A new survey by SGInnovate has provided interesting food for thought in relation to the question of retention, particularly concerning the technology sector. This is a sector which has seen enormous growth in Singapore over the past decade. SGInnovate’s survey shows that 88% of respondents believe that the country, which is already the world’s most competitive economy, will host one of the most competitive industries for technology and science in the next few years.
Certainly, here at Aspire we have grown to cater the demand for candidates in technology sales, infrastructure and cloud, and so on. The demand that we have experienced is directly linked to the struggle that most technology and science companies are facing in retaining skilled candidates. The survey by SGInnovate has shown that more than 40 per cent of the research and development (R&D) and technical professionals interviewed claimed that retention was the biggest challenge that they faced when trying to grow.
There are many reasons for this; one of the most obvious is simply the market that we are currently experiencing. Globally, we are seeing a common trend in developed countries; there are too many jobs, and too few skilled and experienced candidates available to fill them. Consequently, those with competitive talents can, more than ever, choose where they want to work.
The other main obstacle to retention directly links to this; many technology companies in Singapore, and APAC more widely, are start-ups, and expanded branches from other countries. For many, they lack the reputation to attract top candidates.
Here at Aspire, we specialise in helping companies get their first ‘boots on the ground’. Attracting, and retaining, candidates requires considering what a small company can offer those with experience. The survey by SGInnovate notes the importance of providing them ‘complex technical challenges’, so candidates feel that they are truly adding value to a company. If you are looking to grow your technology business in APAC, contact our specialist consultants for more ways that you can alter your hiring process to entice, and keep, quality employees.
If you liked this article, then you'll love...
Talent retention is the biggest talent-related challenge facing Singapore's science and technology industry, a new local survey showed.