A growing number of tech startups like Mercari, Go-JEK, Grab and Coupang are breathing new life in the Asia-Pacific region. This is why, in an increasingly competitive market, companies are resorting to new recruitment strategies to attract top talent faster.

According to new data from consulting firm Radford, a division of Aon plc, technology companies across the Asia-Pacific region are reporting more aggressive hiring plans for the rest of 2018.

The Results

The data found that the percentage of technology companies reporting “aggressive” hiring plans—defined as actively planning and recruiting for organizational growth—increased in Q2 2018 from the prior quarter in six out of eight key markets in Asia Pacific.

The principal markets included Australia, China, Hong Kong, India, Japan, Singapore, South Korea and Taiwan. The research shows that the only two countries which showed a decrease in hiring plans for the second quarter are South Korea and Taiwan.

Reward Your Employees

Rewarding your staff can improve employee engagement and motivation at work. Keeping this in mind, many companies have introduced rewards and incentive schemes to retain top talent and keep employees happy.

Alexander Krasavin, partner and Radford leader for Asia Pacific, Middle East, and Africa, says in the research, “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.”

Radford’s data also looked at voluntary employee turnover in the technology sector and found that it remains high in most markets. The research stated that it views voluntary turnover above 10 per cent as a concern that companies should take note of.

Analyse Voluntary Turnover

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

Technology companies need to work hard to retain their top talent to fuel anticipated growth. To tap the best talent, the research suggests that 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 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, the research adds.