SINGAPORE: In a time where technology is king, the battle for talent among hiring managers has intensified, with 7 in 10 hiring managers finding recruiting tech candidates ‘very’ competitive, Singapore Business Review reports.
According to data from Morgan McKinley, 76% of tech hiring managers found the recruitment game ‘very’ or ‘quite’ competitive in the previous year.
But why is it such a struggle?
According to hiring managers, there are three main reasons behind this uphill hiring hike. These include a shortage of skilled candidates (25%), stiff competition in terms of pay and benefits (22%), and hurdles in gaining approval for new headcount (19%).
But it’s not just the hiring managers feeling the heat. Tech workers are eyeing up the exits, with 46% looking for new roles in the first half of 2024, while 31% are mulling over a move.
So, what’s driving this move?
Money talks, as always, with 40% of tech workers placing a higher salary at the top of their list when scouting for new roles. Career growth and development opportunities (14%) and the chance to work fully remotely (13%) also rank high.
Flexibility is a key consideration for technology professionals, with 42% of tech professionals prefer the freedom of just one to two office days a week. On the other hand, only 8% are keen on being at the office five days a week.
In fact, over half (53%) are willing to forego a pay rise if they can have the flexibility they want.
Employers are feeling the pressure, too, with 69% expecting to increase salary offers for those hard-to-fill tech roles. Another 20% are planning across-the-board increases for their tech teams.
Gurj Sandhu, managing director of Morgan McKinley Singapore, stated:
”It is likely that businesses are going to be more focused on salary corrections for their employees to hedge against inflation in an attempt to keep their existing headcount stable. This said in-demand roles will always be able to attain higher salaries.”/TISG
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