CFOs: Is global remote hiring part of your company's talent strategy?
Asia Pacific emerges as the fastest growing region in terms of global remote hiring as businesses continue to seek quality talent to help drive organisational efficiencies and success in a recessionary climate, said HR platform Deel Lab recently.
Findings from more than 260,000 worker contracts across 160 countries show that global hiring from January through December 2022 grew across all regions, although some regions saw a higher rate of involuntary terminations and lower average starting salaries in the second half of the year, Deel Lab noted.
Survey highlights
- Global remote hiring has sustained its momentum throughout the year, with 89% of all contracts designed for remote roles.
- While APAC took the lead, the regions was followed by Latin America, EMEA and North America
- In APAC, Australia, Singapore and India were the top three countries hiring remotely in 2022.
- Indonesia, China, Vietnam, The United Kingdom and India emerged as the top five countries that Singapore organisations are hiring from.
- In contrast, The United States, Canada, UK, Australia and Hong Kong were the top five countries hiring Singapore employees.
- Layoffs up in second half of 2022: Terminations increased toward the end of the year. In January 2022, terminations accounted for 28% of all contracts ended, and by December, that number grew to 42%. Workers in the UK, Mexico, Spain, Portugal and the US, as well as workers in software, product, and marketing roles saw the greatest percent increase in terminations throughout 2022.
- Top five roles that global organisations were hiring: software engineers and developers, product designers, product managers, quality assurance engineers and project managers
- Starting salaries down as markets cooled: Mexico, Netherlands, US, Nigeria, and Argentina saw the greatest declines in new worker salaries. Accountants, customer support, consulting, product, and design roles saw the biggest salary decreases globally.
- In APAC, workers from Taiwan, Thailand and Korea saw the largest average salary gains in 2022, with roles in operation and customer support receiving the biggest salary increases.
“Singapore being the second fastest-growing market in APAC by number of organisations hiring, comes as no surprise,” said Karen Ng, Regional Head of Expansion & Market Lead Singapore, ASEAN, India. “ The talent shortage is still a pain point, and we’re seeing Singapore companies looking globally to fill talent gaps in the market.”
This global remote hiring trend in Singapore is here to stay in the long term, Ng observed.
This is because organisations now have more sophisticated HR strategy, corporate infrastructure, and digital tools to support a global and hybrid workforce, Ng explained.
“This in turn allows them to stay competitive and nimble, where they can turn to global hiring to secure in-demand talents like software engineers – of which are sought after by markets around the world, or to retain talent who choose to move abroad,” Ng said.
