The landscape of work in Asia is undergoing significant transformation, influenced by global economic policies and shifting geopolitical dynamics. Recent developments, including job cuts at major financial institutions like Morgan Stanley and Deutsche Bank, underscore the profound impact of these changes.
Financial Institutions Respond to Global Economic Policies
In early 2025, Morgan Stanley announced plans to reduce its workforce by approximately 2,000 positions, accounting for about 2.5% of its global employees. This decision aligns with similar actions by other major Wall Street banks, reflecting a broader trend of cost management in response to economic uncertainties. Notably, Goldman Sachs is reducing its workforce by 4-5%, targeting mid-level employees. These measures are influenced by factors such as trade tensions and high fiscal deficits, which have contributed to a 19% decrease in U.S. M&A volumes in 2025.
Resilient Economies Amidst Global Challenges
Despite these challenges, certain economies in Asia continue to demonstrate resilience and growth:
China: The Chinese economy has shown positive signs despite increased trade tariffs. Retail sales increased by 4% year-on-year in January and February 2025, surpassing December's 3.7% growth and exceeding analysts' predictions. Key drivers included strong demand for household appliances and consumer electronics, supported by trade-in schemes. Factory output also rose by 5.9% annually, although slightly lower than December's figures.
ASEAN Region: The ASEAN economies have remained resilient, delivering credible economic performance in the first three quarters of 2024. Sustained high real GDP growth was reflected in Malaysia (+5.2%), the Philippines (5.8%), Indonesia (5.0%), Vietnam (7.0%), and Singapore (3.0%). This growth is underpinned by supportive fiscal policies, accommodative monetary stances, moderate inflation trajectories, and stable labor market conditions.
Interim Consultants Driving Transformation
To navigate the complexities of the current economic climate, many organisations are increasingly relying on senior interim consultants to manage costs while continuing to drive critical initiatives. Interim experts provide high-impact, flexible support, enabling companies to progress key projects without the long-term financial commitment of permanent hires.
Particularly in digital transformation and Generative AI (GAI) implementation, interim consultants are playing a crucial role. They bring specialised knowledge, execute strategic initiatives efficiently, and ensure businesses remain competitive amidst economic turbulence. Organisations benefit from rapid access to expertise without incurring the overheads associated with full-time employees.
Recognising this shift, TENTEN Partners has expanded its services to include high-calibre interim consulting solutions. By leveraging its extensive network, TENTEN Partners supports organisations in identifying and deploying senior interim professionals who can drive immediate impact. Additionally, the firm has bolstered its presence in key emerging markets, including Vietnam, the Philippines, and the Middle East, strengthening its ability to deliver flexible, high-quality talent solutions across the region.
Implications for the Future of Work in Asia
The evolving economic landscape presents both challenges and opportunities for the future of work in Asia:
Diversification and Integration: ASEAN economies are focusing on economic diversification and deepening regional cooperation to enhance resilience against global disruptions. Efforts include strengthening supply chains and expanding trade ties through agreements like the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP).
Technological Advancements: Advancements in technology, particularly in artificial intelligence, are driving growth in Asian markets. Chinese firms are challenging U.S. dominance in AI, leading to increased interest from the AI sector and driving stock market gains.
In conclusion, while global economic policies and geopolitical tensions pose challenges, Asia's adaptability and proactive strategies position it well to navigate the future of work. By embracing diversification, technological innovation, and interim consulting expertise, businesses in the region can continue to thrive amidst global uncertainties.
