New research conducted by global talent services company Morgan McKinley as part of its 2024 Salary Guide has unveiled insights into the technology hiring landscape across Hong Kong, Japan, and Singapore.
Key challenges and outlook for 2024
According to the Guide, identifying skilled candidates posed a significant challenge for 25% of hiring managers, while 22% struggled with competing on pay and benefits, and 19% faced obstacles related to a lack of approval for new headcount.
Despite these challenges, a positive outlook is emerging for 2024, with 50% of technology hiring managers expressing a desire to increase headcount in the first half of the year. Additionally, 46% of technology workers are actively seeking new roles during this period, with an additional 31% considering a move.
Top priorities for technology workers
For technology workers considering a job change, higher salary remains the top priority, with 40% citing it as their primary motivation. This is followed by career growth and development opportunities (14%) and the ability to work fully remote (13%).
Flexibility in the workplace
Flexibility continues to be highly valued among technology professionals, with work-from-home options and flexible working hours ranking first and third, respectively, among the most valued benefits. Notably, 71% of technology professionals included ‘work from home’ in their top five valued benefits.
For technology workers considering a job change, higher salary remains the top priority.
Preferences for in-office work vary, with 42% of technology professionals preferring to be in the office 1-2 days a week, while only 8% opt for on-site work 5 days a week. Over half (53%) would forgo a pay rise for increased flexibility.
Employer expectations and insights by region
In Hong Kong, the demand for technology professionals remains high, albeit with a slower hiring pace in 2023 due to selective client processes. The need for experienced contractors and outcome-based consulting has increased noticeably.
In Japan, the competitive landscape persisted throughout 2023, leading companies to raise their hiring standards for skilled professionals. Despite concerted efforts to drive digital transformation, Japan faces a shortage of software engineers.
Singapore saw increased hiring activity in Q3 of 2023, indicating a positive outlook for 2024. Businesses are likely to focus on salary corrections to combat inflation and retain talent, with skills shortages exacerbated by international talent leaving the region.
Moving forward
The Morgan McKinley 2024 Salary Guide offers up-to-date salary data for various technology roles, aiding hiring managers in determining competitive compensation packages. The guide, based on research from 650 businesses and 3,400 professionals, provides insights into hiring intentions, motivators for job changes, and salary expectations for the year ahead.
