Joshua Yim, CEO of ACHIEVE Group, shared in #zaobao that the spirit of 天无绝人之路 inspired him to venture into immigration services a few years ago and into e-learning services next. It is this same spirit that gave him the strength to overcome the many challenges from the Asian Financial Crisis, 9/11 attacks, SARS crisis, and most recently from the Covid-19 pandemic.
With the knowledge and experience accumulated from these tumultuous events, the company not only avoided losses during the Covid-19 pandemic but also won the Singapore Prestige Brand Awards in 2021. In addition, the company expanded into immigration services in Singapore two years ago and this year, its immigration business is extending to Shanghai, China. Next up, the company is preparing to launch its e-learning services in the Asian market.
Read the full #zaobao feature here
Here is the English translation of the Zaobao feature:
Navigating Market Trends | A Recruiter Enters the Immigration and Online Learning Market
Yim Kin Yee, founder and CEO of ACHIEVE Group, who has been in the human resources and recruitment industry for 33 years, stated that outsourcing and recruitment are “very traditional industries.” However, traditional industries must follow the trends as well. Yim, 60 years old, pointed out in an interview with Lianhe Zaobao that these “trends” refer to population trends, market changes, and digitalization.
Yim started his business at the age of 27 and has experienced four major crises. The first 15 years of his entrepreneurial journey were tumultuous, and he almost went bankrupt at one point. However, these experiences provided him with valuable lessons, enabling him to navigate subsequent crises smoothly. Yim, a graduate in Mechanical Engineering from Ngee Ann Polytechnic, worked in sales for two multinational companies after completing his military service. After five years, he started his own business with two friends.
Although it was officially a partnership, Yim realized that he was “doing it alone”. His two friends fully trusted him, so much so that even when the company shifted its office, they were unaware. Five years later, Yim decided to buy out his partners’ shares, becoming the sole owner of the company. Shortly after, the Asian Financial Crisis hit, but the company was small enough to survive.
In 2001, however, Yim’s team of 20 people was severely impacted by the September 11 attacks in the United States, which almost paralysed the business.
Yim recalls, “At that time, China hadn’t risen, and the global economy relied on the United States. After 9/11, the market fell silent, and everyone was watching to see how the U.S. would respond.”
In September 2001, no one was placing recruitment orders, and the company lost $60,000 in just one month. 2002 was bleak, and the company tried converting employees to freelancers, but it did not work out. The SARS crisis in 2003 further reduced the company’s workforce to just eight or nine employees, and it was not until the following year that the business began to recover.
He said, “Those three years of struggle exhausted all my personal savings, and I was nearly bankrupt.”
Reflecting on those difficult three years, he said, “I feel that God was looking out for me; there’s always a way out.” The lesson he learned was that the team must work together, or the company would not survive.
As a natural optimist, Yim was able to sleep soundly at night even when he was on the brink of bankruptcy. With over 30 years in business, he believes that the advantage of sole proprietorship is the absence of shareholder disputes.
With the knowledge and experience accumulated from these two crises, the company successfully navigated the 2008 global financial crisis. Between 2009 and 2011, ACHIEVE Group won several awards, including the Singapore Prestige Brand Awards and the Enterprise 50 Awards.
During the four-over years of COVID-19 pandemic, the company not only avoided losses but also won the Singapore Prestige Brand Awards again. Yim attributed this success to greater experience and the significant assistance provided by the government during the pandemic, without which many companies would have faced bankruptcy and a severe blow to the job market.
Current Challenge: Saturation of the Local Market
Currently, Yim faces the challenge of a saturated market in Singapore. Although demand still exists, recruiting Singaporeans is becoming increasingly difficult. Compared to 30 years ago, people today are more educated and have higher expectations for their standard of living, making many jobs less desirable. He said, “The demand is still there, but the problem lies in supply.”
As a result, the company decided to ride on market trends and expand its business. Two years ago, they began venturing into immigration services, related to their existing business. This is due to Singapore’s low birth rate, which has led to a continuous decline in the local working population. On the other hand, many people hope to migrate to Singapore.
Yim said, “The company is expanding its immigration business in Shanghai, China. This is a new area, a new chapter in our business.”
Preparing to Launch E-Learning Services in the Asian Market
In addition, the company is preparing to launch e-learning services in the Asian market. He said, “Singapore is a hub in Southeast Asia, and many people want to come to Singapore. With over 30 years of business experience, our company can help job seekers plan their career development.”
These new business developments have made Yim very excited. This businessman, who graduated from engineering but never worked in engineering, is grateful for the help he received from others and hopes to continue helping more people in the industry.