SINGAPORE - Media OutReach - November 2, 2017 - The Talent, Rewards & Performance practice of Aon plc (NYSE: AON) has just released new data on projected 2018 salary budgets and hiring plans at technology sector companies across the Asia-Pacific region. Leveraging insights from Radford , the firm's dedicated technology and life sciences unit, the new data shows technology companies in the region are preparing to spend more in 2018 in the face of rising employee turnover and strong demand for critical talent.
Outside of Japan, South Korea and Taiwan, median annual voluntary turnover rates now exceed 10% in all major Asia-Pacific markets. Australia leads the region with a trailing 12-month voluntary turnover rate of 12.9%, followed by ASEAN 5 (includes Philippines, Vietnam, Thailand, Indonesia and Malaysia) at 12.8%, Singapore at 12.7%, China at 12.5%, India at 12.1%, and Hong Kong at 11.8%.
Adding to the robust demand for talent, roughly two-thirds of technology sector companies in all major Asia-Pacific markets are currently pursuing normal or aggressive hiring plans. 6.4% of the companies in Singapore report aggressive hiring plans. India leads this trend at 16.3% followed by China at 9.1%.
In response, projected 2018 salary budgets are flat or up in a majority of markets across Asia Pacific .
Median Overall Salary Increase Budgets
3. 4 %
2. 8 %
4. 8 %
The open question is whether companies will do enough to differentiate between top and bottom performers to retain key talent. Alexander Krasavin, Partner and Radford Leader for Asia Pacific, Middle East, and Africa says: "To compete for talent in this region, a rewards strategy focused on compensation is no longer enough. Technology companies must differentiate themselves with an employee value proposition that is built on a strong foundation of career development, work life balance and a sense of purpose."
Hot Jobs in Singapore
Singapore is not immune to the larger talent and rewards trends observed across Asia-Pacific. Median voluntary turnover at technology firms in Singapore currently sits at 12. 7 %, above the 10% threshold where companies typically begin to consider special retention programs. It is therefore not a surprise that companies in Singapore are increasing salary budgets heading into 2018.
The hot jobs at technology sector companies in Singapore, defined as those jobs that have seen the highest annual increases in market median base salaries over the past three years, include: IT Support Specialist, Software QA Engineer and Product Marketing Engineer.
About Aon Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. For further information, please visit aon.com .
About Radford Radford delivers talent and rewards expertise to technology and life sciences companies. We empower the world's most innovative organizations--at every stage of development--to hire, retain and engage the amazing people they need to create amazing things. Today, our surveys provide in-depth rewards insights in 80-plus countries to more than 3,000 client organizations, and our consultants work with hundreds of firms annually to design talent and rewards programs for boards of directors, executives, employees and sales professionals. Radford is part of the Talent, Rewards & Performance practice at Aon plc (NYSE: AON). For more information, please visit radford.aon.com .
About Radford Global Technology Survey
The Radford Global Technology Survey provides human resources and compensation professionals with access to rewards insights covering more companies, incumbents and countries on a single survey platform than any other data provider. Today, our survey spans: 2,106 participating organizations, 6.5 million incumbents, 3,000+ unique jobs and 83 countries with reported results. For more information about Radford Global Technology Survey, click here to download our fact sheet.