Talent-on-Demand Platform Outsized Reveals 2024 Talent Landscape in Latest Report
The study highlights the growing ecosystem of highly skilled freelance talent in the Southeast Asian Region
Singapore, 25th March 2024 – Talent-on-demand platform, Outsized, unveiled its latest report today, discussing the talent landscape in Southeast Asia (SEA). Findings from its Talent-On-Demand 2024 report, based on proprietary data from thousands of projects posted on Outsized’s platform in 2023, revealed the SEA region as one of the fastest-growing freelance economies, with 85% growth in freelancer registrations from 2022. Southeast Asia is also the region seeing highest average day rates paid to independent talent at US$544.
In an age defined by uncertainty and rapid technological advancement, access to skilled independent talent has transitioned from a mere concept to a strategic imperative for businesses across the Southeast Asian region.
The SEA region, known for its dynamic market conditions, has witnessed a profound shift in the strategies of large enterprises. Faced with tough market challenges, organisations have prioritised unlocking new growth opportunities, prudent capital management, and cost reduction. Thus, this has led to a significant emphasis on agile and flexible models for capability building and execution, amidst hiring freezes and large-scale redundancies. Furthermore, market leaders are swiftly realising that their success hinges not only on their products or services but also on the ability of their workforce to pivot swiftly, innovate, and embrace change.
“Southeast Asia’s talent landscape is undergoing a dynamic transformation, fueled by a burgeoning demand for highly skilled individuals. Faced with technological advancements and uncertainties in the job market, it's no surprise that organisations are looking at agile and flexible models. This is where independent talent can also find themselves at the epicenter of opportunity, empowered by flexible work arrangements and the imperative for continuous upskilling,” said Anurag Bhalla, Co-Founder and Managing Director SEA, Outsized.
The 2024 talent-on-demand report highlights the transition from debating whether to adopt agile talent strategies to determining the best methods for integrating them into core business operations, along with key trends expected to shape the talent landscape in SEA. Three standout trends specific to SEA include:
· Digital Transformation: The financial services sector is leading the charge in digital transformation, with efforts to digitise offerings and cater to the unbanked population in countries like the Philippines, Indonesia, Thailand, and Vietnam. Talent in the financial services sector can expect to be at the forefront of digital innovation, with opportunities to work on projects aimed at improving access to financial services for underserved populations. They may also find themselves involved in developing new digital products and services to meet evolving customer needs in the region.
· Supply Chain Optimisation: Organisations are rethinking their supply chains in response to socio-political disruptions and market volatility, aiming to reduce risk exposure and enhance resilience. Professionals with expertise in supply chain management will play a critical role in helping organizations adapt to changing market dynamics. They may be tasked with redesigning supply chain networks, implementing new technologies such as blockchain and IoT, and more.
· New Talent Models: Organisations are shifting towards agile talent models to adapt to uncertain market conditions. Fixed-cost and fixed-capability models are being phased out in favour of more flexible and variable-cost approaches. Talent in SEA can expect to see a shift towards more flexible work arrangements, such as freelance and project based roles. This may offer greater flexibility and autonomy but also require individuals to be adaptable and versatile in their skill sets. Additionally, professionals may need to proactively manage their careers, continuously seeking new opportunities and upskilling to remain competitive in the evolving job market.
Additionally, the Talent-On-Demand 2024 report also identifies the top skills in demand as evidenced by enterprises that have used Outsized. As many organisations in SEA are in the midst of undergoing rapid digital transformation, it is evident that there is a need for skilled individuals to help them navigate this transition. Interestingly, Outsized’s report also reveals the average day rates globally for the top ten skills in 2023, with Digital Transformation skills pulling in the highest rate at US$392. In Southeast Asia though, rates are significantly higher, with the average day rate paid being US$544. High-in-demand skills see considerably higher day rates than this in the region.
The SEA region currently finds itself at a pivotal stage of economic and technological evolution in 2024, where job markets are not merely changing but are being redefined. Environmental, Social, and Governance (ESG), Digitalization, Automation, and Sustainability will remain key focuses for many organisations in the region. Individuals who possess such skillsets will continue to be in demand. The report also provides insight into the top skill areas in demand for the SEA region, with Change Management, Strategy, and Technology skills ranking among the top five.
“As the skills landscape evolves, it can have a significant impact on an organisation's ability to remain competitive and profitable,” Bhalla added. “Many organisations are working to keep up with the ever changing work landscape and it’s evident that workforce models would need to evolve as well. Hence, the imperative for agility within flexible workforce models transcends from asset to necessity during this time. Our prediction foresees a holistic shift in the approach to agile talent, where independent professionals are no longer confined to project-based roles but wielded as a proactive competitive advantage at scale. "
To access the full Talent On-Demand 2024 report, visit: https://outsized.com/app/uploads/2024/03/Outsized_Talent-on-Demand-Report-2024.pdf
To learn more about the services offered by Outsized for companies as well as consultants, visit www.outsized.com
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About Outsized
Outsized is a talent-on-demand platform for highly-skilled independent professionals. It enables large enterprises and consulting firms in Asia-Pacific, Africa, and the Middle East to implement flexible workforce models by providing access to vetted talent from a host of professional disciplines. With a focus on experienced professionals, and full-time contracts, Outsized empowers and supports both the people and the businesses that use its platform. Outsized has local teams based in South Africa, Singapore, Malaysia, India, Bahrain and Australia, and is committed to creating a sustainable, win-win ecosystem for clients and talent.