44% TECH PROFESSIONALS WERE OPEN TO NEW OPPORTUNITIES WHILE 40% SOUGHT A CHANGE OF ORGANISATION WHILE REMAINING WITHIN THE SAME ROLE OR INDUSTRY
Singapore, 27 August 2024 - Changing consumer preferences, disruptive technology and a challenging economic landscape will influence tech recruitment strategies in 2024, according to Hays, the global leader in workforce solutions and specialist recruitment.
In their latest report, The Inside Story of Technology, Hays breaks down technology trends in Singapore and explores valuable perspectives on the challenges and opportunities leaders and professionals encounter in today's dynamic business environment.
Candidates in Singapore faces a job-short market, as tech companies seeks to explore and expand markets that are cost efficient. Consequently, more professionals are choosing stability today, with muted expectations regarding career and salary growth.
“While there is a sense that companies are reassessing hiring budgets due to economic concerns, investors worldwide are keen to leverage Singapore's advanced cloud infrastructure," said John Borneman, Regional Director at Hays Singapore. "The need for skilled data engineers, network specialists and cybersecurity experts is expected to increase as businesses shore up their workforces to meet growing expectations from the global community.”
To address these challenges, Hays offers the following recommendations:
For business leaders
- Plan for long term: Benchmarking business requirements beyond the present will be essential for survival. A roadmap for the coming three to five years looks beyond the perils of today and towards the bigger picture. Determining which skillsets are needed to face the coming change will be key to developing a holistic strategy.
- Recalibrate roles: Many existing tech roles today are merging as teams aim to streamline operations and improve efficiency. This consolidation can lead to cost-savings by assigning responsibilities to generalists capable of delivering end-to-end solutions. This will require re-evaluating your organisation to identify core competencies needed to meet these objectives, defining the critical roles, and mapping out the processes to implement these changes.
- Engage passive talent: As technology continues to break new ground and the need for extensive domain knowledge rises, there will be an imperative to explore alternate talent streams. Recruitment specialists can engage otherwise passive candidates, identifying suitable individuals for reactivation, and act as intermediaries to better manage professional expectations of the company.
- Focus on training: Hiring experienced professionals to plug gaps may prove costly and untenable for the tighter budgets teams face today. Develop your existing workforce employees through internal mobility incentives, training programs, and career development resources for qualified candidates.
- Update your toolkit: The urgency of a market where businesses are slowing on hiring necessitates an initiative-taking approach to upskilling and professional development. Be clear with prerequisites and consider upskilling and certification to fill any gaps within your toolkit.
- Consider lateral moves: While the market may seem lean on positions, there will be pockets of industry demanding new talent to fulfil changing needs. Engage with peers and mentors for insights into emerging roles and specialisms in your industry, and research companies that are hiring for stable options.
For more insights on tech workforce trends and the most in-demand tech roles in Singapore, download the Hays’ Inside Story of Technology in Singapore.
Contact
Hays Singapore Marketing Team,
T: +603 7890 6234
E: Marketing@hays.com.sg
About Hays Singapore
Hays Specialist Recruitment Pte Ltd, Singapore ("Hays Singapore") is one of Singapore's leading recruitment companies in recruiting qualified, professional, and skilled people across a wide range of industries and professions.
Hays has been in Singapore for over a decade and boasts a track record of success and growth. We operate across the private and pulic sector, dealing in permanent and contract positions, and workforce solutions such as Recruitment Process Outsourcing (RPO) in the follwing specialisms: Accountancy & Finance, Banking & Financial Services, Engineering, Human Resources, Legal, Life Sciences, Marketing & Digital, Office Professionals, Procurement, Supply Chain, Sales, and Technology. We continue to strengthen our position in Asia with the world-leading ISO 9001:2015 certification in all our operational markets including Singapore, China, Hong Kong SAR, Japan, Malaysia, and Thailand.
About Hays
Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP.
The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK, Germany and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2023, the Group employed over 12,300 staff operating from 249 offices in 33 countries. For the year ended 30 June 2023:
– the Group reported net fees of £1,294.6 million and operating profit of £197.0 million;
– the Group placed around 76,800 candidates into permanent jobs and around 245,000 people into temporary roles;
– 15% of Group net fees were generated in Australia & New Zealand, 30% in Germany, 21% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 57% of net fees and the permanent placement business represented 43% of net fees;
– Technology is the Group’s largest division, with 26% of net fees, while Accountancy & Finance (15%) and Engineering (10%), are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK and the USA