Emerging Talent Trends in APAC
Exploring the Unique Needs of Countries Across the Region
According to a Talint Partners report, the current talent shortage is prompting HR leaders in APAC to reconsider their recruitment and retention strategies. Some of the trends observed in the marketplace are:
Boomerang Workers: The presence of boomerang workers presents growth opportunities as there is a disparity between job openings and available applicants.
Location-flexible Models: Companies are embracing location-flexible models to attract highly skilled talent as employees seek greater autonomy in their work environments.
Work-life Balance: Professionals are moving away from the "hustle culture" to pursue opportunities with a better work-life balance. Some are even adopting "quiet quitting," where they strictly fulfil the minimum requirements of their jobs.
Inclusion: Fostering inclusivity can have positive effects on the development of talent pipelines and enhance team performance.
Until recently, employers in Singapore were unwilling to consider factors other than college credentials despite the talent shortage. In a 2023 study facilitated by Boston Consulting Group (BCG), businesses’ emphasis on degrees for recruitment soared to the top from 2017 until 2022. Moreover, the Singapore Institute of Management revealed that there are 2.5 job openings for every unemployed individual.
The Singaporean government has been gradually releasing Skills Frameworks for several industries since 2016. In November 2023, a Skills-Based Hiring Handbook was released to assist firms in adopting a skills-based recruiting strategy. The national skills frameworks create an equal playing field between companies and employees concerning information about a person's employment and related opportunities.
Additionally, the Singaporean government established the SkillsFuture program to assist Singaporean workers in changing careers in various sectors, such as manufacturing, hospitality and healthcare. Furthermore, SkillsFuture’s three- to six-month part-time training program identifies and develops workers’ transferable skills to assist them in transition to other companies that value skills over degrees.
Employers are seeking HR experts with specific skill sets. Moreover, discussions with top global firms put their focus on future competencies, experiences and special abilities wherein the demand for unique talent remains high. This trend is predicted to continue in Hong Kong and may not be impacted by changes in the economy.
Adoption of skills-based hiring has been driven by several factors:
Hong Kong is experiencing severe skill shortages in certain industries. Employers are increasingly recognising the need to look beyond academic qualifications to find candidates with the specific skills and capabilities they require.
The job market in Hong Kong has been evolving rapidly, with emerging technologies and changing business needs. Skills-based hiring helps employers identify candidates who possess the relevant skills needed to adapt to these changes and drive innovation.
Employers in Hong Kong are placing greater emphasis on practical skills that can be applied immediately in the workplace. They are seeking candidates who can demonstrate their ability to perform specific tasks and contribute to the organisation from day one.
The Hong Kong government has been actively promoting the use of competency frameworks to define and assess job-related skills. These frameworks provide a standardised approach to skills assessment and facilitate skills-based hiring practices.
Different than traditional credential-based hiring, skills-based hiring could improve workplace diversity and inclusion. Employers can increase their talent pool as they put a higher value on skills and competencies rather than on a specific degree, industry experience or career path.
The Australian government has been championing the importance of skills-based hiring due to the persistent skills shortages in Australia and the lack of experienced tech workers in light of rapid technological advancement in Australia – even as companies struggle to build a diverse and inclusive workforce. Government initiatives and industry bodies driving the shift, include:
Government championing the importance of skills-based recruitment such as “Jobs and Skills Australia.”
Industry bodies supporting skills development and encouraging a widespread approach where learning is immersive in work environments.
Australian Chamber of Commerce and Industry (ACCI) has been advocating for skills-based hiring as an effective means to address skills gaps and ensure a better match between job requirements and candidate capabilities. They recently signed an agreement worth AUD $3.7 billion to allow for greater skills development in the hopes of tackling Australia’s crippling shortage of qualified workers.
