Finding Tech Talents in Today’s Market – Insights and Tips for Singapore-Based Companies
Singapore is among the biggest tech hubs in the Asia Pacific. Techwire Asia shares that the country has over 200,000 tech professionals and estimates that the workforce would gain around 60,000 more in the next few years. Thanks to its massive growth over the years, it’s often compared to popular global tech hubs such as San Francisco, Berlin and Stockholm.
The tech sector’s massive growth is primarily attributed to the solid support of the government, continuous flow of funding from investors and ease of doing business in the country. However, despite the impressive performance of the sector, the country is threatened by various tech recruitment problems.
Recruiting Tech Talents is among the Concerns of Singapore-Based Companies
The tech recruitment problem is a widely recognised problem in Singapore. In fact, a survey revealed that employers are expecting a talent crunch in the coming years. Employers expect such a trend in tech talent recruitment because of the following factors:
- Not enough tech graduates produced each year
- Foreign talents no longer as welcomed in SG as above
- Lack of skilled talents who meet the required skills and experience
- Increased competition in hiring tech professionals
- Cultural and work attitude differences between companies and candidates
Fortunately, even with the looming talent crunch, the sector shows no signs of slowing down. The pandemic has highlighted the importance of tech and digitisation, which resulted in the increased demand for tech solutions.
Consequently, the market demand has caused tech hubs like Singapore to receive more support from investors. According to Tech Collective, the country has seen a 50 percent rise in investments this year compared to 2019. The support and funding will keep on coming as the world fully embraces tech.
How can Companies Adjust?
The SG government tries to bridge the gap in the market through various initiatives. For example, they have started to increase the number of universities where students can study tech and computer-related courses. Also, the government has established new programmes like the TechSkill Accelerator (TeSA) and Professional Conversion Programme (PCP) to upskill local talents.
Companies, on one hand, have to make a lot of adjustments to cope. Below are some tech recruitment tips especially for companies that need to fill vacancies for in-demand positions such as engineering manager, data scientist, dev-ops, software architect and VP engineer.
Modernising the Recruitment Pipeline
Organisations need to ensure that their recruitment process works. It’s important to recognise areas to work on, especially for companies that still make use of traditional recruitment methods. Notably, traditional recruitment doesn’t work as well in Asia compared to Western counterparts.
Lengthy interviews and recruitment processes often result in loss of potential candidates in the tech sector. It’s essential for recruiters and HR specialists to find the most suitable pace in screening candidates. The speed of the process should reflect the digital age but at the same time ensure that companies find the right people for the job.
It will also be beneficial for companies to use a data-driven approach hiring new talents. This proves useful in speeding up the process, creating accurate forecasts, and increasing the quality of your recruitment pipeline.
Finding Recruits in Internship Programmes
Because of the increasing difficulty of finding good tech professionals to join the team, companies need to look into other talent acquisition channels. For example, instead of simply focusing on job hirings, companies may find it useful to establish an excellent internship programme.
With an attractive programme for interns, companies can find unpolished but promising tech talents who can join the team after they graduate. It’s a great way to build your brand and show your company’s work culture to eager young tech professionals.
Showing Assertiveness during Recruitment
Companies must also show assertiveness from the start to finish. Asking the difficult questions should always be done at the beginning of the process. Talents often use the interview and the general recruitment process to assess whether the company is a good fit for them. Hence, showing assertiveness will give them reassurance and boost their confidence and trust.
Dealing with New Hire Turnover Issues
A high new hire turnover rate means bad news for any company. Constantly replacing people may veer the company away from it’s true vision and mission. It could also negatively impact the company’s reputation, especially among in-demand tech specialists. To lower new hire turnover, it may be helpful to make the following adjustments:
- Offer competitive benefits and compensation
- Recognise and reward the best-performing employees
- Provide employees with flexibility in choosing their work arrangements
Creating a Workplace that Encourages Innovative Disruption
Besides working out recruitment processes, it’s also essential for companies to boost their employee retention rate. Attracting and hiring an exceptional tech talent is just the tip iceberg. Making them stay in the company for years is an entirely different story. Aside from offering competitive wages and benefits, employees also prioritise looking for meaningful work. As such, organisations must aim to create a workplace that encourages career growth and development.
Key Takeaways: Tech Industry Growth in SG will Continue to Prosper
The tech industry in Singapore definitely shows a lot of promise, so it would be interesting to see how the country and the various tech companies and startups will adjust and meet the demands.
If you’re an SG-based tech firm looking to fill vacancies in your team, it’s wise to seek the assistance of a specialist recruitment company. It’s a practical approach because it eliminates the need of setting up your own tech recruitment group. It would also help you take advantage of the recruiters resources and data.
Datasearch Consulting is a specialist recruiter based in Singapore that helps tech and data companies. We make use of a data-driven approach to match companies with quality talents in the APAC region.
If you need to build your tech team, feel free to reach out to our team today. You can also join our tech recruitment newsletter to stay updated about the tech sector in APAC.
Gary Dean is a Director at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Market Data sectors.
You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure the Best Candidates Possible” here. Alternatively you can view the Datasearch Consulting website or contact them directly on firstname.lastname@example.org for a more detailed discussion.
Technology is a huge part of Singapore. In fact, back in 2015, the local employment sector for...
Many industries are seeing new trends or expecting a few changes here and there. This coming 2021,...
The year 2020’s ending is almost upon us. And, with the crazy things that happened in the last 11...