Asia is known for having the youngest and fastest growing population, making it a prime location for discovering and cultivating new talent. However, IT corporations of all sizes are now beginning to recognize the vast potential for talent that Asia holds.
Asia is a region that has become renowned for its immense economic potential, boasting some of the world’s fastest-growing economies. Furthermore, Asia is increasingly seen as a hub of digital talent, with many aspiring entrepreneurs and innovators taking advantage of the numerous economic, cultural, political, and technical contrasts that the continent has to offer. As such, Asia has the potential to be an incubator for the next generation of digital innovators, providing an ideal environment for new ideas to take shape and grow.
As businesses across the globe look for ways to source highly skilled technical workers, Asia presents a compelling case for consideration. With four distinct advantages, Asia is quickly becoming a major player in the international labor market. First, Asia offers a wide variety of technical skillsets and qualifications, with many workers possessing higher educational degrees and certifications. Second, Asia boasts a large and diverse population, which can provide businesses with a reliable pool of potential hires. Third, Asian countries have an established infrastructure, providing companies with easy access to technical resources and a wide variety of talent. Finally, the cost of sourcing and employing skilled technical workers in Asia is often lower than in other parts of the world. For these reasons, Asia is increasingly being seen as a viable option for companies that require highly skilled technical labor.
Fate is predetermined by demographics.The French philosopher and sociologist Auguste Comte famously stated that a nation’s destiny is determined by its demography. Currently, Asia has the youngest population in the world, and this trend is predicted to continue over the upcoming decades. By the year 2040, it is estimated that half of the global youth population will reside in Asia. Consequently, companies that are seeking to recruit the digital workforce of the future should consider this region as an ideal source of talent.
It’s a digital age for the lions.A research paper from McKinsey & Company released in 2022 has predicted a significant rise of technology use in Asia over the upcoming years. By 2022, 16 percent of the Asian population was already online, with 67 million individuals using smartphones. This research further predicted that by 2025, half of all adults in the continent will be online. As of now, there are already 600 million people connected to the Internet, of which 360 million are using smartphones. This growth of online users provides businesses with greater access to their employees.
The Ascendancy of “Savannah Valley”As digital technologies become increasingly prevalent throughout Asia, a number of new entrepreneurial centers have appeared across the continent. These clusters of innovation have been established to meet the growing demand for technology and foster the development of a vibrant and dynamic tech industry in the region.
In recent years, the venture capital industry has shifted its focus towards innovation hubs, with impressive results. According to CrunchBase, businesses based in Asia raised a staggering $200 million during the fourth quarter of 2022. This figure far outstrips the other three leading hubs of investment, located in Nigeria, Kenya, and Egypt. This influx of venture capital has been accompanied by an influx of young, tech-savvy individuals eager to work in this thriving industry.
Facilitates international trade.Hiring personnel from foreign countries can be challenging due to language barriers. For example, while it may be difficult to find IT professionals who speak English in Eastern Europe, India, or China, English is widely spoken throughout Asia.