If you’re a startup in Singapore looking for tech talent to grow your business, you've got quite the mountain to climb.
New businesses are increasingly producing tech-enabled products in the 21st century. Today, approximately 80% of the world’s top 100 tech firms have a substantial presence in Singapore, with 261 software-as-a-service (SaaS) companies based here, meaning highly skilled tech professionals are sought after by just about everyone.
What’s more, a 2021 Qualtrics study showed that more than half of Singaporeans are planning to switch jobs this year, so even if your startup manages to grab a hold of them, keeping them happy is just as much of an uphill task. So amid the phenomenon known as the Great Reshuffle, how can founders prime themselves for the continually changing expectations of tech talent?
Here’s what startups need to know about hiring tech talent in 2022.
According to the Singapore Economic Development Board (EDB), Singapore has the most headquarter jobs from global Fortune 500 businesses compared to its Asian counterparts. The city-state ranked top of KPMG’s leaderboard of tech innovation hubs outside of Silicon Valley and San Francisco last year, and its international appeal means that the local talent pool is shrinking at an alarming rate.
Even though Singapore sees 4,500 ICT students graduate from polytechnics and technical education institutes each year, the situation is still stark for those looking to recruit them. These tech talents might be in high demand, but their skillset often do not match up to tech companies’ needs. For instance, businesses are seeing an increase of candidates for more junior positions, while applicants for higher positions frequently lack the necessary qualifications.
This lack of tech talent has been described as an “existential crisis” for businesses, who consistently require innovation in order to grow, scale, and remain competitive. A survey conducted by Udacity last year found that 59% of 2,000 employers report not having sufficient skilled employees has “a major or moderate impact” on their business. Startups are destined to struggle without the right talent to enable their growth.
Tech talent skilled in AI, data science, engineering, cybersecurity and software development are the most sought after in 2022 – and the global tech job market of today, which Forbes describes as “blazing hot”, is showing no signs of cooling off.
Singapore had 19,000 tech jobs unfilled as of 2021, and it is estimated that it would need another 1.2 million workers with digital skills in the next three years to make up for the talent deficit. Industries like banking, rapid consumer goods, and professional services are particularly affected. However, startups are bearing the brunt of this talent shortage, with 91% of those surveyed struggling to find suitable applicants.
This increased demand for tech talent with the ability to build, execute, and support digital blueprints has resulted in a hiring revolution of sorts. With a slew of options available for qualified tech talent, they now have the upper hand in the labour market and are increasingly selective in choosing the jobs that they want. This begs the following question.
When it comes to succeeding in the startup space, there is no one-size-fits-all answer to this question. However, knowing what the latest tech skills are and where and how to find your tech talents are definitely the non-negotiables to a startup's success.
Article: Excerpts from https://employers.glints.com/en-sg/blog/inside-the-minds-of-tech-talent-what-startups-need-to-know-about-hiring-and-retaining-in-2022/