2023 ASEAN’s Growth & Scale Talent Playbook
ASEAN is set to become the 4th largest economy by 2030 – the digital economic boom that follows, signals a spike in demand for highly skilled and quality digital talent.
We took an in-depth look at both sides of the proverbial coin in order to determine the significant opportunity that the region offers to both companies and talent in the coming years, and we are proud to present the first-of-its-kind report in Southeast Asia! This highly comprehensive playbook was carefully created in partnership with founders and talent, to offer you the valuable insights that can be put to good use in helping you onboard and retain your company’s greatest resource – Talent.
Among the main reasons that are driving the spike in demand for talent, is the significant increase in internet penetration rate across member countries of ASEAN, with Singapore leading the way. Thanks to the pandemic, ASEAN consumers are now showing a marked preference for purchasing goods and services online, which translates into companies striving to increase their productivity and meet customer expectations.
With this shift towards digitalisation, more and more companies are urgently requiring talent who possess the skills, experience, and local market understanding to help them with that process. In line with this, and the projected strong ICT market growth of 1.4x to 1.8x by 2026, the amount of digital talent required will increase in a similar manner. This aggressive demand for talent needs to be met, in order for ASEAN to accelerate its position as an economic powerhouse in the tech and digital industry.
However, out of the 34 companies that were surveyed for ASEAN’s Growth & Scale Talent Playbook 2023, 9/10 of them stated that they were facing difficulties in hiring suitably qualified digital talent. Interestingly enough, the challenges faced varied depending on which stage the company is in; early-stage firms faced a greater problem with compensation, while later-stage firms and corporates faced a greater problem with perceived corporate branding. On the other hand, it was found that 91% of startup employees were open to leaving their existing jobs, with the number one reason being competitive rewards and adequate compensation.
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