Skill shortages in AI, machine learning, cybersecurity and blockchain to continue in 2024
Beset with widespread layoffs and challenging economic conditions, 2023 was a rocky year for Vietnam’s Tech & Transformation hiring market.
“Many companies streamlined their teams by letting go of underperforming employees, or cutting departments that do not bring benefits for the organisation. In the spirit of doing away with unnecessary costs, they retained or brought on high-performing, essential talent only,” recaps Phuc Pham, Country Manager at Robert Walters Vietnam.
Furthermore, remote and hybrid work models remained popular over the past year, and it has given companies the option of tapping into a larger talent pool from a broader geographical area. Companies have also needed to iron out how to create smooth remote interviews and onboarding as these processes increasingly take place online.
Nevertheless, the demand for tech talent remained high, and companies struggled to find candidates with the skillsets they need, particularly with emerging technologies like artificial intelligence (AI), cybersecurity and blockchain. Growing concerns over data privacy and regulations like GDPR and CCPA have also spurred the demand for professionals experienced in data protection and privacy compliance.
To attract and retain high calibre talent, companies have had to offer more competitive compensation and benefits packages. They have also invested more in employee development to bridge skill gaps within their existing workforce.
Read on to find out more about Phuc’s expectations for Vietnam’s labour market and hiring trends for Tech & Transformation professionals in 2024.
Persistent skills shortage for emerging technologies
Privacy and data protection, as well as AI and machine learning will remain highlights in the Tech & Transformation labour market going into 2023. “Companies will persist in developing and applying AI and machine learning, so it’s likely that we’ll see a growing demand for AI engineers, data scientists and other related roles,” comments Phuc.
However, the market will continue to experience skills shortages, especially for some of these high-demand technologies.
Cybersecurity, digital transformation professionals in demand
In 2024, companies will prioritise hiring talent in cybersecurity. They will also seek out talent experienced with managing data risk, as well as professionals who can support them through digital transformation efforts.
The most highly sought after roles in the sector will be in cybersecurity, cloud computing and full stack development.
Talent attraction and retention in 2024
“Candidates in the sector are moved to seek out new job opportunities when they want to increase their income, or find more challenging positions that push them to learn and advance their skillsets. We’ve also been seeing in the past year that more candidates are looking for jobs that provide stability as the economy is in a volatile state at the moment,” shares Phuc.
To attract and retain talent, Phuc’s advice is for companies to address these points.
First, companies should offer attractive compensation packages with appealing benefits.
Apart from the base salary, look at what more you can offer in terms of employee stock ownership plans (ESOP), performance bonuses and annual leave
Remote and hybrid work models are also highly recommended, with Phuc adding that candidates appreciate companies that allow them to incorporate flexibility in their work schedules.
Lastly, companies should also consider ways in which they can promote their employees’ mental wellness and work-life balance.
Salaries remain stable
In 2024, salaries will stay close to present rates. Any increments will be subdued due to a looming global economic recession.
Find out more
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in Vietnam.
