Changing consumer preferences, disruptive technology and a challenging economic landscape will influence tech recruitment strategies in 2024, according to Hays, the global leader in workforce solutions and specialist recruitment.
In their latest report, The Inside Story of Technology, Hays breaks down technology trends in Singapore and explores valuable perspectives on the challenges and opportunities leaders and professionals encounter in today's dynamic business environment.
Candidates in Singapore faces a job-short market, as tech companies seeks to explore and expand markets that are cost efficient. Consequently, more professionals are choosing stability today, with muted expectations regarding career and salary growth.
“While there is a sense that companies are reassessing hiring budgets due to economic concerns, investors worldwide are keen to leverage Singapore's advanced cloud infrastructure," said John Borneman, Regional Director at Hays Singapore. "The need for skilled data engineers, network specialists and cybersecurity experts is expected to increase as businesses shore up their workforces to meet growing expectations from the global community.”
To address these challenges, Hays offers the following recommendations:
For business leaders
- Plan for long term: Benchmarking business requirements beyond the present will be essential for survival. A roadmap for the coming three to five years looks beyond the perils of today and towards the bigger picture. Determining which skillsets are needed to face the coming change will be key to developing a holistic strategy.
- Recalibrate roles: Many existing tech roles today are merging as teams aim to streamline operations and improve efficiency. This consolidation can lead to cost-savings by assigning responsibilities to generalists capable of delivering end-to-end solutions. This will require re-evaluating your organisation to identify core competencies needed to meet these objectives, defining the critical roles, and mapping out the processes to implement these changes.
- Engage passive talent: As technology continues to break new ground and the need for extensive domain knowledge rises, there will be an imperative to explore alternate talent streams. Recruitment specialists can engage otherwise passive candidates, identifying suitable individuals for reactivation, and act as intermediaries to better manage professional expectations of the company.
- Focus on training: Hiring experienced professionals to plug gaps may prove costly and untenable for the tighter budgets teams face today. Develop your existing workforce employees through internal mobility incentives, training programs, and career development resources for qualified candidates.
For professionals
- Update your toolkit: The urgency of a market where businesses are slowing on hiring necessitates an initiative-taking approach to upskilling and professional development. Be clear with prerequisites and consider upskilling and certification to fill any gaps within your toolkit.
- Consider lateral moves: While the market may seem lean on positions, there will be pockets of industry demanding new talent to fulfil changing needs. Engage with peers and mentors for insights into emerging roles and specialisms in your industry, and research companies that are hiring for stable options.
For more insights on tech workforce trends and the most in-demand tech roles in Singapore, download the Hays’ Inside Story of Technology in Singapore.
Original Release