APAC tech firms fuel talent war with hiring plans

Technology companies across Asia Pacific are reporting more aggressive hiring plans for the rest of 2018, according to new data from Radford, a division of Aon plc.

In Singapore, the percentage of technology companies that plan to hire aggressively in the second quarter increased from the previous quarter.

Other key Asia Pacific markets, including Australia, China, Hong Kong and India, also showed more technology companies reporting aggressive hiring plans – defined as actively planning and recruiting for organisational growth – in the second quarter of 2018.

The aggressive recruitment plans is also accompanied by a consistently high rate of employee turnover in the tech sector.

In the region, Singapore ranks fourth highest with an average turnover rate of 12%. Radford typically views turnover above 10% to be a concern that should be given due attention.

To retain top talent, Radford suggests that tech companies 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.

“To support rapid hiring plans, companies must leverage both pay and non-monetary rewards,” said Alexander Krasavin, partner and Radford leader for Asia Pacific, Middle East and Africa.

“These can include perks that promote greater work/life balance, peer-to-peer recognition awards and internal mobility programs.”