First
USD 280 million dollars pumping in H1 in the tech market. Full year conservative estimate will put us around USD 450 Million = PKR 100 billion now. That is money coming in to the start-ups eco system to build businesses, hire talent, build services and infrastructure etc. PKR 100 billion (I let that sink in). Most startups don’t follow traditional structures or have the reward programs when hiring or managing talent. They will pay whatever it takes to hire for the skills they need.
Second
Pakistan is now the 4th most popular freelancing country in the world. 50% YoY growth in earnings and no of freelancers. USD 400 million export in H1 2022 i.e PKR 80 billion+ . PKR 80 billion earned by freelancers in 6 months.
We have already moved towards an “Employees’ Market in all things tech and many other skillsets like compensation (if you are a compensation or Total Rewards lead – you know what I am talking about) are also in the employees market. We are clearly seeing skills driven market talent dynamic like we have seen in India, China, and seeing similar trends in Korea, Australia and other markets.
If this continues over the next 18-24 months it will disrupt the entire market (again we have seen this in many markets across Asia over the past few years) . I am obviously hopeful this will happen because it will force many companies to invest in proper
#talent and
#reward programs which still doesn’t exist and also align skills based pay including gender pay issues that exist.
Employee engagement is already a challenge but you are looking easily at 30%+ attrition including very high critical talent attrition (think niche and critical skills) that will impact your business performance. Again, just following other markets so nothing new and I hope companies have the sense to act before its too late.
If you are struggling with engaging and retaining talent or want to proactively think about building a
#totalrewards framework please get in touch with us at info@the-talent-accelerator.com or reach out to me directly.
