Firms at a loss when it comes to attracting digital talent: survey | Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis
,Singapore
17 views

Firms at a loss when it comes to attracting digital talent: survey

Eight out of 10 businesses recognise the need for upskilling employees with digital skills.

A new Korn Ferry survey on digital talent has revealed that organisations across Asia have made efforts to advance their digital transformation progress, although most firms admit that they struggled to attract and retain digital talent.

To support their digital transformation initiatives as a result of the pandemic, 86% of respondents in Singapore expected that they would need to upskill employees with digital skills. 89% said they needed to strengthen digital infrastructure, and 71% said they need to recruit digital talent.

However, the survey also found that across the region, companies were unsure of how to attract, engage and retain digital talent with their reward and talent management strategy. While respondents consistently identified compensation and career progression as some of the most important factors to attract, engage and retain digital talent, the survey found that less than half of firms were exploring options outside of existing rewards and benefits policies or talent management programmes.

Singapore’s top challenges when searching for talent are candidate scarcity (89%), inadequate employer branding to attract digital talent (54%) and most notably, the inability to meet a candidate’s reward expectation (81%).

To mitigate candidate scarcity,48% of respondents in Singapore provided higher pay salary for digital talents and around 3 in 10 offered sign-on or hiring bonus. But 39% of respondents in Singapore said that they still only paid in line with their standard pay policy, slightly higher than the average for their Asian counterparts. Interestingly, many were undecided when asked to evaluate the effectiveness of their rewards strategy in attracting, engaging or retaining digital talent

The vice president of client success and delivery services at Korn Ferry Asia-Pacific Mirka Kowalczuk said that there is a fierce ongoing competition between established organisations and start-ups to get the best, scarce digital talents, and Singapore is no exception.

“Companies are getting pushed to look for these digital minds in the technology sector or abroad, further driving the scarcity of talent. At the same time, recruitment for talents externally needs to be supported by internal actions. Companies can start with building programs for current digital talents, which will help to instil a continuous learning culture to help their workforce stay relevant and enhance their employee value proposition that attracts and helps retain digital talents,” Kowalczuk added.
 

Get Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

This included one-off partial distribution of divestment gains of S$20m.
This is attributed to the lower rental reliefs to retail tenants at Festival Walk and higher average occupancy from IXINAL Monzen-nakacho Building.
The Tripartite Committee on Workplace Fairness targets to complete its work by H1 2022.
A total of 811 condos were sold in the last quarter, the highest since Q4 2010.
The SMAs are focused on global infrastructure projects.
The company said their income was driven by its latest acquisitions.
The Jobs Support Scheme has been extended to 18 August.
The bank is now allowing small- and medium-sized enterprises to avail the loan digitally.
And Health Ministry clarifies roadmap in treating COVID as endemic remains.
Inflation for all items meanwhile remained unchanged at 2.4% YoY.
SMEs that qualify for the UOB Start digital pack will be offered six months of free access.
This was supported by grants extended by the government, such as the Jobs Support Scheme.
The group’s profits after tax ballooned by as much as 138.4%.
It is comprised of a 10-, 20-, and 40-year USD Temasek Bonds.
This was linked to the higher average selling prices amidst rising coal prices.