Headhunters Power Businesses Amid Thailand’s Industries Evolution.

After emerging strongly from the Covid-19 pandemic, the Land of Smiles has plenty of reasons to be cheerful. Business optimism continues to build: the Federation of Thai Industries (FTI) said its industries sentiment index climbed to 93.9 points in January 2023, the highest level in 43 months. And the all-important tourism sector, which accounts for about a fifth of the Thai economy, has finally turned a corner, with more than 30 million foreign tourists expected this year following China’s reopening.

Overall, Thailand’s economy remains resilient amid global uncertainties. The IMF forecasts GDP growth of 3.7% in 2023, some way above the global average and in line with Thailand’s pre-pandemic average growth rate from 2009 to 2019 (3.6%). As such, Thailand ​​remains an attractive destination for international investment, with the Board of Investment (BOI) reporting a 39% increase in applications worth more than US$20 billion during 2022, led by global firms such as BYD, Foxconn and Amazon Web Services.

Executive search is a crucial aspect of business growth and success. Thailand is no exception to the challenges and opportunities companies face in recruiting and hiring top-level executives in today’s rapidly changing and competitive global market.

With unemployment rates in Thailand hovering around 1%, among the lowest in the world, and a limited pool of highly skilled candidates, hiring becomes a challenge when business activity suddenly ramps up in the wake of the pandemic. This talent shortage is particularly evident in the tech and digital industry, where the demand for executives with the necessary technical and leadership skills is high. Another challenge is the skills gap. The skills required for executive positions are continually evolving, and many organisations find it tough to source candidates with the right expertise and experience.

The competition for top-level executives in Thailand is fierce. Small and medium-sized businesses often struggle to compete for top talent, particularly if they do not have a strong brand or company culture. Large organisations with deep pockets often have the advantage of attracting and hiring the best executives.

In the article, I’ll discuss some sectors experiencing high demand for top talent in Thailand and how BTI Executive Search is helping companies recruit the best candidates in a highly competitive market.

Manufacturing and Supply Chain in Thailand is Evolving

Manufacturing and supply chain are especially keen to attract senior candidates. Ongoing geopolitical tensions have resulted in a shake-up in regional supply chains, with more manufacturing moving from China to Thailand. This has led to rapid growth in Thailand’s Electric Vehicle (EV) sector. More Chinese automakers such as GWM, MG, and DFSK are establishing plants in Rayong, Chonburi and other industrial zones to assemble cars and batteries for the domestic and overseas markets. BYD, which dethroned Tesla as the world’s biggest EV producer by sales in 2022, is to build its first electric car manufacturing plant outside of China in Thailand, its first in Southeast Asia, with an annual capacity of 150,000 vehicles.

As the EV sector expands, there is increasing demand for senior-level talent with the skills and experience to manage complex operations and drive innovation. Positions currently needed include Chief Technology Officer (CTO) to oversee research and development, product design, and engineering teams and Chief Operations Officer (COO) to manage manufacturing, supply chain management, and logistics. Other roles, such as Chief Financial Officer (CFO), Director of Engineering, Director of Supply Chain Management, and Director of Quality Control, are also required.

IT and E-Commerce in Thailand on the Rise

The IT sector in Thailand has been expanding rapidly in recent years and has been less impacted by the pandemic. The value of software and software services in Thailand was forecast to grow by 14.9% in 2022, leading to high demand for software developers, network administrators and data analysts. Cybersecurity experts are increasingly needed, too, with Thailand’s cybersecurity market predicted to grow at a CAGR of 9.81% from 2022 to 2027.

IT skills are crucial for another significant growth sector in Thailand: e-commerce. Like most other parts of the world, the lockdowns and social distancing restrictions enacted during the pandemic forced Thai companies to be nimble and find new ways to remain afloat. Fortunately, Thailand was already a mobile-first nation with high internet adoption, enabling businesses to ramp up their online efforts to keep customers coming in. With Thais using the net on average seven hours and four minutes a day, it creates a sizeable online consumer base and increased demand for e-commerce. Government support has been significant, too, by providing infrastructure, investment, and policies to support the growth of online businesses. According to the Thai e-Commerce Association, the e-shopping market is expected to grow more than 128% in three years to reach a value of 120 billion baht in 2025. With more people shopping online and businesses shifting to e-commerce, the demand for logistics and delivery services has increased in Thailand, too.

Various senior roles are in demand in e-commerce, including Head of E-commerce to lead the entire e-commerce operations of a company, including sales, marketing, logistics, and customer service; Senior Product Manager to oversee the development and management of the company’s e-commerce platform and its various product offerings; Director of Customer Experience, and Supply Chain Director.

BTI Executive Search Thailand’s Specialist Recruitment Solution 

As industries grow, global professional services and consulting firms operating in Thailand have increasing hunger for specialists in niche sectors such as power plants, logistics, ESG and automation. Experienced plug-and-play candidates are hard to find, so BTI encourages these companies to be flexible regarding their requirements.

Optimising the interview process is essential, too, as the best candidates are in high demand and any delays risk losing them to competitors. BTI recommends adopting a holistic approach to avoid taking a candidate through multiple rounds of interviews and rejecting them because they’re the wrong fit for the long term. For example, starting with an assessment test, followed by an online interview and an on-site tour, can prove a more productive sequence for both candidate and the client.

BTI is particularly well placed to support a wide range of Thai companies because of our unique team set-up designed to serve by industry and functions. For example, we have one dedicated team focusing on manufacturing and supply chain, with separate teams serving clients for other industries such as IT and Banking. While other recruiters have generalists, BTI’s specialised headhunting teams can give our clients quality industry insights. And with clients needing less time to explain their business, competitor landscape and target candidates, our knowledgeable consultants can quickly identify the right people and recommend the appropriate market pay.

Looking for expert support in headhunting talent in Thailand? Connect with BTI Executive Search’s specialists today here.