Slowly, But Surely
Regardless of the impact of lower commodity prices on exports, Indonesia's economy grew by 5.05 percent last year, slightly surpassing government expectations. However, this growth rate was lower than the 5.3 percent achieved in 2022. Bank Indonesia, the central bank, noted that the economic performance fell within its forecast range of 4.5 to 5.3 percent. According to the government's statistics agency, the primary reason for the slowdown in GDP growth was a decline in export earnings. This deceleration has been observed across various business sectors, including the hiring segment.
It is interesting to note that the demand for hiring in commercial, operational, and technical roles has increased, with companies exercising greater caution in adding new staff for essential positions or filling vacancies. However, sectors such as fintech, digital banking, e-commerce, local conglomerates, SME startups, and Web3 companies are experiencing exponential growth, as reflected in the hiring heat map. Additionally, industries like cyber risk and governance, risk, and compliance (GRC) are in high demand due to new local regulations emphasizing technology risk management.
Today, these changes are occurring rapidly across the country. With a significantly reduced margin for trial and error, People Analytics enables HR leaders to leverage data for making informed talent decisions, enhancing workforce processes, and fostering a positive employee experience. Furthermore, a contemporary people officer must possess expertise beyond traditional HR functions, including a strong acumen for technology and digital transformation. Emotional intelligence and communication skills are also essential traits that will support their advancement and success. On this note, we present our Indonesia special issue.
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