Local tech talents too expensive? Why remote tech teams may be the answer
Building remote tech teams could be a viable solution for companies in economic hubs.
Why? In Asia, Singapore and Hong Kong come to mind, having become meccas for tech giants.
As such densely populated cities, demand for tech talent remains high.
This makes local tech talent scarce and expensive to hire.
According to this Straits Times article, there are only 2,800 tech grads in Singapore every year, amid 60,000 tech jobs to come online in the next three years.
For smaller companies who are facing a dearth in tech manpower, it is futile to compete with the tech giants on remuneration and benefits.
To address the need for more affordable alternatives, Glints held its free Future of Hiring: Building & Managing Remote Teams webinar on 30 June.
Here are four points mentioned during the webinar.
How offshore hiring can help companies save costs
Offshore hiring is the relocation of business operations units where labour and resources are more cost-efficient.
Companies can save as much as 70 percent when compared with hiring local tech talents.
Offshore talents and remote teams via Glints TalentHub work full-time and are paid monthly.
Hence, it would make more financial sense to hire a remote team at a full-time capacity, rather than contract a freelancer locally.
Hirers are able to save on office rent and infrastructure costs, as offshore hires from Glints TalentHub have co-working spaces provided by Glints’ office partners.
Tech giants offer competitive compensations, edging out small and mid-sized firms
According to a report by Asia Market Entry, tech giants offer 30 to 40 percent above what is considered fair market rate by mid-sized companies.
This makes it nearly impossible for smaller firms to compete.
Multinationals have an unfair advantage in terms of branding and remuneration. And that may shrink the talent pool further.
For example: in 2020, Zoom Video Communications opened a new research & development centre in Singapore, hiring hundreds of engineers in the process.
And it isn’t just tech giants snapping the talent up – startups, growth-stage companies backed by venture capital firms, and even bread-and-butter companies looking to go digital are competing for the same pool.
Related: Offshore talent to the the rescue
Covid-19 has normalised remote working, making hiring a remote team more widely accepted
If there is an upside to the pandemic, it has made remote working here to stay.
Collaborative tools such as Asana, Slack and Microsoft Teams are now mainstays of every office.
Many companies have gone completely remote without any real impact on productivity.
Twitter, for instance, is one of the high profile ones.
As such, it has opened up hiring from overseas locations as there is no longer a need to be in the office.
Indonesia, Vietnam and Taiwan offer affordable talent
Glints TalentHub has a significant presence in these three key markets.
Each of them offers a set of specialised skills, too.
For example, Taiwan is well-versed in robotics, machine learning and artificial intelligence
On the other hand, Vietnam has many talented block chain and data science professionals.
If you are an e-commerce company, you may want to hire some Indonesian e-commerce specialists.
Depending on your needs, the recruitment experts at Glints TalentHub will be able to assist you in hiring the best talent for your needs.
Keen to find out more? Visit Glints TalentHub today!