Thailand can become a home for global tech talent by leveraging its geopolitical advantages, natural resources, and designing policies to attract young workers, according to executives.
This would facilitate knowledge transfer and talent exports in the future, said panellists at a discussion entitled "Home for Tech Talent: Driving Mobility in a Globalized World", part of the Techsauce Global Summit 2024 held on Aug 7-9.
"Southeast Asia has a new gravity in work migration, in particular Thailand, which has managed geopolitics well," said Karndee Leopairote, chief of foresight and digital assets at MQDC's FutureTales Lab.
Thailand can attract global talent as a safe haven for new investment, even luring millionaires to migrate to the country, she said.
Thailand has natural assets, good food and an affordable cost of living to appeal to tech talent seeking to work in Bangkok, Chiang Mai, Phuket or Koh Pha Ngan, which are among the top ranked destinations among digital nomads, said Mrs Karndee.
The country has robust digital infrastructure, with high-speed internet coverage of more than 80% and 99.9% smartphone usage among young adults.
Thailand also has a smart visa programme and more relaxed regulations to woo individual talent, startups, investors and expats, she said.
However, Mrs Karndee said the country still needs regulatory improvement to further promote innovation.
Designing policies with a startup's mindset would help address the needs of future generations, she said.
Understanding the obstacles and values of Gen Z and millennials is crucial to creating policies that appeal to them, said Mrs Karndee.
By 2030, Gen Alpha will represent 11% of the global labour market. They are said to be tech-savvy, immersed in artificial intelligence (AI) and social media, and prioritise passion over traditional employment, she said.
"We need more creative compensation by moving beyond monetary wages to innovative benefits, as well as flexible work-life integration, sustainability and inclusivity," said Mrs Karndee.
In some surveys, 71% of young people would love to work remotely or have flexible work rather than promotions to positions that require them to remain in the office.
ECONOMIC BOOST
Santitarn Sathirathai, advisor to the Parliamentary Committee on National AI Strategy, said making Thailand a hub for global talent would improve the country's economy.
The country suffers from a shortage of skilled workers because it is an ageing society and needs more foreign talent, he said.
"By having more foreign talent, this would result in more knowledge transfer in the future. Then Thailand could export our talent to the global market," said Mr Santitarn.
The country should have a holistic approach to developing tech talent by offering them a high quality of life for their family, including schools and tax incentives, he said.
Mr Santitarn suggested the country develop more high-end jobs by creating regional positions to encourage executives with business knowledge to relocate to Thailand.
"The cost of living is high in both Singapore and Hong Kong. Thailand can attract executives by offering them flexibility, tax incentives and properties," said Mr Santitarn, who recently returned to work in Thailand after working in Singapore.
Thais who work abroad have a global mindset and are resilient, and have many ways in which they can give back to Thailand, he said.
"Go out into the world, but don't leave Thailand behind," said Mr Santitarn.
OPEN MIND
Patama Chantaruck, country managing director of Accenture Thailand, said the future IT workforce should be able to adapt to the dynamic aspects of technology. For example, coding programs are shifting towards a business logic skillset, requiring growth and an open mindset, she said.
Recently Accenture collaborated with the Faculty of Science at Prince of Songkla University to design some cybersecurity courseware. The partnership aims to develop the next generation of cybersecurity talent and address a growing demand for such professionals in Thailand.
An Accenture study found organisations should focus on a "net better off" (NBO) approach, providing leaders with actions to address more dimensions of employees' lives, said Ms Patama.
NBO helps unlock employees' potential and improves revenue growth, according to the study.
The study found to manage talent and anticipate future generations of employees, businesses need to provide continuous learning and upskilling training, inclusive physical and mental health support, as well as financial benefits. She said Accenture designs welfare schemes for LGBTQ+ employees.
Businesses need to accommodate technology to support hybrid work schedules, said Ms Patama.
"An employee's sense of purpose is also essential," she said.
Accenture Thailand has employees of 17 different nationalities.
"Previously our office had more foreign employees than Thais, but now we've successfully transferred technology and attracted more Thais to return to work in Thailand. As a result, our office now has more Thais than foreigners," said Ms Patama.
"We need to foster internationalisation and cross-pollination to become part of the global community. Public-private-academia partnerships are crucial for building Thailand into a global talent hub."