Executive Outlook: The US and Asia

Executive Outlook: The US and Asia

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In part two of our analysis of the hiring landscape in 2025, we turn our attention to the US and Asia, where executive job markets are experiencing contrasting but equally complex challenges as we move through 2025. In the US, economic uncertainty, political shifts, and the potential for disruptive trade policies have created a cautious hiring environment. Major corporations are scaling back recruitment, job openings have declined, and many executives are finding themselves in an extended search for new opportunities. At the same time, the shift towards freelance and project-based work is reshaping the executive landscape, requiring professionals to rethink traditional career models.

Meanwhile, Asia presents a mix of opportunities and volatility. China’s economy is evolving, but concerns over transparency and global trade tensions continue to loom large. Other parts of the region, however, are emerging as thriving hubs for executive talent, with India, Singapore, Vietnam, and Malaysia seeing strong demand for senior leaders, particularly in technology, finance, and infrastructure. The evolving geopolitical and economic landscape is influencing where and how executives can find success, making strategic career navigation more crucial than ever.

The US:

With Donald Trump back in the White House, it’s difficult to predict which way the US economy will go. There will certainly be winners and losers under his extreme America First agenda. Canada, Mexico and China were immediately hit with greater-than-expected blanket levies. Last-minute deals were made and the world’s biggest economy pulled back from the brink of triggering trade wars with its nearest neighbours, temporarily at least. They still loom, however. At the time of writing, it remained to be seen how it would play out with China, Trump had the EU firmly in his sights and the UK was on a warning. If Trump pulls the trigger, it will make the path to executive success even more treacherous and competitive across the globe.

The green economy, previously at the forefront of policies in Europe and America, may take a back seat across the Atlantic, even while LA burns and scientists warn time is running out to make the difficult economic decisions that might reverse climate change.

The Treasury reported an unexpected slowdown in growth at the end of 2024, partly due to falls in trade and investment and the impact of hurricanes and strikes. While lower than the 3.1% of Q3, the 2.3% growth in Q4 was still higher than in the UK or Europe.

Real growth since the pandemic was higher than any other country, at 11.5% compared to 4.6% in the Eurozone and just 2.9% in the UK.

Consumer confidence also remained high, with spending up 4.3%. However this may have been a rush to buy high-ticket items like cars in anticipation of increasing costs in the event of trade wars. Whether Trump is postulating and using the threat as a bargaining tool or truly committed to tariffs remains to be seen. Economists, manufacturers and importers/exporters fear rising prices could hit hard, push up inflation and see another interest rate spike.

That uncertainty has already reached hiring. So far this year, Amazon, Microsoft and Salesforce are among those cutting their corporate workforces. A fifth of unemployed US professionals seeking work say they have been looking for at least a year and 40% of them said they weren’t invited to a single interview. Job openings in Q4 were at their lowest level since the pandemic.

IT, finance and software development declined by 10-20% while positions in banking, project management, hospitality, and customer service sectors all saw double-digit falls.

Uncertainty around global trends, the election and, now, Trump’s impact on different sectors of the economy, have instilled a wait-and-see approach. Once the new President has bedded in, and the tariff crusade has settled, companies may be more confident in the direction of flow and willing to invest in big hires.

For now, employers are increasingly hedging their bets by hiring on a freelance basis, enabling them to focus resources on specific projects and adjust them as dynamics and priorities change quickly in the evolving landscape, while reducing costs associated with permanent staff. More than a third of US workers are thought to be working in the gig economy, another sign of a cautious employer’s market, however it does have its benefits, such as bridging gaps between permanent employment, boosting skill and experience and offering flexibility.

Some US regions are doing better than others, of course, and differing salary brackets in senior roles give an idea of what is happening within key economic centres of the US.  A guide to assist job seeking can be found here.

Asia:

China, the world’s second biggest economy, has seen a reversal in the decade-long trend of growing unemployment and under-employment. Sectors such as electric cars, AI chips and platforms continue to drive growth, though the lack of transparency, as demonstrated in suspicions around the development and security of its newly popular Gen AI Deepseek app, can make China a difficult economy to read accurately or trust.

At time of writing, the Chinese government appeared reluctant to engage in any meaningful tit-for-tat tariffs with the US, showing its relative weakness and dependence on international trade.

Any grab for Taiwan, which is leading the world in the production of AI chips, could destabilise the region.

Post-pandemic, there has been a steady outflow in overseas senior workers, particularly those from Europe. Multinationals are moving to alternative regional HQs such as Singapore, Vietnam, Thailand and Malaysia, taking professionals and executives with them as they seek to expand into these emerging markets. These more accessible Asian hubs are seeing growth in senior positions open to international candidates. Seven percent of Rialto’s clients are now based in Asia. The continent dominates the global landscape in terms of innovation, claiming more than two thirds of all patents, demonstrating investor confidence and strength in development of new products, technologies and services.

Organisations across the Asia-Pacific region, particularly global investment firms, are actively seeking leaders with cross-cultural experience to effectively manage global teams and navigate the complexities of international markets. Candidates looking to resettle in Asia or to work in Asian markets should demonstrate cultural alignment and adaptability to drive organisational success across different regions.

There is also a notable shift towards flexible leadership structures, with organisations embracing interim executive roles. This approach allows companies to access specialised expertise as needed, providing agility in addressing specific challenges or growth phases without long-term commitments.

India is seeing growth of between 6-7% GDP per year as its strong domestic market, characterised by increasing middle class wealth and improving supply chain logistics, provides a cushion from global shocks and trade winds. The healthy, growing market, demand for international leadership talent, high-quality work and wages, is making India increasingly attractive to executives struggling in traditional markets.

Japan is returning to growth and getting inflation under control and could be a market to watch for executive opportunities, which are primarily concentrated in large, established corporations across sectors including automotive, technology, finance and retail, in areas like business development, strategy, operations management, and technology innovation.  Japanese language skills are essential.

For executives looking to secure senior roles in the US and Asia, the ability to adapt to a shifting global economy has never been more important.  In the US, hiring caution and economic unpredictability are prompting many companies to favour flexible, short-term engagements over permanent leadership appointments. This trend, while challenging, also offers executives new ways to remain active in the market, gain exposure to different industries, and position themselves for long-term opportunities when conditions stabilise.

In Asia, the demand for leadership talent remains strong, but the opportunities are concentrated in specific markets and sectors. Executives with cross-cultural experience, digital expertise, and an ability to drive transformation will be in the highest demand.

While there are many complex factors that account for the difficulties facing those seeking new positions at higher levels, candidates who are open-minded and adaptable can thrive by responding to emerging trends and developing their skill sets in alignment within growth areas.

It’s little wonder that this volatile and competitive global marketplace, with an ever-accelerating pace of evolution, has seen Google searches for “coaching” increase by 50% year-on-year, up to 60.7 million in 2024.  Trying to navigate it alone can be daunting and ultimately, fruitless.

Rialto director Richard Chiumento said: “It’s critical for candidates to be open-minded about new ways of seeking and preparing for work. Firing off dozens of applications to familiar roles that are likely to attract hundreds of applicants, take months to resolve, and possibly not even exist, can leave highly talented individuals despondent and desperate. Many come to us having wasted months taking the same, traditional actions – but expecting different results.

“It doesn’t work anymore. A new mindset, new strategies and toolkits are required for an increasingly disrupted and digital Executive marketplace.

“Senior people need to be prepared to invest time and resources in updating and aligning  their value proposition offering, explore new regions, markets, industries and functions, possibly think about short-term contracts and adapt and upgrade their skillsets. The world is changing faster than most executives think and they need to change with it or be left behind.”