Factors stimulating hiring in the Silicon Valley of the East
The hiring market in Penang did not necessarily suffer the same setbacks as other markets during the pandemic. The demand for gadgets and electronics increased during this time, and the manufacturing, electronics and electrical (E&E), and medical machinery industries remained active throughout. Before this, hiring had been driven by the push towards Industry 4.0 and the budding US-China trade war, which prompted both US and Chinese companies to set up entities in Penang in response.
The resulting hiring demand for engineering, digital and technological-based talents will not wane any time soon. Robotics and automation, big data analytics and artificial intelligence are particularly aggressive right now, where faster adoption of automation and AI is the impetus behind the need for talent in the E&E and semiconductor industries.
Jobseekers gravitate towards companies with flexibility
Roles in computer science and engineering, particularly at semiconductor companies, are in demand due to the high global demand for E&E products.
Before the pandemic, jobseekers expectations for remuneration was high, with many expecting up to 30% increments when switching jobs; this has been driven up to 35% post-pandemic, making the war for such talent even more competitive. However, many candidates are additionally focused on more work flexibility, mainly because they are concerned about bringing illness back to their homes.
There has been a tendency for multinational companies (MNC) to be responsive to these concerns and adapt to the idea of flexibility, even in an industry requiring the physical presence of staff. For example, they have implemented rotation schedules for workers to ensure less crowding at any given time. They have also been actively promoting themselves to potential jobseekers via webinars, documenting their company progress in the region (for example, showing how the construction of new facilities are progressing) and holding other online company events.
This adaptability can make it challenging for smaller companies to attract talent and be out-competed by larger MNCs with their flexibility and benefits. Companies that are less flexible and stick to traditional, more rigid work requirements tend to be refused by jobseekers, regardless of the attractiveness of the offered salary. To stay competitive in the war for talent, these smaller companies could benefit from adapting or continue to struggle to hire new talent. The pandemic has demonstrated that more flexible work arrangements can be possible in some cases, and these types of arrangements are what jobseekers are increasingly gravitating towards.
What are the solutions to finding executive talent?
There is no better time than now to rethink strategies to find executive talent. In a climate where the talent pool appears shallow, the key to finding the best-qualified candidates is through a familiarity with the local market and having access to a broad network of qualified professionals built over time with referrals. At the executive level, the required talent cannot be unlocked simply by viewing hundreds of resumes available through online portals and other tools.
Specialist recruiters can do just this--pinpointing the professionals who are a quality fit to the job requirements, going above and beyond finding a large pipeline of candidates. Timing is also crucial, and familiarity with these specialised networks of professionals means the ability to reach out quickly and find the right candidate before the competition can reach them. Although sometimes not easily accessible, the talent is out there and can be found with a well-informed strategy focused on the local market.
To learn more about how a specialist recruitment solution can add focus and definition to your search for the perfect executive and managerial hire, feel free to reach out for a confidential discussion by filling in the form on this page.