Over the last few weeks, we have been revealing the results from our biggest ever data report, an analysis of our Talent Marketplace datasets (across both our international client base and 60,000+ talent network) to reveal key findings about workforce and talent trends across geographies in 2023.
This is our Talmix Atlas. This week, we take a deep-dive in the APAC region - to build a more comprehensive picture of the regional landscape for both businesses and business talent.
Biggest global increase in use of Talent Marketplaces
As discussed in our previous report, the use of talent marketplaces has increased around the world, with Talmix seeing its number of global clients almost doubling over the last 24 months.
In APAC alone, Talmix has seen a 200% increase in marketplace usage, with highest adoption in Indonesia, India, Thailand, and Singapore. As seen in the table below, the APAC region dominates the highest regional growth in marketplace usage across all geographies.
Based on projects posted on the Talmix platform, the majority of businesses are turning to talent marketplaces out of an urgent need to fill specialised roles without disrupting business operations, or owing to a shortage of local talent fully equipped to complete work quickly and efficiently.
Faced with pressures to close widening talent gaps in the APAC region, businesses no longer consider the independent workforce as a temporary solution, but as a long-term means of future-proofing workforces and driving business continuity.
The number of APAC clients using the Talmix Marketplace has grown 53% over last 12 months, as companies tap into external talent networks as a solution to difficulties sourcing on the traditional labour market. At the same time, the number of projects posted from APAC clients on the Talmix platform valued at 25k and over has risen by 18% over the last 18 months, as businesses look to the Talmix network for premium value project support.
Female Talent on the Rise
The last 24 months have seen continued growth for our female talent on the Talmix platform, in terms of the number of female registrations, applications and project success rates.
Women make up more of the Talmix talent network than ever before, and we have seen some of the biggest increased in the APAC region. Across the whole region, female talent now accounts for 30% of all talent on the network, a figure that lay at 19% in 2021.
The APAC region has seen an impressive 40% growth in project postings on the Talmix network in the last twelve months alone. In fact, APAC projects now constitute 25% of all global projects posted on the Talmix marketplace.
This isn’t a case of higher volume, lower quality either – some of the highest revenue projects booked on the network have been posted by APAC clients, as seen in the table below.
In-demand skills across the region
Skills demands are changing rapidly across the Asia-Pacific region. The fast pace of transformation is forcing many business leaders to quickly identify fresh skills gaps and future-proof their workforces. The use of talent for financial services in the region has almost doubled since 2020, for example. Trends like digitalisation are driving the biggest skills gaps in APAC, with businesses searching for talent with the niche skills required to navigate this workplace transformation. In many sectors, post-pandemic digitalisation has been so rapid that businesses are simply unable to upskill their workers quickly enough – the solution has been to use talent marketplaces like Talmix to guarantee access to that critical talent without delay.
This is reflected in the data – the most in-demand skills across the region align to high-level digital demands across the market – data analytics, cybersecurity, project management, programming. AI skills are seeing a massive surge in a 2023 characterised by the emergence of Chat GPT and other large language models.
Remote Job Postings on the Rise
Diving deeper into job postings on across key APAC markets at Talmix, we can really see the uptick in both remote job postings and talent applications.
Strong growth can be seen in remote job postings across APAC, particularly in Singapore, India and the Philippines. India also leads the way in terms of remote job application growth, as it grew by 80% between 2020 and 2023. China recorded the slowest growth, with an increase of just 11%.
Businesses are clearly benefiting from the remote shift – on a micro-level, reducing the high costs of offices in major APAC hubs, and on the macro-level, as a means of broadening the talent funnel across different geographies, and de-risking operations across key sectors.
The APAC talent network accounts for 24% of the global network, and has seen a 37% growth in talent applications to projects posted on the platform between 2021 and 2023.
The APAC region is also leading the way in terms of project successes. 15% of all applications on the platform are from talent based in APAC, and the best application to hired conversion rates are from APAC based talent – Singapore lies top of the list globally for the best talent conversion rate for all project hires.
Interested in finding out more? Feel free to get in touch with us at Support if there's anything you'd like to discuss further, for insights into the type of talent available across the APAC region, and for any project support of your own.