Wages for technology and cybersecurity professionals in the Asia-Pacific region have risen sharply while those for professionals in other sectors have flattened
BURLINGAME, Calif.—Magnit (formerly PRO Unlimited), an integrated workforce management (IWM) platform provider, today released the results of its July 2022 APAC Labor Market Report. The analysis highlights the employment rebound in full swing throughout the region and its implications for employers. Despite unemployment figures in Australia, Singapore and Malaysia dropping to or below pre-pandemic levels, these countries have seen vacancies increase by 83%, 127% and 111%, respectively.
“The employment landscape in APAC is, in a word, volatile,” said Dustin Burgess, GM and SVP of Total Talent Intelligence at Magnit (formerly PRO Unlimited). “With unemployment low and vacancies high, the way forward for employers may feel uncertain and unpredictable. What we’re seeing, as a result, is a fierce battle for talent and a reimagining of what companies can and should offer employees.”
The high number of vacancies available across the APAC region, low unemployment numbers and overall volatility of the last few years have made sourcing skills, both generic and niche, more complex than ever before. Magnit's (formerly PRO Unlimited) analysis also found:
- Technology professionals continue to be highly sought-after. Candidates across the finance, fintech and technology sectors—like principal consultants, big data architects, cloud infrastructure specialists, data analysts, architects and front-end developers—are in particularly high demand across the region, especially because talent pools in these areas are limited.
- Bill rates are rising, but not for everyone. Wages within the technology sector have risen significantly over the past 12 to 24 months, including increases up to 20% and beyond in Australia. However, bolstered wages are not a given across all sectors or countries. Despite India and the Philippines’ similar salary gains in hard-to-staff industries like tech and cybersecurity, job seekers looking for roles in other sectors have seen wages flatten or decrease in the wake of COVID-19.
- Time-to-fill is in flux. The time it takes to fill roles is volatile as markets correct toward pre-pandemic norms. Countries like Australia and Singapore are recovering from moves made during the height of the COVID pandemic, such as border lockdowns, changes to employment pass applications, etc. With this correction in motion (but not yet complete), each country faces a unique set of circumstances affecting the average time to fill a vacancy. In Australia, times are increasing while Singapore is seeing a decrease in vacancy lengths and India is holding steady. Even so, the region is seeing times-to-fill of around two to three months for the most in-demand roles.
As in other regions, highly qualified candidates across the APAC region understand that they remain in a position of power. These candidates are often fielding multiple offers at once and understand that opportunities for growth are ready and waiting for them. In Singapore, tech-focused candidates have managed to secure salary increases of up to 30% when switching roles.
“In-demand professionals know that if their job isn’t working out, they will have opportunities elsewhere,” added Burgess. “That knowledge has shifted the landscape, forcing employers to focus as much on retention as recruitment, and to put a new emphasis on creative benefits and brand messaging to secure talent. Across APAC, staying informed will be the key to attracting and retaining talent. Recruiters and HR practitioners must focus on employee sentiments and robust data analysis to ensure they are prepared for whatever challenges they may face in the months and years to come.”
Magnit's (formerly PRO Unlimited) report was developed by the company’s NorthStar HCM team, comprised of more than 80 MBAs, PhDs, CPAs and Consulting Business Analysts and backed by a network of over 1,000 compensation experts and recruiters across the globe. The NorthStar HCM team analyzes program data and provides actionable cost-saving, efficiency and process-improvement strategies for Global 2000 clients. The report leverages actionable intelligence and insights culled from its aggregation, cleansing and anonymization of data across various internal and external data sources, including hundreds of client programs across the globe.
To learn more about APAC’s labor market trends, download the full report.
About Magnit (formerly PRO Unlimited)
Serving hundreds of the world’s most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence and services to meet your flexible workforce needs. PRO’s Integrated Workforce Management Platform can adapt quickly to regional or industry economic shifts and provides the speed, scale, flexibility, transparency and expertise to serve as the holistic platform for the modern workforce. Headquartered in Burlingame, CA PRO has helped global brands and organizations achieve operational and financial success for over 30 years.
Andrew Petro, Account Manager