As digital transformation intensifies across several sectors, APAC industries are seeing an urgent demand for specialised digital skills. Industries like banking and retail, previously regarded as siloed in their hiring approaches, are now reaching across industry lines to technology and telecommunications, recognising the need for cross-industry hiring to access the unconventional yet transferable skill sets required to accelerate change. This shift not only broadens talent pools but encourages more innovative approaches to meet the demands of a competitive, technology-driven market.
Drivers of cross-industry hiring in APAC
Digital transformation in APAC has grown exponentially in recent years. According to IDC, digital transformation spending in the region will exceed $1 trillion by 2025, a trend driven by a surge in digital banking, e-commerce, and cloud adoption, among other innovations. For sectors traditionally outside the tech realm, such as banking and retail, the transformation imperative has led to a growing emphasis on acquiring skills and experiences that are commonly found in tech and telecom industries. This has led to a new cross-industry hiring trend where:
- Banking turns to tech for cybersecurity, data analytics, and mobile development skills to enhance digital banking services.
- Retail seeks telecom expertise in customer data management and connectivity solutions to create seamless omnichannel experiences.
These sectors now view digital maturity as essential to remain competitive and relevant in a region renowned for its technological leadership. While these fields had previously been limited by sector-specific hiring norms, they are realising that talent from tech and telecom can help drive digital innovations needed for business growth.
Key skills attracting banking and retail to tech and telecom talent
In banking and retail, the integration of advanced technologies like AI, machine learning, and big data analytics is reshaping everything from customer experience to backend processes. Many of the digital capabilities now needed, particularly those associated with large-scale data management, machine learning, and robust cybersecurity, are highly advanced in tech and telecom sectors, making them fertile recruiting grounds for banks and retailers.
- Data analytics and big data expertise
Data-driven decision-making is central to digital transformation. Banking and retail require experts in big data and predictive analytics to anticipate customer needs, optimise supply chains, and make informed, real-time decisions. With data volume growing rapidly, tech professionals experienced in managing and deriving insights from complex datasets bring essential knowledge to these sectors.
- Cybersecurity
As banks and retailers shift more of their services and transactions online, securing sensitive data is paramount. Telecom and tech experts bring specialised experience in securing large networks and protecting data, an essential skill set for financial services and retail, which often handle substantial customer data daily.
- Cloud and connectivity
With cloud computing transforming operational flexibility and cost-effectiveness, cloud skills are in high demand across all sectors. Banking, for instance, is rapidly adopting cloud solutions to manage large datasets, improve data accessibility, and enhance collaboration. Retailers, too, are leveraging cloud-based tools to integrate e-commerce with in-store sales data, improving inventory and customer relationship management.
Benefits of cross-industry hiring
The influx of talent from tech and telecom can drive more agile, adaptable, and digitally native teams in banking and retail, promoting a culture that embraces continuous digital improvement. Beyond access to specialised skills, cross-industry hiring offers several specific advantages:
Enhanced innovation and problem-solving
Diverse perspectives often lead to fresh solutions. Professionals with a tech or telecom background approach industry challenges with a different mindset, enabling innovative problem-solving. For instance, those accustomed to agile methodologies in tech might champion new project management approaches in banking, breaking down legacy processes and improving speed-to-market for digital products.
Strengthened competitive advantage
As digital customer expectations increase, particularly in markets like Japan, Singapore, and Hong Kong, banks and retailers that incorporate cross-industry talent can more readily introduce seamless digital experiences. Hiring tech-savvy professionals familiar with rapid digital advancements enables these sectors to implement cutting-edge digital services and stay competitive.
Fostering a culture of digital resilience
Organisations that integrate tech and telecom professionals are better positioned to build resilient, future-ready teams. Given that many tech and telecom professionals are accustomed to fast-paced changes, they can foster adaptability and resilience in traditionally change-resistant environments like banking, setting a foundation for sustained digital growth.
Challenges in cross-industry hiring
Despite the benefits, cross-industry hiring presents challenges. Firstly, cultural adjustment can be significant, as tech and telecom professionals may find banking and retail less agile or more regulated. Bridging this cultural divide requires a deliberate change management strategy, helping cross-industry hires integrate into existing structures without diluting their ability to drive change.
Secondly, upskilling on industry-specific regulations poses a hurdle. Banking is highly regulated, meaning tech hires must quickly grasp compliance standards. Retail, while less regulated, has its own unique challenges, like balancing online and offline customer experiences, requiring tech professionals to adapt their digital strategies accordingly.
Finally, role alignment can be challenging, as many roles in tech are not directly transferable to retail or banking. Building cross-functional teams and introducing digital leadership roles can help mitigate this by providing digital natives with decision-making power.
Best practices for effective cross-industry hiring
To make the most of cross-industry hiring, banks and retailers can follow a few best practices:
Develop strong onboarding and mentoring programs
Organisations should invest in onboarding programs that not only familiarise tech hires with industry-specific requirements but also provide ongoing mentorship to help them navigate sector-specific nuances.
Cultivate a digital-first culture
Digital transformation succeeds when it is embraced by all. For banks and retailers to support tech hires, the broader organisation must adapt to a digital-first approach, championing technology as a core part of the organisational ethos.
Create clear career pathways
Cross-industry hires need clear paths for growth and influence. Organisations can set digital transformation as a key organisational objective, linking career development to digital outcomes and creating roles that bridge traditional functions with digital initiatives.
The impact of cross-industry hiring on APAC’s digital future
As cross-industry hiring grows, banking and retail in APAC are transforming from the inside out. By recruiting from tech and telecom, these sectors are moving away from a rigid hiring model towards a talent strategy that prioritises flexibility, resilience, and digital acumen. This transformation benefits the organisations and their customers, as digital services improve accessibility, efficiency, and personalisation.
In a region poised to lead global digital innovation, APAC companies that adopt a cross-industry hiring approach will likely set new standards for digital integration across traditional sectors. This trend is not only enhancing digital capabilities but also creating a culture that values adaptability and digital readiness. For APAC, cross-industry hiring is more than a trend; it is a pathway to a digitally resilient future.
