APAC unemployment landscape remains ‘volatile’
Australia, Singapore, and Malaysia’s unemployment figures dropped below pre-pandemic levels resulting in a volatile unemployment landscape in the Asia Pacific (APAC).
According to a report from Management services company PRO Unlimited, the three countries recorded a job vacancy increase of 83%, 127%, and 111%, respectively.
PRO Unlimited GM and SVP of Total Talent Intelligence Dustin Burgess said, “With unemployment low and vacancies high, the way forward for employers may feel uncertain and unpredictable. What we’re seeing, as a result, is a fierce battle for talent and a reimagining of what companies can and should offer employees.”
The high number of vacancies available across the APAC region, low unemployment numbers and overall volatility of the last few years have made sourcing skills, both generic and niche, more complex than ever.
Pro’s analysis stated that technology professionals continue to be highly sought-after, with most countries increasing their wages by up to 20%.
However, bolstered wages are not a given across all sectors or countries. Despite India and the Philippines’ similar salary gains in hard-to-staff industries like tech and cybersecurity, job seekers looking for roles in other sectors have seen wages flatten or decrease in the wake of Covid-19.
Burgess added that in-demand professionals forced employers “to focus as much on retention as recruitment, and to put a new emphasis on creative benefits and brand messaging to secure talent.”
