Significant Changes In APAC's Talent Acquisition Domain

Businesses that are confidently planning to expand after the pandemic's restrictions are lifted suddenly face a new barrier.

FREMONT, CA: According to Korn Ferry’s latest survey, more than half of the professionals believe that employee turnover will continue to grow in 2022, and almost a third would quit their current job even if they didn’t have another one lined up.

The Talent Gap is Only Going to Get Wider

Traditional talent sources have been cut off for many nations due to restrictions on global mobility. Additionally, the competition for digital expertise has only grown more fierce as businesses realise how essential technology is to every facet of their operations.

Most APAC organisations have ambitious expansion plans and are adding new positions, which makes the imbalance between supply and demand even worse. Organisations are observing a skills gap in ASEAN in areas like diversity and environmental, social, and governance (ESG) skills and in areas like AI, data, and cyber knowledge.

According to the Head of Professional Search for Korn Ferry India, there is a severe lack of certain skill sets, such as data scientists, heads of engineering, and even CTOs. They also observe significant employee turnover. The market for these abilities is driven by the candidate or employee, not the company. India's business momentum has accelerated more quickly than anticipated, the nation is becoming a centre for creating new technology through scalable solutions.

In addition to comprehending the technological change that India is undergoing, digital talent is nimble and strategic in their thought process, which is very important nowadays.

The head of the professional search for Australia and New Zealand states that in the talent pool, particularly given that these nations rely on the interstate and foreign personnel and that borders have been tightly closed.

Organisations lost many ex-pats, and it's unclear whether they’ll get the influx. Organisations must grow swiftly to take advantage of market expansion as they emerge from COVID lockdowns. They are taking extraordinary measures to entice talent, including raising compensation, which makes keeping people elsewhere increasingly harder.

Short-term Incentives and Unsustainable Salary Hikes

Even for entry-level recruits, larger starting pay, more long-term incentives, benefits, and sign-on bonuses are becoming more common. Linking longer-term reward packages more closely to wealth creation or success is necessary. They should consider the impact on pay equality inside your team if you bring in external talent at a premium.

Retaining essential talent rather than recruiting during the pandemic was the focus of increased bonuses in China. According to sector Leader Professional Search China, this was a great strategy. These businesses have shown better growth as the economy recovered in 2021.