Asia is gradually becoming the center of world trade and industry. The region relies on a diverse, world-class workforce to drive growth. Accordingly, talent leaders are aiming for appropriate pay scales to attract talent.
In fact, in Singapore alone, nearly three in five companies (57%) are planning pay increases in 2024, according to Robert Walters' latest salary guide for Asia Pacific. This has strengthened the city-state's reputation as an attractive employment destination for highly skilled talent from neighboring countries such as Malaysia and the Philippines and beyond.
Relocating the head office and discovering global human resources
Apart from the emergence of highly skilled talent in the region, companies that had roots in traditional financial hubs such as Hong Kong and Beijing are now moving their headquarters to Singapore and Dubai. For Chinese companies relocating to Singapore, the issue goes beyond the need for talent.
“Several companies are choosing to move their regional headquarters from China to Singapore to reduce geopolitical risks,” said Kelly Wee, senior manager at Hays Singapore. At the same time, the city-state is “leveraging its position as a global financial center with significant capital flows.”
Meanwhile, the United Arab Emirates is excited about new business prosperity. Dubai in particular is known as a business-friendly city. Entrepreneurs are looking to start their own businesses and benefit from the incentives and lower tax rates offered by the city.
Therefore, Dubai's tax system is very attractive for domestic and international entrepreneurs. These advantages are supported by efficient business registration procedures and comprehensive services, making it easy to set up a foreign company. As a result, Dubai is a very popular hub for international business activities. To attract foreign investors, the UAE grants highly coveted golden visas.
Asia as a talent powerhouse
These are just some of the reasons why Asia is a unique powerhouse of talent. As talent leader Christopher Auckland predicts, companies are keen to expand their business and talent base in Asia.
One example of betting on Asia's “innovation mind” is Microsoft, specifically in Southeast Asia, which aims to develop the region's 2.5 million AI and entrepreneurial talent.
Mr Auckland, Group Managing Director of Hong Kong-based international recruitment agency Ambition, said: “Despite global and regional economic uncertainty, companies continue to seek Asia's top talent. It is also worth noting that they are willing to invest.” , Singapore, Malaysia, Australia, and the United Kingdom.
“The job market here remains primarily candidate-driven, and companies are prepared to offer competitive compensation packages to attract and retain talented professionals,” Mr. Oakland said.
Asian countries with the highest average salaries
So which countries in Asia have the highest average salaries and are upping the ante? Insider Monkey has ranked the companies with the best compensation packages overall.
