The Workforce of the Future Report 2024

HAYS REPORT REVEALS OPPORTUNITIES FOR CANDIDATES IN THAILAND SEEKING TO EXPAND OVERSEAS

 
Thailand, 18 Dec 2024 – A new Hays report outlines which countries boast the strongest talent profiles, which are struggling with the biggest talent deficits, and where organisations can find the most cost-effective talent networks to hire the skills they need.
 
  • USA and China dominate the top of the charts for both supply and demand of key talent.
  • New Zealand, Portugal, and Canada among countries struggling with a talent deficit.
  • India, Romania, and Malaysia emerge as the most cost-competitive talent networks across five industries.
  • Colombia is set to be a future powerhouse of tech talent, with over half of candidates recording between 0-3 years of experience.
The report, ‘The Workforce of the Future: Navigating the Skills Disruption', examines five sectors - technology, engineering, banking, financial services and insurance (BFSI), manufacturing and life sciences - in over 30 countries.
 
Skills shortages has been negatively impacting organisations for years, leading to an inability to leverage key skills which results in stagnant productivity, missed opportunities for innovation, and hindered longterm growth.
 
To address the growing skills gap, organisations must understand the global supply and demand of skills and take proactive action to ensure a steady future pipeline of talent. Organisations who implement a global talent strategy will broaden their pool of skilled candidates, dramatically boosting their chances of finding the skills they need.
 
USA, China, India, and Germany, rank among the top five talent networks across all highlighted sectors. Brazil feature in the top five in the technology, engineering, and BFSI sectors, and Japan are among the top five for manufacturing and life sciences. This indicates that these countries have the largest supply of professionals available for jobs within the five identified industries.
 
New Zealand, Portugal, Canada, the UK, and Switzerland frequently appear in the top five for talent deficits, indicating that organisations in these countries may face significant challenges in finding the necessary talent. Colombia, Malaysia, Hong Kong, and Singapore are emerging as top talent networks across all five industries. These countries have the potential to support organisation’s long-term growth plans, positioning themselves as key talent producers of the future.
 
India, Romania, Mexico, and Hungary are among the most cost-effective talent networks. Organisations can expect to find the talent they need at a lower cost compared to countries where skills are at a premium due to ongoing skills shortages.
 
For organisations that are looking for robust talent profiles and consider; cost and experience, the most resilient locations for tech talent are India, Romania, Mexico, Hungary, and Malaysia.
 
In many countries, a large proportion of the workforce has over eight years of experience, with some exceeding 75%. This serves as an early warning sign: without a robust pipeline of emerging talent countries could become less competitive as their skilled workers age out of the labour market.
 
“Business leaders today are navigating numerous challenges to secure the talent essential for organisational success. Factors such as skills shortages, an aging workforce, shifting employee expectations, the constantly changing gig economy, and the rise of skills-based hiring contribute to a complex landscape for talent acquisition decisions”, says Yoke Pei Ong, Country Director at Hays Thailand.
 
“As demand for talent increasingly focuses on key markets with strong supply profiles, established candidates in Thailand looking for international placements are well-positioned to offer their services. This is particularly true in emerging talent markets, where there may be a shortage of senior professionals capable of handling complex tasks.”
 

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About Hays 

Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional, and skilled people worldwide, being the market leader in the UK, Germany, and Australia and one of the market leaders in Continental Europe, Latin America, and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As of 30 June 2024, the Group employed over 11,100 staff operating from 236 offices in 33 countries. For the year ended 30 June 2024: 

  • The Group reported net fees of £1,113.6 million and operating profit of £105.1 million. 
  • The Group placed around 57,700 candidates into permanent jobs and around 225,000 people into temporary roles. 
  • 13% of Group net fees were generated in Australia & New Zealand, 32% in Germany, 20% in United Kingdom & Ireland and 35% in Rest of World (RoW). 
  • The temporary placement business represented 59% of net fees and the permanent placement business represented 41% of net fees. 
  • Technology is the Group’s largest division, with 25% of net fees, while Accountancy & Finance (15%) and Engineering (11%), are the next largest. 
  • Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK, and the USA.