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- In Singapore, the percentage of technology companies that plan to hire aggressively increased from 5.5% to 6.0%.
- Employee turnover in thetechnology sector is highest in Singapore at 14.7%, followed by China at 14.2%and Hong Kong at 13.9%.
SINGAPORE - Media OutReach - 8 August 2019 - Voluntary employeeturnover in the technology sector, a closely-watched metric for human resourcesleaders, has increased in eight out of 10 markets this past quarter, accordingto the Radford Global Technology Survey. Radford is part of Aon plc (NYSE:AON).
Average VoluntaryEmployee Turnover at Technology Companies
|
| Q1 2019 | Q2 2019 | Direction |
| Australia | 13.3% | 13.8% | + |
| China | 14.0% | 14.2% | + |
| Hong Kong | 11.7% | 13.9% | + |
| India | 13.9% | 13.4% | -- |
| Japan | 9.8% | 10.9% | + |
| Malaysia | 15.0% | 15.3% | + |
| Philippines | 12.2% | 14.3% | + |
| Singapore | 13.1% | 14.7% | + |
| South Korea | 11.3% | 11.8% | + |
| Taiwan | 9.6% | 9.1% | -- |
Source: Radford Global Technology Survey Quarterly Workforce TrendsReport, Q2 2019
Asemployee turnover has gone up, so too has the percentage of technologycompanies reporting aggressive hiring plans. Companies reporting that they are activelyplanning and recruiting for organisational growth increased in six out of 10key Asia Pacific markets. In Singapore, the percentage of technology companies that plan to hireaggressively increasedfrom 5.5% to 6.0%. At 18.4%, India has the highest percentage of companiesactively growing their workforce. Meanwhile, China experienced a drop incompanies expecting to grow headcount -- from 10.9% to 7.0% -- which could be partlydriven by an ongoing trade dispute with the United States.
Percentageof Technology Companies Reporting Aggressive Hiring Plans
|
| Q1 2019 | Q2 2019 | Direction |
| Australia | 7.1% | 8.5% | + |
| China | 10.9% | 7.0% | -- |
| Hong Kong | 2.4% | 3.6% | + |
| India | 12.9% | 18.4% | + |
| Japan | 6.6% | 7.3% | + |
| Malaysia | 3.7% | 1.4% | -- |
| Philippines | 4.2% | 4.3% | + |
| Singapore | 5.5% | 6.0% | + |
| South Korea | 3.2% | 2.6% | -- |
| Taiwan | 3.0% | 2.5% | -- |
Source: Radford Global Technology Survey Quarterly Workforce TrendsReport, Q2 2019
Trend lines often convergebetween turnover and hiring. When the technology sector is in a robust state ofgrowth, employees are more likely to be lured into new jobs by attractiverewards plans, career advancement, and opportunities to expand their skills.
"We define rewards as anything an employer provides that an employeefinds valuable," says Alexander Krasavin, Partner and Chief CommercialOfficer of Emerging Markets in the Rewards Solutions practice at Aon. "As companies reassess their retention strategies, they must work harderto optimise their rewards to align them with their employee preferences. Inaddition, businesses with a voluntary turnover of more than 10% should evaluate theiremployer brand and human capital practices carefully."
About Rewards Solutions
The Rewards Solutionspractice at Aon empowers business leaders to reimagine their approach torewards in the digital age through a powerful mix of data, analytics andadvisory capabilities. Our colleagues support clients across a full spectrum ofneeds, including compensation benchmarking, pay and workforce modeling, andexpert insights on rewards strategy and plan design. To learn more, visit: rewards.aon.com.
About Aon
Aon plc (NYSE:AON) is a leading global professional services firmproviding a broad range of risk, retirement and health solutions. Our 50,000colleagues in 120 countries empower results for clients by using proprietarydata and analytics to deliver insights that reduce volatility and improve performance.For further information, please visit aon.com.
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