options than ever when they are no longer limited by geographical borders or traditional working forms.

In that context, businesses must change their talent approach strategy, from the "demand-based recruitment" model to the "sustainable attraction" model.

Manpower also pointed out mistakes that cause businesses to lose potential candidates: The recruitment process is too long and cumbersome, good candidates will not wait; inconsistent communication between promise and reality causes loss of confidence; lack of flexibility and personalization in the context of the "one-form" management model no longer suitable.

Quỳnh Chi
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