“Every natural power exhilarates; a true talent delights the possessor first.” American essayist Ralph Waldo Emerson identified in the 19th century how those with skills satisfy themselves before they do so for others.
With that in mind, it’s no surprise that there is a talent crunch affecting businesses in 2023, given the impact of the coronavirus pandemic, which has shaken the world to its core over the last few years.
The talent crunch refers to the growing scarcity and high demand for skilled and qualified workers in various industries and regions worldwide, which poses significant challenges for businesses as they struggle to find and attract the right talent to meet their needs.
Our CEO and co-founder at Multiplier, Sagar Khatri, has outlined how the talent crunch has influenced business operations in Singapore by driving demand for our services, creating expansion opportunities and fostering collaborative partnerships.
“We hire in new markets to meet demand where the supply of talent is located and there is an accelerated growth and increased market presence for our company,” he said at Multiplier’s recent xpath global event.
“The talent shortage has encouraged us to establish strategic partnerships, integrations and collaborations with businesses in recruitment, immigration, visas, and more..
“We combine expertise and resources to provide more comprehensive solutions to address the talent shortage challenges collectively.”
In today’s working world, jobs are being offered in on-site, hybrid and fully remote models unlike ever before. The rise of nomadic workers using their laptops from far-flung destinations to build their careers since the turn of the 21st century is evolving into regular working practice.
The sophistication of technology in recent decades has benefited developing Asian countries, with our data revealing more talent is being hired in the likes of India, Philippines, Malaysia, Indonesia, Vietnam, Singapore, and Thailand.
The top five job titles for these workers are Software Engineer, Data Engineer, Business Development Manager, Senior Software Engineer, and Consultant.
As this type of work just needs internet access to succeed theoretically, it can be done from anywhere, which explains why companies are now looking far and wide when it comes to unearthing the next generation of talent.
This has led to a slew of new modern issues for businesses to face when acquiring new hires – from global talent acquisition, compliance with local labor laws, streamlined onboarding and offboarding, scalability and flexibility, and risk mitigation.
Let’s look at these in more detail, focusing on what Multiplier can do to solve these problems:
- Access to global talent: By acting as the official employer for workers in different countries, Multiplier allows businesses to overcome geographical limitations and access a wider talent pool, helping them find the skilled workers they need to fill critical roles.
- Compliance with local labour laws: Navigating the complexities of local labour laws and regulations in different countries to ensure compliance with local employment laws, we will handle employment contracts, payroll, taxes and benefits on behalf of the businesses. We also eliminate the legal and administrative burdens.
- Streamlined onboarding and offboarding: During a talent shortage, time is of the essence. We streamline the onboarding and offboarding processes, making it faster and more efficient for businesses to bring in new talent or let go of resources when necessary. This agility helps businesses respond quickly to changing talent needs and optimise their workforce.
- Scalability and flexibility: Talent shortages often result in fluctuating demand for specific skills, so we provide scalability and flexibility in managing your workforce. Quickly ramp up or down operations and hire or release talent as needed without the complexities and costs associated with traditional employment models.
- Risk mitigation: We take care of the legal and HR responsibilities just as an employer, hence reducing these risks for businesses. In addition to this, we ensure proper employment contracts, adherence to local labour laws and appropriate payroll and tax management, reducing potential liabilities for companies.
We believe the market that will emerge as the primary destination for hiring in the next five years is APAC – Asia-Pacific – and specifically India, China, and countries in Southeast Asia.
These nations have significant potential for attracting talent and becoming primary hiring destinations on their own because they have large and diverse talent pools, expanding economies, and increasing opportunities for business growth.
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