Technology sector companies across Asia-Pacific continue to face high levels of employee turnover despite ongoing economic uncertainty around the globe, according to the Radford Trends Report.
Outside of Japan and South Korea, annualized voluntary turnover rates now exceed 10% in all major Asia-Pacific markets.
India leads the region with a trailing 12-month voluntary turnover rate of 13.6%, followed by Malaysia at 13.0%, Australia at 12.4%, Singapore at 11.7%, Hong Kong at 11.3% and China at 10.8%.
Facing robust competition for talent, roughly two-thirds of technology sector companies in all major Asia-Pacific markets are currently pursuing normal or aggressive hiring plans— again, India leads this trend, with 13.0% of companies reporting aggressive hiring plans.
Singapore is not immune to the larger talent and rewards trends observed across Asia-Pacific. Median voluntary turnover at technology firms in Singapore currently sits at 11.7%, above the 10% threshold where companies typically begin to consider special retention programs.
As a result, technology companies in Singapore are responding with increased salary budgets for 2017.