international insight

Posted on 22 March 2024

In the dynamic landscape of Southeast Asia, a region marked by its rapid economic growth, cultural diversity, and technological advancements, the significance of human capital cannot be overstated. The Southeast Asia Talent Trend Report has been written to help leaders in SEA understand and navigate the evolving talent dynamics that shape the region's socio-economic trajectory.

Shifts in societal dynamics are reforming the frameworks of work, rapid advancements in technology and artificial intelligence are progressing at an unprecedented pace, exhibiting three major trends overall:

1. Resilience in Slow Growth-Southeast Asia Expands Internal Demand Amid External Trade Challenges

2. Revitalizing the Southeast Asian Talent Market Through E-commerce and Digitization

3. Embracing Digital Nomads : Transforming Southeast Asia's Work Landscape

There are significant differences in talent markets among Southeast Asian countries, and ATOMIC provides detailed insights for your understanding.

Singapore Talent Trend 2024

Singapore's robust talent development policies, high-quality education, favorable business environment, and comprehensive social security have positioned it as a global talent hub, fostering a significant talent cluster effect.

Aligned with the core direction of the government's talent strategy, Singapore has established a sustainable environment for talent development. Directly driven by policies, the country consistently attracts high-quality foreign talent, contributing to the creation of a comprehensive national talent pool.
Workforce Singapore (WSG) provides various initiatives aimed at assisting local job seekers in acquiring new skills for emerging job roles.

Vietnam Talent Trend 2024

The International Monetary Fund also maintains an encouraging outlook, with GDP growth targets set at 4.7% for 2023 and 5.8% for 2024 in Vietnam.

As of Quarter 2 in 2023, Vietnam has seen a notable increase in its workforce, with a total of 5.23 million individuals, reflecting a growth of 700,000 compared to the corresponding period in the previous year. The distribution across sectors reveals that the primary sector constitutes 27%, the secondary sector 33.4%, and the tertiary sector 39.7%. Interestingly, this year marks a shift in focus toward the construction, infrastructure development, and education industries when compared to the preceding year.

Indonesia Talent Trend 2024

Indonesia boasts abundant natural resources, with its mining sector playing a pivotal role in driving economic growth.

Moreover, Indonesia faces significant infrastructure demands, particularly in transportation, energy, water supply, and sanitation. This presents a vast market space for investors to explore and contribute to the nation's developmental needs.

Digital talents from Southeast Asia may find employment opportunities in Indonesia. This is due to the impetus provided by digital transformation to Indonesia's economic growth. In 2022, the value of Indonesia's digital economy reached $77 billion, and it is projected to grow to $146 billion by 2025.

Philippines Talent Trend 2024

Given population growth and economic development, the Philippines is anticipating a domestic energy shortage, projected to result in power supply deficits between 2024 and 2025. In this pressing moment, the introduction of new energy capacity becomes imperative. To address this challenge, private and public sectors are actively diversifying energy assets, committed to achieving a comprehensive energy transformation.The demand for senior talent in the energy sector has become particularly crucial in this process.

The Philippines faces a challenge with the considerable turnover rate among healthcare professionals, hindering the optimal utilization of their skills. Consequently, the private sector in the country is actively pursuing a digital transformation within the healthcare industry. By strategically investing and introducing electronic health records, integrated telemedicine, consultation applications, and supplementary services that span the entire healthcare process, collaborative endeavors aim to tap into the steadily expanding online market.

Malaysia Talent Trend 2024

Based on data from the Department of Statistics Malaysia (DOSM), the capacity utilization rate of domestically-oriented industries increased to 81.6%, marking a 0.2% growth compared to the previous year. The three industries with the most significant growth are tobacco manufacturing, among others. Domestic demand propels Malaysia's GDP growth by approximately 3.3% in 2023.

On April 11, 2023, the Malaysian government announced plans to launch an Environmental, Social, and Governance (ESG) standard framework by the end of the year. This initiative aims to assist local companies in transitioning into ESG-compliant entities, qualifying them to attract investments. The move aligns with the recognition of several export markets requiring exporters to adhere to environmental, social, and regulatory

standards. Industries had already begun taking measures before the official announcement, leading to significant surge in demand for talent in related fields. The talent shortage has emerged as a major bottleneck in the realm of ESG investment and implementation.

For more details, please refer to the full version of the Southeast Asia report.

Reports · Atomic Group

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