The percentage of technology companies in Singapore that plan to hire aggressively increased by 29.4% in Q2 2018, compared to Q1 2018, according to latest data from Radford, a division of Aon.
In fact, six out of eight key markets surveyed in 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:
Meanwhile, voluntary employee turnover — another key metric on the workforce health in the tech sector — remains high in most markets, according to Radford's Global Technology Survey Quarterly Workforce Trends Report, 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.
Alexander Krasavin, partner and Radford leader for Asia Pacific, Middle East, and Africa, puts this trend down to industry convergence.
Speaking exclusively to Human Resources, he says: "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 focus on skills such as AI and cyber security."
He adds on possible employer strategies:"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."
Lead photo / 123RF Tables / Radford