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Beyond high salaries, what truly attracts top talent in 2024?
Safira Adnin
August 23, 2024

In Southeast Asia (SEA), the burgeoning internet economy is set to surge to US$200 billion by 2025, according to a joint report by Google and Temasek. The growth trajectory is powered by a skilled workforce that’s expanding by 10% annually, with tech unicorns leading the charge in employing over 100,000 professionals in the region.

Yet, finding the right talent is just the beginning. As highlighted in McKinsey’s Leading Organizations, top performers can significantly elevate a company’s productivity—by as much as 800% in complex roles like software development.

2024 has unfolded with continued economic recalibrations following the global tech layoffs that began in 2022. Giants like Google and local heavyweights like Shopee have tightened their belts, prompting startups across SEA to adopt more cost-conscious, adaptable hiring strategies.

Amidst this shift, Singapore’s ambitious goal to attract 15,000 AI professionals and its US$743 million investment in AI innovation positions the city-state as a future-ready tech hub.

Pay, perks, and purpose: The triad of talent attraction

Contrary to traditional beliefs, monetary compensation, while essential, is no longer the sole draw for career-driven individuals. Surveys indicate that nearly two in five global workers would choose a role that offers flexible working hours over a slightly higher pay package.

This emerging trend underscores a broader shift towards valuing work-life balance and flexibility, paralleled by a significant demand for remote and hybrid work options.

Job security has taken center stage in the wake of economic uncertainties and industry layoffs. Candidates are increasingly gravitating towards organizations that offer stability and longevity, reflecting a deep-rooted need for security amid global economic shifts.

This trend is particularly pronounced among more experienced professionals, who prioritize stable, secure employment over other benefits.

Today’s workforce looks beyond the paycheck, they also value benefits that enhance their quality of life and support their personal and professional growth. These include comprehensive health benefits, opportunities for continuous learning, and flexible work arrangements.

Companies that recognize and promote work-life integration are more likely to attract and retain high-caliber talent.

The Growing Importance of Purposeful Work

Purpose-driven work resonates deeply with SEA’s professionals. A survey conducted across six countries revealed that 98% of workers place high importance on meaningful work. This desire extends beyond individual aspirations, with 53% actively seeking roles that contribute positively to society.

Companies that align their missions with these values not only attract talent but also foster higher levels of job satisfaction and loyalty.

Strategic Insights for Attracting Top Talent in 2024

  1. Flexibility and Work-Life Balance: Organizations should offer flexible working conditions that cater to the diverse needs of their workforce, including options for remote work, flexible hours, and a supportive work environment.
  2. Stability and Security: In an era marked by frequent industry disruptions, offering job security can be a key differentiator for attracting talent looking for reliable and long-term employment.
  3. Purpose and Impact: Companies need to articulate how their roles contribute to broader goals and societal impact, which can significantly enhance job attractiveness among purpose-driven candidates.
  4. Learning and Development: Continuous professional development opportunities are crucial for attracting talent that seeks to advance their skills and career prospects.
  5. Innovative Compensation Packages: Beyond competitive salaries, offering innovative compensation packages that include performance bonuses, stock options, and comprehensive benefits can appeal to prospective employees.

Looking ahead: Adapting to the new norms

As businesses vie for top talent in a competitive landscape, understanding what truly motivates professionals is key. Offering purpose-driven roles, flexibility in work arrangements, and opportunities for personal and professional growth can set forward-thinking companies apart.

In SEA, where the family and societal contributions are highly valued, aligning corporate goals with employee aspirations for meaningful, impactful work could well be the secret to attracting and retaining the best talent.

Elevate Your Southeast Asian Team Management with Glints TalentHub

Take your talent management strategy to the next level across Southeast Asia with Glints TalentHub. We provide comprehensive Employer of Record (EOR) and Professional Employer Organization (PEO) services designed to streamline your HR processes. From onboarding to offboarding, our end-to-end support ensures efficient and seamless HR management.

Partner with us to transform your HR experience. Contact us today for a no-obligation consultation and discover our customized solutions that can optimize your team management in Southeast Asia.


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