Despite challenges posed by the current pandemic, some regions kept their economy stable, secure and trusted hub, with seamless connection. The covid-19 outbreak has also accelerated digital transformation for businesses. With the economy gradually recovering, investment into the market will flourish, driving the demand for talents, especially tech talents, amidst a business recovery climate.
Job markets in APAC become much more resilient as businesses adjust to the new normal. According to Links report on 2021 Asia Pacific Salary Guide & Market Insights, many firms reduced salary in 2021, but some other performing and in-demand functions like IT and healthcare can expect to see average salary increases of up to 7.5 percent. The demand for IT professionals also grew by 11 percent during 2020.
The pay hike trend cannot only be found in the IT sectors, but also in other sectors like banking, marketing, HR, sourcing, and supply chain.
As companies scramble to adapt to a tight IT job market, they are doing whatever they can to attract top tech talents. Some industries have gotten a head start in filling this year’s most in-demand roles, which range from data-focused to security-related positions. Future of Jobs Report 2020 cited that business leaders continue to focus on rapid digital transformation, with 85 percent of employers overseeing a significant expansion of remote work. A third of Future of Jobs Report respondents also implement new digital tools to enable collaboration and community building.
Remote working will revolutionise the labour market, democratising opportunity for employees who might not be based in major urban hubs and opening up access to fresh talent for employers. As the demand for tech talents increases, so does the competition.
The number one question many HR officers might have in mind is: What should we offer to attract the best tech talents?
The answer would vary from work culture to salary to compensation.
Links report showed that the integration of high-tech talent into all industries will continue to thrive, causing the number of traditional network industries and positions to decrease rapidly. The integration of Internet technology, media, and telecommunications (TNT) is the current and future general trend. With the rise of new media and accelerated information, Internet giants have been trying to subvert the old rules with new technologies and provide basic Internet service for companies. This means that more companies will look to hire talent in advance, while the salary level of high-paying jobs will continue to increase.
In Hong Kong, IT salaries are likely to stay level. Greater demand will be in finding ROI driven talent. A candidate who can demonstrate their value and support sales will be a hot commodity. Candidates are also leaning towards companies that offer stability and industry exposure – meaning companies can demonstrate their corporate potential without having to rely on a hefty payout to attract the budding talent for the market.
In Singapore, Michael Page reported 75 percent of tech companies anticipate giving out more than one month of bonus. The average salary offer for new hires in 2021 is also expected to increase between 15 and 20 percent more from the current/last drawn salary. The most in-demand IT roles in Singapore include data engineer, cloud specialist, AI & machine learning, software developers, cybersecurity professionals, and Dev Ops & site reliability engineer.
To attract IT talents in APAC regions, HR should offer competitive and attractive remuneration and benefits, professional development opportunities, and good work culture. The biggest driver for tech talents to apply for a role in a company is dynamic company culture (43 percent), followed by constant tech advancement, professional development opportunities, competitive remuneration and benefits package, remote or flexible working arrangements, and company reputation.
When it comes to hiring tech talents in Canada and the U.S., Robert Half Technology’s IT salary report showed that many factors will impact a company’s starting salary, including competition, location, corporate culture, and budget. There are four main industries that crucially need tech talents, including healthcare, technology, financial services, and government. Meanwhile, the critical technology roles that are in-demand are AI/machine learning specialist, business intelligence analysts, cloud architects, cybersecurity and data privacy experts, and data analytics and reporting professionals as the top five in-demand.
To attract and retain tech talents, Robert Half mentioned health insurance and flexible schedule as IT job seekers’ top attraction. The most wanted benefits around health insurance are health insurance, paid time off, dental insurance, and retirement saving plans. Top flexible schedules are flexible work schedule, remote work options, paid parental leave, and employee discounts. Employees want to work from home more with an average number of 3 days per week. Employees prefer to work from home after stay-at-home advisories are lifted.