The Asia-Pacific employment market has returned to growth following the pandemic, according to Pro Unlimited research that highlights the latest trends on time to fill, job vacancies, bill rates, and other recruitment indicators across the region.
The battle for talent in Australia, Singapore, and Malaysia is hotting up, judging by the lower unemployment rate and greater number of vacancies in several sectors, with rises of 83%, 127% and 111% in those countries respectively.
This and other pertinent market information is outlined in the July 22 APAC Labor Market Report released by the integrated workforce management (IWM) platform provider, which shows how technology professionals are highly sought after, especially for roles such as consultants, big-data architects, cloud-infrastructure specialists, data analysts, architects, and front-end developers, as well as positions in finance, fintech and technology.
“With unemployment low and vacancies high, the way forward for employers may feel uncertain and unpredictable. What we’re seeing, as a result, is a fierce battle for talent and a reimagining of what companies can and should offer employees,” said Dustin Burgess, GM and SVP of total talent intelligence at Pro Unlimited.
Another finding is that salaries in the technology sector have risen significantly in the region over the past 12 to 24 months, including in the major market, Australia, which has seen increases of up to 20% and beyond, while average wages in India and the Philippines have also climbed. The research found that salaries for both technology and cybersecurity professionals in the APAC region have gone up (in Singapore, for instance, tech-focused candidates have managed to secure pay hikes of up to 30%) while wages for professionals in other sectors went down.
In a significant finding, the time taken to fill roles has changed as markets have adjusted to post-pandemic regulations and policies. Australia and Singapore display divergent trends: in the former, typical time to fill has lengthened, while in Singapore it has decreased, and in India it is holding steady. In general, the regional average is two to three months for the most in-demand roles and vacancies.
“That knowledge has shifted the landscape, forcing employers to focus as much on retention as recruitment and to put a new emphasis on creative benefits and brand messaging to secure talent,” said Burgess.
“Across APAC, staying informed will be the key to attracting and retaining talent. Recruiters and HR practitioners must focus on employee sentiment and robust data analysis to ensure they are prepared for whatever challenges they may face in the months and years to come.”