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Navigating the Talent Migration Landscape in Asia-Pacific: Challenges, Strategies, and SolutionsDate Posted: 13 November, 2023
The Asia-Pacific (APAC) region is undergoing a seismic shift in its business landscape, with labor shortages and talent migration reshaping the dynamics for companies across the region. The confluence of rising salaries, intensified talent competition, and a changing work culture is ushering in transformative impacts. While competitive salaries are a crucial factor in attracting top talent, softer motivators such as company culture, work benefits, and flexible arrangements are driving labor migration, especially in C-suite professions.
The outbreak of COVID-19 led to widespread border restrictions in APAC, disrupting labour mobility, trade, and international relations. The aftermath has seen a prolonged recovery period for the job market, marked by a strategic closure of borders leading to labor shortages and a decline in overseas migration.
In Australia, for instance, border closures triggered labor shortages and a shift toward local talent pools. The pandemic-induced changes necessitated a paradigm shift in talent acquisition and workforce strategies.
Post-pandemic, the APAC region is experiencing a significant resurgence in talent migration. Australia has proactively implemented measures like the Global Talent Visa program, Business Innovation and Investment Visa, and others to attract and retain skilled professionals.
Contrary to expectations that the Great Resignation peaked in 2022, approximately 30% of employees are likely to change jobs within the next 12 months. Senior leaders, in particular, are seeking new opportunities, intensifying the talent shortage. The dawn of a candidate’s market demands businesses to adapt, offering more than just competitive salaries.
For businesses grappling with talent shortages, consider the following strategies:
1. Tap into local expertise for enhanced collaboration and improved customer relations, contributing to local economic growth.
2. Beyond financial incentives, enhance candidate appeal with continuous learning opportunities, wellbeing programs, and social events.
3. Address gender imbalances in the workplace by actively engaging and empowering women, contributing to broader societal progress.
4. Maximize existing teams through effective upskilling programs, ensuring teams have the skills needed to address shortages.
5. Leverage technology, especially automation and AI, to amplify efficiency and drive cost savings.
6. Partner with a talent solutions provider to address recruitment challenges, offering scalable solutions and long-term support.
As the APAC job market evolves amidst talent shortages, businesses must adapt, offering more than just competitive salaries. The dawn of a candidate’s market calls for smarter strategies to secure and cultivate the best talent.
In this era of the candidate’s market, characterised by choice, how is your business adapting to evolving expectations to secure and cultivate the best talent?