Global Talent Trends: Insights from 2024, Strategies for 2025

In the final session of December 2024, Helen Coult, Regional President Asia Pacific at Armstrong Craven, joined the Executive Research Association (ERA) to deliver her expert insights on the key trends which shaped 2024 and her views on the outlook for 2025. With her extensive experience, Helen shared an in-depth analysis of global geopolitical, technological, and economic shifts, alongside specific challenges and opportunities in the Asia Pacific region.

A Reflection on 2024

Geopolitical factors such as the Russia-Ukraine conflict and Middle East instability have affected sectors globally. Continued disruptions in energy markets and supply chains have caused growth in some sectors and losses in others. For example, the defence sector has surged, driven by cybersecurity threats emanating from Russia. Ukraine’s grain exports, once the grain bowl of Europe, have reduced, contributing to a cost-of-living crisis through higher food and energy prices. Consumers are spending less, which is impacting many sectors. In the Middle East, supply chain disruptions stemming from Saudi-Iran tensions and the war in Yemen have been dramatic. Between March and June, Houthi rebels targeted oil tankers in the Red Sea, pushing oil prices higher and disrupting shipping routes. This has particularly affected industries reliant on quick supply chains, like electronics and automotive.

 

The Impact of Elections

2024 was also a year dominated by elections—the biggest voting year in history, with nearly half the world’s population eligible to vote. The uncertainty caused by elections affected business spending, even as some sectors benefited from political shifts, such as the investment in green energy. Governments worldwide, including the US, EU, and China, have poured money into renewable energy and environmental targets. Trade deals with the US are pending for 2025, adding to the uncertainty. Businesses in sectors like consumer and logistics are worried about the rising costs of hiring and production.

 

The Rise of AI and Technology

Another major factor in 2024 was the continued rise of AI and automation. While these advances touch most sectors, the challenge for non-tech businesses lies in attracting tech talent. Cybersecurity remains a pressing issue for all companies, as the risk of phishing and ransomware attacks continues to grow. Big Tech faced significant challenges this year. For example, the EU rejected Google’s appeal against antitrust penalties and Apple was forced to pay back taxes to Ireland. These developments signal a shift, with 2025 likely to bring more regulatory challenges for tech giants.

Environmental Challenges and Opportunities

2024 was the hottest year on record, marked by catastrophic events like floods and hurricanes that impacted industries such as agriculture and insurance. However, it was also a huge year for renewable energy, with significant investments in wind, solar, and hydrogen power. Electric vehicle sales soared, and automakers committed to phasing out petrol-powered cars.

 

Insights from Asia Pacific

The key message is sustained growth. It’s not just Japan, South Korea, Singapore, and China leading the way anymore. Emerging markets such as India, Vietnam, and Indonesia are now significant players. India is poised to become the world’s third-largest economy within five years, overtaking Germany, driven by a large, highly educated population, the rise of the middle class consumer and a large talent pool. Elsewhere, ASEAN countries are fostering more intra-regional trade, making them less reliant on global markets and supply chains. Singapore remains a tech and innovation hub, attracting significant R&D investment. However, the talent market faces challenges, including a shortage of tech and R&D professionals and restrictions on work visas.

 

Challenges in China

China presents both opportunities and challenges. It remains the world’s second-largest economy but faces and creates geopolitical risks, including US-China tensions and territorial disputes in the South China Sea. These tensions could disrupt supply chains, especially for semiconductors. The regulatory environment in China has also tightened and businesses operating there must navigate issues such as intellectual property theft and cybersecurity risks. Additionally, Mandarin proficiency is increasingly essential for talent operating at all levels in multinational corporations.

So if we look at some of the APAC trends, here are some project examples. We have talked about China, and quite often the geopolitical queries from clients tend to be around China because it's such a big factor over here in Asia. We recently completed a project for a big global CPG beverages client. Their corporate development team wanted to understand the footprint and intentions of 15 competitors regarding their R&D operations in Asia Pacific, particularly in relation to China and any operational or strategic changes they would be making driven by geopolitical tensions to future-proof them.

It was really interesting. We came in and conducted confidential interviews with senior individuals within, or recently “ex”, these companies to gather insights. We provided our client with detailed organisational charts showing the current R&D footprint and setup of these 15 businesses, and the analysis of our primary research to uncover their future plans. This report gave the client a significant competitive advantage by understanding exactly what their competitors are doing, and intending to do, to adapt to ongoing geopolitical and technological influences.

 

Diversity and Inclusion

There’s a strong drive for local leadership talent across ASEAN, particularly in Indonesia, Malaysia, Thailand and Vietnam. For example, a CPG beauty client we’re working with right now is looking for C-suite leadership in Indonesia. In the media and advertising agency sector— where I’ve worked previously on the client-side— we have been looking for CEOs for Indonesia and Thailand. Clients across all sectors are looking for leaders of local nationality.

There’s an imbalance in some areas. Singapore, for instance, is unique with its native mix of Malay, Chinese, and Indian backgrounds, which on the surface coexist harmoniously, but under the surface, disparities exist. For example, in the banks, efforts over recent years to address imbalances have revealed challenges with representation. One regional bank reported that every candidate applying for a highly technical night shift role was South Asian and they wanted to increase the number of Singaporeans in these roles to build a local talent core, which is also the major drive since COVID by the government for every business office in Singapore. This particular bank was facing a challenge because Singaporeans often prefer day roles and spending evenings with their families, as many live in multi-generational homes whereas it could be the case that the South Asian nationals applying and working these roles may have travelled abroad for work and their families are back home. These nuances vary by country, highlighting that diversity efforts go beyond gender.

Gender diversity is still a significant issue in regions like India, where leadership remains male-dominated. Japan faces different challenges, focusing less on diversity and more on securing talent locally. With particularly long tenures in Japan, change also doesn’t happen fast.

Generative AI

Generative AI (Gen AI) is another major focus. It’s becoming integrated into every app and business unit. JPMorgan Chase is using AI for financial modelling and Pfizer is leveraging it for drug discovery. Companies across sectors are adopting AI, and consultancies need to understand how to support this. From an HR perspective, platforms like HireVue and XOR are being used for recruitment, talent management, and upskilling. Companies like Eightfold AI are also innovating in this space.

Recently, we conducted a survey about the misuse of AI in recruitment, particularly the rise of deep fakes in interviews. Several clients surveyed admitted they’ve been duped by candidates who were not real. I’ll share the final report with participants after this session—it’s from our insights and talent analytics team. This report will be part of the next edition of the AC Review. I’ll also share a resource put together by Glenn Lindley, Senior TA Director at Podmatic. It highlights over 400 recruitment tech tools powered by AI, and the pace of advancement is staggering. Many of these tools and platforms are almost unrecognisable compared to 12 months ago, or brand new.

Infographic: TA Techscape by Glenn Lindley (January, 2025)

There’s a growing demand for AI experts across all sectors, including non-tech industries. Companies are eager to attract this talent but non-tech businesses face challenges in competing with tech giants like Google or Amazon. Promoting factors such as a healthier work-life balance than in Big Tech, can make a critical difference in hiring success.

A Look Ahead to 2025

 

Unpredictable Markets

There have been significant developments across different sectors, presenting key opportunities for targeting. When it comes to tech and AI, certain locations will be stronger than others. AI hiring will focus heavily on North America, Europe, APAC, and India. In healthcare and life sciences, while the primary locations haven’t shifted much, there’s been a notable increase in demand for roles in digital health and medical device innovation. In fact, I’m currently working on a project in this area, with another one hopefully being signed off soon.

Sustainability and Green Tech remain high-growth areas. Renewable energy and carbon reduction efforts are gaining momentum and we expect to see an increase in executive search work in this sector. The demand for talent in financial services, consumer goods, e-commerce, retail, and logistics is also evolving. Logistics, in particular, is undergoing a significant transformation, heavily influenced by advancements in AI. The roles emerging now are markedly different from those we saw just a year ago, and this trend is mirrored across most industries and research projects.

To summarise, 2025 promises to be another unpredictable but exciting year. Some trends are more predictable, such as the ongoing expansion in sustainability, clean energy, and electric vehicles. Unfortunately, oil and gas will likely continue to push forward as well. Additionally, upcoming US trade deals could bring significant changes to market conditions, influencing how much companies are willing to invest in external consultancies like ours.

 

Follow Sector Leads

My advice is to follow sector leads closely and stay informed about global developments. Emerging markets remain crucial, not just in Asia Pacific and ASEAN but also in Central and South America, with Mexico standing out as a growth hotspot. India will also continue to be a major focus, demanding tailored solutions for clients. As companies become increasingly well-equipped with technology and higher budgets, they expect deeper insights and enhanced deliverables. For example, talent maps should now include analytics and be visually compelling, resembling a polished magazine page rather than a basic PowerPoint slide.

 

Diversity Hiring

Diversity hiring remains a global challenge, but strategies vary greatly. For instance, attracting female leadership talent in India requires a different approach than in California.

 

Leverage AI

As consultancies and professionals, we must leverage generative AI tools to enhance efficiency—whether for note-taking, summarising emails, or freeing up time to focus on innovative solutions and business development.

 

Global Outlook

Our work continues to be truly global. Events in the US can impact markets in China or Singapore, making cultural awareness and adaptability essential. This includes basics like scheduling meetings in the other party’s time zone, being mindful of national holidays, or even greeting clients in their native language. Such details may seem small but are increasingly important in fostering strong relationships. From a commercial standpoint, we’re seeing a shift from complete offshoring to nearshoring. This trend allows companies to maintain proximity to talent and build credibility within local markets.

 

Conclusion

These insights and tips should provide a solid foundation as we navigate the trends and challenges of 2025. If you wish to organise a conversation with our team regarding your 2025 talent agenda and how Armstrong Craven and WhiteCrow Group can support your business, please email Helen.coult@armstrongcraven.com. If you would like a copy of the slides from this session, please email Helen.