He noted that India has experienced tremendous growth in its telecom sector. 'We have situations where people will jump to a competitor for a very small amount of money or for some other minor issue,' he says. 'It is frustrating.'
Although this survey does not make comparisons across different industry segments, it is reasonable to assume that technology-based jobs are at least as sought-after as jobs in other industry sectors, due to the strategic nature of technology in many Asian growth markets.
'In a healthy economic environment, there are probably more opportunities available and more active recruitment of experienced IT professionals compared with many other industries,' said Stephen Yap, regional director of TNS Technology. He notes that the key drivers of employee retention noted in the survey are 'more or less the same for any job function, namely opportunities for advancement, empowerment to perform well, recognition and equitable compensation.'
In other words, personal growth, more than job security, now drives the Asian IT and telecom professional in his or her job-hunting exercises.
Improved economies
The survey underscores the improvement in Asian economies during the past few years. Indeed, the Asian job market as a whole appears to have fully revived since the East Asian financial crisis struck with seismic impact a decade ago.
According to the World Bank, income levels in many parts of Asia are today well beyond where they were before the 1997 crisis. And in countries like China, Vietnam, Cambodia and Laos, salaries are growing at 'exceptional rates' (web.worldbank.org). Over 100 million people across East Asia have 'left the ranks of the extreme poor' since 2000, and poverty continues to fall. For instance, the World Bank predicted that Vietnam will become a middle- rather than low-income country by 2010.
The same upward economic trend is evident across most countries in Asia Pacific. In the technology job sector the four countries where the survey was carried out continue to enjoy rapidly rising salaries.
The highest hikes last year came in the Philippines, where salaries are lower and inflation higher than the other countries covered. Base salaries jumped 19.5% in 2006 from the previous year and are expected to increase another 10.7% this year. In Malaysia base pay was up 10% last year and is estimated to rise another 10% in 2007.
Salaries in Hong Kong, which are substantially higher than the other markets, rose 12% in 2006, and IT workers are looking for another 7.8% hike at the end of this year. Singapore tech worker lagged their neighbors marginally with an 8.7% increase in 2006 and look forward to just a 5.5% boost this year.
The estimated annual base pay of tech workers at the end of 2007 will hit $63,375 in Hong Kong (up from $52,451 in 2005), $53,245 in Singapore (up from $46,416), $22,633 in Malaysia ($18,678) and $14,555 in the Philippines ($11,000). (see chart on page 16).
It follows that the same trend should apply when it comes to job bonuses, and that was indeed what the survey revealed (see chart on page 18).