Blockchain engineering salaries in Asia see 5.41% drop: report

Salaries for various tech positions in Asia have decreased in 2024 from the preceding two years, during which technology salaries experienced substantial growth, according to the 2024 Tech Salary Report by NodeFlair.

Despite the decrease, salaries remain higher than two years ago, which suggests the current adjustments reflect a move towards a more balanced and realistic compensation structure rather than being a cause for concern.

Also Read: From potential to prosperity: Blockchain’s role in reshaping Southeast Asian economies

As per the NodeFlair report, software engineering jobs have seen a decline in their earnings, with junior professionals now receiving a median base salary of SGD5,000 (US$3,705). While mid-level and senior engineers earn more, their salaries have not grown significantly, with medians of SGD7,000 and SGD7,500, respectively. On the other hand, engineering leads and managers have median base salaries of SGD9,000 and SGD11,000, respectively.

This is probably a result of a significant decline in funding within the Southeast Asia tech ecosystem, which reached a five-year low in Q3 2023.

Blockchain engineers’ salaries have also witnessed a 5.4 per cent decline from the previous year, mirroring the crypto winter triggered by FTX’s collapse and Binance’s CZ Zhao resigning and pleading guilty to criminal charges. These events have cast a shadow on the industry, impacting blockchain engineers amid a volatile professional landscape.

On the other hand, data scientists are experiencing a significant 11.3 per cent increase in average salaries, indicating a deliberate investment by companies to attract and retain top talents.

The average salaries for cybersecurity engineers have increased by 8.24 per cent as organisations prioritise cybersecurity measures, with cyber threats becoming more sophisticated and financially impactful.

The report drew from over 422,000 salary data points across various roles and countries.

“As we step into 2024, the tech industry grapples with talent challenges amidst the rise of generative artificial intelligence (AI) and financial prudence,” said Ethan Ang, CEO and co-founder of NodeFlair.

“In balancing financial prudence with innovation, investing in AI solutions to boost employee productivity is a strategic imperative. It’s about optimising resources wisely for long-term efficiency gains and sustainable growth,” he shared.

The NodeFlair report further reveals that job seekers in Asia increasingly lean towards stability as a paramount factor in their decision-making process.

Notably, 10 of the top 15 most searched companies pay their employees at least 20 per cent more than the market median. Additionally, most other companies offer salaries 10 per cent above the market median. This marks a significant departure from the previous year, when only six out of 16 companies embraced the practice of paying 20 per cent above the market median.

Also Read: AI will have more impact on our future than blockchain: Dusan Stojanovic

Technical professionals are also increasingly open to accepting a company culture that may not be perfect if their salary aligns with their expectations. “Individuals are increasingly drawn to companies that not only offer competitive salaries but also exhibit unwavering financial stability, marked by a commitment to avoid layoffs,” noted Ang. “This shift underscores a broader change in priorities, emphasising practical financial considerations over the trends of previous years, where work-life balance and employee benefits held greater prominence in the talent landscape.”

Trust Bank, a local digital bank, is among the top 100 most-searched companies, alongside GXS Bank. Singapore-based fintech startups like Airwallex, YouTrip, and Ascenda also make their presence felt in the rankings.

As we look ahead to 2024, the tech hiring landscape is poised for continued evolution and innovation. Companies are making cross-border and remote hiring integral to their expansion plans.

Next year, we will also see a notable increase in the use of AI tools in hiring, streamlining recruitment workflows for efficiency and unbiased candidate evaluation. Advanced AI systems, particularly in coding assessments, are set to transform interview and assessment procedures, introducing safeguards for the integrity of the hiring process.

Founded in 2018, NodeFlair has evolved from a tech-enabled recruitment platform to a full-stack tech career platform.

(SGD1=US$0.74)

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