Tech talent demand is sizzling hot say 97 percent of APAC leaders

97 percent of APAC business leaders surveyed by investment bankers North Ridge Partners described the market for tech talent as "sizzling hot", with almost a quarter saying the pressures this creates is keeping them up at might.

In its analysis of the data which informed the December edition of its Tech Round Up and which has now been provided exclusively to Digital Nation Australia, the firm flagged rapid digitalisation as the growth driver.

"The accelerated digitalisation we’ve seen since the pandemic landed has created a booming market for technology skills, with selective talent shortages driving wage inflation across the Asia Pacific region, " the authors note.

That's reflected in the data where 67 percent of leaders indicated demand for talent was driven primarily by growth while only 27 percent said it most mostly about replacing people.

Skyrocketing salaries

More than a third of those surveyed (37.5 percent) said they are typically seeing wage inflation running at between 25 and 50 percent, with the most in-demand roles being found in software development, data analysis and AI and machine learning capabilities.

And while the media may be full of stories about the Great Resignation, APAC's business leaders offer a more nuanced take. One third acknowledge that turnover is "out of control" but it is not across the board. 71 percent say they experiencing high turnover in mid-tier roles, while junior positions are relatively stable, only 26 per cent nominated issues here.

In addition to writing bigger cheques, business leaders are investigating other strategies. 30 percent say they will make working from home a permanent feature of employment while more than a quarter, (27 percent) expect to implement more offshoring or nearshoring for skills.

Bang for the buck

Salaries may be running hot, and staff may be working from home a lot more, but the bottom line is that productivity is increasing with 52 percent of those surveyed saying they are getting a lot more done now than in the past.