Tech talent platform NodeFlair and YC-style accelerator Iterative today launched a new report that highlights salary trends for tech-related jobs in Singapore. The report stresses that the “tech talent war” continues in the country as companies compete with each other with “jaw-dropping” salary offers.
According to the findings, software engineers are earning increasingly higher salaries with junior engineers now earning a median base salary compensation of S$5,000 (US$3,720) with mid-level and senior engineers earning up to S$7,000 (US$5,200) and S$8,000 (US$5,900) respectively. For managers, the median base salary reaches as high as S$13,750 (US$10,232).
The report also highlights a significant disparity between top earners and those at the bottom of the ladder, with the former earning up to three times more than the latter. Junior engineers at the 90th percentile, for example, can now expect to earn S$8,500 (up from S$7,500), while mid-level and senior engineers can earn up to S$11,000 and S$12,000 respectively. Principal software engineers, meanwhile, can command a base salary of S$19,000 (up from S$17,000).
“We’re seeing an unprecedented demand for highly skilled tech professionals, which is driving salaries to record highs,” says NodeFlair CEO and Co-Founder Ethan Ang in a statement.
“As companies across various industries increasingly rely on technology to drive growth, the value of tech talent has never been higher.”
Also Read: Report: Tech jobs return to SEA, open opportunities for tech talents in non-tech industries
The report analyses more than 169,000 data points from NodeFlair’s proprietary database with key pointers that include Singapore tech talent salary by roles, analysis of top searched companies, and a breakdown of tech talents beyond Singapore, including India, Vietnam, Malaysia, the Philippines, Indonesia and Taiwan.
It concluded as the industry headed into 2023, with all the challenges that it had faced through back-to-back global crises and massive layoffs, the tech talent market is expected to stabilise with continued demand for tech talent.
“Companies with stable business models and strong cash flow will have an advantage in attracting and retaining tech talent, who will place more value on cash compensation over equity. Remote work is also expected to continue, leading to a wider pool of talent and increased competition,” it wrote.
It also noted changes in these companies’ hiring strategies.
“Companies will become more prudent in their hiring strategies, evaluating their business needs and budget before hiring new talent. Additionally, companies are expected to invest more in upskilling and reskilling their employees to adapt to new technologies, leading to a shift towards a continuous learning culture. The tech talent market in 2023 will prioritise stability, remote work, and continuous learning,” it elaborates.
Startups remain popular among tech talents
The report also revealed the companies that continue to be popular amongst tech talents, and local tech giants such as Shopee and Grab are proven to have power alongside international tech giants such as Bytedance and the FAANG.
Also Read: How companies can nurture the next generation of tech talent today
It also puts a spotlight on GXS Bank, the digital bank resulting from the partnership between Singtel and Grab. The company made it onto the top 100 most searched list despite being only launched in 2022. According to the report, the appearance of GXS Bank is notable as it is the only digital bank that made the list, which further emphasises the growing interest in digital banking solutions among job seekers and consumers alike.
According to the report, these companies stood out for their ability to offer salaries well above the market median and have above-average ratings on Glassdoor.
“The report shows that six out of the top 15 most searched companies pay their employees at least 20 per cent more than the market median, while most others pay at least 10 per cent more. Additionally, 13 out of the 15 companies have Glassdoor ratings above the median of 3.8, and 4 of them have ratings at or above the 75th percentile of 4.2,” it explains.
—
Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.
Image Credit: Jason Goodman on Unsplash
The post Tech talent war in Singapore expected to continue as the job market stabilises in 2023: Report appeared first on e27.