Deel’s ‘State of Global Hiring Report’ Reveals Global Hiring is Continually Expanding, with Asia Pacific Emerging as the Fastest-Growing Market for Hiring Overseas
The State of Global Hiring Report was released by Deel Lab, the HR company’s research and policy consortium. According to data from 260k+ worker contracts across 160 countries, worldwide hiring increased across all areas from January to December 2022, with some regions seeing a greater percentage of forced terminations and a lower average beginning salary in the second half of the year.
With the global recession leading companies to adopt a more conservative approach to cost minimization and the area’s chronic talent constraint, Asia Pacific (APAC) emerged as the fastest-growing region recruiting employees overseas, followed by LATAM, EMEA, and NAM – as APAC firms continue to seek quality personnel that is crucial in generating organizational efficiency and success in a recessionary context.
HR Technology News: Alchemer Launches Alchemer Workflow
“What stands out in this State of Global Hiring Report is that the global worker model has become the preferred option for many organizations in uncertain economic times,” said Samuel Dahan, Chair of Deel Lab. “More interestingly, we note fascinating patterns, such as the US becoming the hottest market to hire global workers.”
Global, APAC, and Singapore trends in a nutshell:
- Global hiring is still popular: 89% of all contracts were created for remote employment as global recruiting maintained its momentum throughout the year.
- Australia, Singapore, and India will be the top three APAC nations for remote employment in 2022.
- India, China, Vietnam, Indonesia, and the United Kingdom are the top five nations from which Singaporean businesses are employing employees.
- In contrast, the top five nations recruiting Singaporeans are Hong Kong, Canada, the UK, Australia, and the United States.
- Increased layoffs in the second half of 2022: As the year came to a close, there were more terminations. Terminations made up 28% of all contracts that terminated in January 2022; by December, that percentage had increased to 42%. The highest percentage rise in layoffs occurred among employees in software, product, and marketing jobs throughout 2022 in the US, Mexico, the UK, Spain, Portugal, and Mexico.
- Software Engineers and Developers, Product Designers, Product Managers, Quality Assurance Engineers, and Project Managers are the top five jobs that worldwide firms are looking for.
- APAC follows suit, with Software Engineers, Sales Representatives, and Product Managers appearing as the top three most common professions employed in the region.
- Virtual Assistants, Software Engineers, Software Developers, Content Writers, and Business Development/ Sales are among the top positions that Singapore firms are looking for.
- Starting salaries in Mexico, the Netherlands, the United States, Nigeria, and Argentina fell the most when markets cooled. Accountants, customer service, consulting, product, and design positions had the greatest income losses worldwide.
- Workers in Taiwan, Thailand, and Korea experienced the highest average income increases in APAC in 2022, with jobs in Operations and Customer Support obtaining the most pay raises.
HR Technology News: True’s Private Equity Practice Delivers for Clients
“Singapore is the second fastest-growing market in APAC, according to a number of organizations’ hiring, which comes as no surprise.” “The talent shortage is still a pain point, and we’re seeing Singapore companies look globally to fill talent gaps in the market,” added Karen Ng, Regional Head of Expansion & Market Lead Singapore, ASEAN, India.
“We expect this trend to stay – not only for the year ahead but in the long term.” This is because organizations now have more sophisticated HR strategies, corporate infrastructure, and digital tools to support a global and hybrid workforce. 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 continued.
“With the sharpened government focus on rejuvenating the talent focus in Singapore, Deel is committed to supporting Singapore organizations to unlock the efficiencies of a highly qualified and distributed workforce to drive our economic vibrancy.”
HR Technology News: 1st Commercial Credit Offers Employment of Record Services for Staffing Agencies
[To share your insights with us, please write to sghosh@martechseries.com]