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History of ManGo Associates
- The Financial Crisis which officially impacted Asia in September 2008 was much more severe than most people here had imagined. A vast majority of client companies stopped hiring almost immediately. A hard decision was made quickly by the partners to shrink to adjust for the uncertain future. The new office which used to house our research center was closed down and staff there was moved to the remaining office at Central Plaza. By end of November 2008, two rounds of lay offs have been completed and the headcount decreased by 30%.
- By September 2009, or one year later after the on-set of the global crisis in Asia, hiring demand has climbed back to a normal level, but still quite far from the crazy days 12 months ago. The company decided to set up a practice in the Supply Chain specialty. This is considered necessary as the company’s client base continued to grow and therefore new ‘pillars’ of execution and account management capacity is required to maintain our client service level. Standing at end of 2009, there appears to be two dynamics which need to be played out in the China recruiting market: 1) Foreign manufacturing base which used to be the largest client base here is unlikely to remain as the leading driver of future demand. This is mainly because of the de-globalization process. In other words, a necessary but uncertain structural change of the client base is under way. 2) Necessary market consolidation in Shanghai in the search market has been accelerating ever since the crisis materialized one year ago, and we expect that to continue in the foreseeable future.
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