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Foreign tourists to Việt Nam rose 41% in January-November
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- In Singapore, the percentage of technology companies planning for increased headcount remains steady at 6.0%.
- Salary increase budgets remain steady in Singapore at 4.0% but are forecasted to be higher in India, Japan, Malaysia, Philippines and South Korea.
SINGAPORE - Media OutReach - 21 November 2019 - Workforce trends data at technology companies across Asia-Pacific reflect a cautious hiring environment in the third quarter of 2019 compared to the prior quarter, according to the Radford Global Technology Survey. Radford is part of the Rewards Solutions practice at Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement, and health solutions.
In many countries throughout the region aggressive hiring declined, most notably in India, where the demand for technology talent was robust in previous quarters. Despite the dip in hiring, India remains the top market for technology company growth with 12.1% of companies planning aggressive hiring. In Singapore, the percentage of technology companies planning for increased headcount remained steady at 6.0%. On the low end is Taiwan with only 1.9% of companies ramping up hiring. China is experiencing a slight rebound in hiring after last quarter's slowdown amid an ongoing trade war with the U.S.
Percentage of Technology Companies Reporting Aggressive Hiring Plans
|
| Q2 2019 | Q3 2019 | Direction |
| Australia | 8.5% | 7.0% | - |
| China | 7.0% | 8.5% | + |
| Hong Kong | 3.6% | 3.4% | - |
| India | 18.4% | 12.1% | - |
| Japan | 7.3% | 5.9% | - |
| Malaysia | 1.4% | 2.9% | + |
| Philippines | 4.3% | 3.9% | - |
| Singapore | 6.0% | 6.0% | No Change |
| South Korea | 2.6% | 3.7% | + |
| Taiwan | 2.5% | 1.9% | - |
Source: Radford Global Technology Survey Quarterly Workforce Trends Report, Q3 2019
As technology companies across Asia-Pacific pull back on hiring, we find that voluntary turnover has decreased in all markets except for India. Voluntary turnover dropped in Singapore from 14.7% to 12.9%. Average voluntary turnover among technology companies in Asia-Pacific is 12.2%; across the globe, it's 13.3%.
Trend lines often converge between turnover and hiring. When the technology sector is in a slower state of growth, employees are less likely to switch jobs. At the same time, the decrease in turnover can also be attributed to businesses improving retention through more compelling rewards programmes, such as adding equity eligibility further down the organisation or increasing short- or long-term incentive targets for critical job roles and/or high-performing employees.
Average Voluntary Employee Turnover at Technology Companies
|
| Q2 2019 | Q3 2019 | Direction |
| Australia | 13.8% | 13.6% | - |
| China | 14.2% | 13.6% | - |
| Hong Kong | 13.9% | 13.6% | - |
| India | 13.4% | 14.4% | + |
| Japan | 10.9% | 9.0% | - |
| Malaysia | 15.3% | 14.2% | - |
| Philippines | 14.3% | 12.0% | - |
| Singapore | 14.7% | 12.9% | - |
| South Korea | 11.8% | 9.7% | - |
| Taiwan | 9.1% | 8.7% | - |
Source: Radford Global Technology Survey Quarterly Workforce Trends Report, Q3 2019
Median Overall Salary Increase Budgets
|
| 2019 Actual | 2020 Planned | Direction |
| Australia | 3.3% | 3.2% | - |
| China | 7.0% | 7.0% | No Change |
| Hong Kong | 4.0% | 4.0% | No Change |
| India | 10.0% | 10.2% | + |
| Japan | 2.8% | 2.9% | + |
| Malaysia | 5.1% | 5.3% | + |
| Philippines | 5.8% | 6.0% | + |
| Singapore | 4.0% | 4.0% | No Change |
| South Korea | 4.5% | 4.6% | + |
| Taiwan | 4.0% | 4.0% | No Change |
Source: Radford Global Technology Survey Quarterly Workforce Trends Report, Q3 2019
As companies put the brakes on aggressive hiring, this is an opportunity for HR leaders to examine their rewards programmes and ensure they resonate with current employees to keep top talent engaged, says Alexander Krasavin, Partner and Head of Technology and Life Sciences for the Asia, Pacific and Middle East regions, in the Rewards Solutions practice at Aon. "The annual merit increase is an important component of a total rewards package, but many employees view this as an entitlement," Krasavin says. "To make your merit budget go further, consider differentiating merit increases even more and leveraging long-term incentives to reward performance."
About Rewards Solutions
The RewardsSolutions practice at Aon empowers business leaders to reimagine their approachto rewards 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 modelling, 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 professionalservices firm providing a broad range of risk, retirement and health solutions.Our 50,000 colleagues in 120 countries empower results for clients by usingproprietary data and analytics to deliver insights that reduce volatility andimprove performance. For further information, please visit https://apac.aonhewitt.com.
