MIL OSI Economics: Technology Companies In Asia Pacific Raise Hiring Expectations

Source: Media Outreach

The percentage of technology companies in Singapore that plan to hire aggressively increased by 29.4% relative to the previous quarter.

Voluntary employee turnover among technology companies in the Asia-Pacific region is highest in Australia at 12.8%.

 

SINGAPORE – Media OutReach – August 10, 2018 – Technology companies across Asia-Pacific are reporting more optimistic hiring plans, according to new data from Radford, a division of Aon plc (NYSE: AON).

 

The percentage of technology companies reporting aggressive hiring plans– defined as actively planning and recruiting for organisational growth — increased in Q2 2018 from the prior quarter in six out of eight key markets in Asia-Pacific.

 

In Singapore, the percentage of technology companies that plan to hire aggressively in Q2 increased to 4.4% compared to 3.4% in the previous quarter. Australia reported the highest aggressive hiring plan across the region at 6.9%.

 

Percentage of Technology Companies Reporting Aggressive Hiring Plans

Q1 2018        

Q2 2018       

% of Change       

Australia

5.5%

6.9%

+ 25.4%

China

8.8%

9.2%

+ 4.5%

Hong Kong

1.3%

1.8%

+ 38.5%

India

12.9%

16.8%

+ 30.2%

Japan

3.8%

4.0%

+ 5.3%

Singapore

3.4%

4.4%

+ 29.4%

South Korea

2.9%

2.2%

– 24.1%

Taiwan

3.8%

2.5%

– 34.2%

Source: Radford Global Technology Survey Quarterly Workforce Trends Report

 

Meanwhile, voluntary employee turnover– another key metric on the health of the overall technology sector– remains high in most markets. Radford typically views voluntary turnover above 10% to be a concern that warrants further examination from companies.

 

Voluntary employee turnover was highest in Australia at 12.8% followed by India (12.7%), China (12.4%) and Singapore (12%).

  

Average Voluntary Employee Turnover at Technology Companies

Q1 2018       

Q2 2018       

% of Change       

Australia

12.7%

12.8%

+ 0.8%

China

13.1%

12.4%

– 5.3%

Hong Kong

11.3%

10.9%

– 3.5%

India

12.9%

12.7%

– 1.6%

Japan

9.7%

10.1%

+ 4.1%

Singapore

11.6%

12.0%

+ 3.4%

South Korea

9.9%

8.4%

– 15.1%

Taiwan

8.9%

9.2%

+ 3.4%

Source: Radford Global Technology Survey Quarterly Workforce Trends Report

 

Advice for Retaining Talent

Technology companies need to work especially hard to retain their top talent to fuel anticipated growth. 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.

 

This is especially 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.

 

Alexander Krasavin, Partner and Radford Leader for Asia Pacific, Middle East, and Africa says: “The technology market across Asia-Pacific is strong as we head into the second half of the year. 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 programs.”

 

About Radford

Radford delivers talent and rewards expertise to technology and life sciences companies. We empower the world’s most innovative organizations–at every stage of development–to hire, retain and engage the amazing people they need to create amazing things. Today, our surveys provide in-depth rewards insights in 80-plus countries to more than 3,000 client organizations, and our consultants work with hundreds of firms annually to design talent and rewards programs for boards of directors, executives, employees and sales professionals. Radford is part of the Talent, Rewards & Performance practice at Aon plc (NYSE: AON). For more information, please visit radford.aon.com .

 

About Radford Global Technology Survey

The Radford Global Technology Survey provides human resources and compensation professionals with access to rewards insights covering more companies, incumbents and countries on a single survey platform than any other data provider. Today, our survey spans 2,233 participating technology companies, 7.4 million incumbents, 3,000+ unique jobs and 88 countries with reported results. For more information about Radford Global Technology Survey, click here .

 

About Aon

Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

For further information on our capabilities and to learn how we empower results for clients, please visit https://apac.aonhewitt.com

Published and distributed with permission of Media-Outreach.com.

MIL OSI Economics

Source : https://foreignaffairs.co.nz/2018/08/10/mil-osi-economics-technology-companies-in-asia-pacific-raise-hiring-expectations/

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