Tech Firms in Key APAC countries Plan to Boost Hiring

Technology companies across the Asia Pacific are reporting more aggressive hiring plans in Q2 2018 compared to Q1 2018. A growing number of tech startups like Mercari, Go-JEK, Grab and Coupang are breathing new life in the Asia-Pacific region. This is why, in an increasingly competitive market, companies are resorting to new recruitment strategies to attract top talent faster.

The percentage of technology companies in Singapore that plan to hire aggressively increased by 29.4% in Q2 2018, compared to Q1 2018. In fact, six out of eight key markets surveyed in the Asia Pacific report the same aggression in increased hiring plans, i.e. Australia, China, Hong Kong, India, and Japan, apart from Singapore. The only two countries where tech firms report dampened hiring enthusiasm are South Korea and Taiwan, as listed in the table below:

Analyse Voluntary Turnover

Meanwhile, voluntary employee turnover — another key metric on the workforce health in the tech sector — remains high in most markets, according to a workforce technology quarterly survey, which typically views voluntary turnover above 10% to be a concern.

Voluntary employee turnover among technology companies in the Asia-Pacific region is highest in Australia at 12.8%, followed by India (12.7%), China (12.4%) and Singapore (12%), as listed in the table below.

Reward Your Employees

Voluntary employee turnover was the highest in Australia at 12.8 percent, followed by India (12.7 percent), China (12.4 percent) and Singapore (12 percent). Technology companies need to work hard to retain their top talent to fuel anticipated growth. To tap the best talent, the research suggests that companies must first think about the types of rewards that are most important to their employees, particularly those that are seen as differentiating and reinforcing company culture. Then, companies should target those rewards at a competitive market point.

While most industries have to contend with competition from within their sector to attract talent outside of support functions, the tech industry is facing increasing pressure from non-traditional competitors. This industry convergence has been on-going for quite some time, but it has accelerated recently with the focus on skills such as AI and cybersecurity. To support rapid hiring plans, companies must leverage both pay and non-monetary rewards. These can include perks that promote greater work/life balance, peer-to-peer recognition awards and internal mobility programmes.

This is important for certain in-demand job functions in the technology sector. These are often jobs that involve the most cutting-edge technology, such as machine learning and artificial intelligence, the research adds.

Turn to alternative sources for talent:

The tech talent shortage is a problem that's not going away, but the good news is your talent pool is wider than you think if you look in different places.

If the company could not fill open positions due to lack of qualified talent, why not seeking for the help from a recruitment agency. Talent Spot International is a one-stop HR solutions company includes recruiting services. We had many successful cases working with tech firms. Get your free consultation at Talent Spot right now.