APAC Has Lower Unemployment, More Vacancies Than Before Pandemic According to PRO Unlimited's July Labor Market Report
PRO Unlimited, an integrated workforce management (IWM) platform provider, today released the results of its July 2022 APAC Labor Market Report. The analysis highlights the employment rebound in full swing throughout the region and its implications for employers. Despite unemployment figures in Australia, Singapore and Malaysia dropping to or below pre-pandemic levels, these countries have seen vacancies increase by 83%, 127% and 111%, respectively.
"The employment landscape in APAC is, in a word, volatile," said Dustin Burgess, GM and SVP of Total Talent Intelligence at PRO Unlimited. "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 before. PRO's analysis also found:
As in other regions, highly qualified candidates across the APAC region understand that they remain in a position of power. These candidates are often fielding multiple offers at once and understand that opportunities for growth are ready and waiting for them. In Singapore, tech-focused candidates have managed to secure salary increases of up to 30% when switching roles.
"In-demand professionals know that if their job isn't working out, they will have opportunities elsewhere," added Burgess. "That knowledge has shifted the landscape, forcing employers to focus as much on retention as recruitment, and to put a new emphasis on creative benefits and brand messaging to secure talent. Across APAC, staying informed will be the key to attracting and retaining talent. Recruiters and HR practitioners must focus on employee sentiments and robust data analysis to ensure they are prepared for whatever challenges they may face in the months and years to come."
PRO Unlimited's report was developed by the company's NorthStar HCM team, comprised of more than 80 MBAs, PhDs, CPAs and Consulting Business Analysts and backed by a network of over 1,000 compensation experts and recruiters across the globe. The NorthStar HCM team analyzes program data and provides actionable cost-saving, efficiency and process-improvement strategies for Global 2000 clients. The report leverages actionable intelligence and insights culled from its aggregation, cleansing and anonymization of data across various internal and external data sources, including hundreds of client programs across the globe.
To learn more about APAC's labor market trends, download the full report.
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