The technology industry in Singapore has shown resilience following a period of layoffs. Companies have focused on reimagining their operations, streamlining processes, and leveraging emerging technologies to enhance productivity and competitiveness.
The job market has also witnessed a resurgence in certain areas, with new opportunities arising in artificial intelligence, data analytics, cybersecurity, and cloud computing.
Every year, at Aspire, we launch a salary guide to share what the technology industry is doing in terms of remuneration. It helps us support the businesses and candidates we work with to supply real data on what the industry is paying people in various roles mixed with candidates’ expectations.
Aspire’s Salary Guide looks at roles in technology, sales, marketing and advertising and shares a sliding scale of what someone might earn for various positions here in Singapore. Comparisons are then made with previous years’ reports to give further context.
The technology industry is reassessing its talent needs following layoffs
While the technology sector seems to be at a standstill while they focus on restructuring and readying themselves for the future of the industry, the sector will likely rebound with strength once it sets itself up for the evolution of the industry.
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Many of the salary brackets remained the same compared to last year, with the least amount of movement in any sector focused on by our salary guide.
With this in mind, companies have been looking at how else they can cut costs so they can continue to invest in talent and the future of their businesses. Some say they are best placed to look at alternative ways of working to reduce spending — such as full-time remote working to remove the major cost of office spaces — as they are built on a culture of innovation.
It’s undeniable the demand for technology products and services will continue to grow as businesses and individuals increasingly rely on digital solutions. The COVID-19 pandemic has accelerated the adoption of technology, leading to increased investments in areas such as remote work tools, e-commerce platforms, and cybersecurity.
The pure nature of the technology industry also fosters innovation and agility, allowing companies to quickly adapt to changing market dynamics. With these elements in mind, we may see technology companies start to bounce back by next year’s salary guide.
A significant increase for certain roles in technology sales
A small number of roles, such as pre-sales engineer and solutions architect, are seeing a significant increase (up to 25 per cent) compared to last year, while many of the other positions we looked at within tech sales remain the same.
The reason for these increases is due to corrections in the marketplace – bringing the salaries up to the same level as other roles with similar experience.
A positive impact on the startup world, large and small
While these larger technology companies are focused on restructuring and resetting themselves for the future, smaller, more agile startup companies will be able to benefit from this pause. We are seeing people from large companies be attracted by smaller growing businesses with the promise of a different kind of culture, the ability to get involved in many more aspects of running a business and the potential to receive pre-IPO share options that could pay off in the future.
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What does the future hold for the tech industry?
While the technology sector’s salaries may be remaining relatively stable for the time being, it is important to recognise the industry’s resilience and potential for a rebound. The demand for technological innovation continues to drive investments and create new opportunities for both large and small companies.
As the industry recovers from recent challenges, it will seek to attract and retain top talent in order to remain competitive in the market. This competition for skilled professionals can lead to salary increases in the future.
With new startups emerging daily, advancements in emerging technologies, such as artificial intelligence, machine learning, and blockchain, are poised to create new avenues for growth. The technology sector’s ability to innovate, coupled with its adaptability and continued investment in research and development, positions it well for a strong future.
If you’d like to read Aspire’s Salary Guide reports in more detail, please download them here.
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