Demand for tech talent in Singapore remains strong despite the recent layoffs by tech companies, according to SEEK, the parent company of job platforms JobStreet and JobsDB.
JobStreet Singapore platform recorded a YoY growth of 63% in job ads for tech roles, which is a higher rate of increase than the overall job ad growth in the country (54%).
Half of the companies in Singapore also say they will continue to increase their headcount in H1 2023, according to a recent survey by JobStreet.
“Companies in other sectors, such as banking and insurance, are still looking to hire people with tech skills who can help advance their growth agenda. Hence it’s no surprise that the demand for tech talent has remained relatively stable in the last 6 months. In fact, when we look at the whole year cumulatively, the number of job ads for tech roles in Singapore has not only increased significantly, but it has also outpaced the growth of the total job ads in the country,” says Peter Bithos, CEO of Asia at SEEK.
However, he highlights that employers looking to hire top talent need to ensure they have attractive value propositions to offer. This is because SEEK’s data reveal that the average salary range in Singapore tech companies is about 12% higher than companies in non-tech sectors – apart from the typically high-paying energy and banking industries.
“Due to the differences in compensation packages, it could still be a challenge for non-tech companies to hire top talent from the tech sectors. As for those who have been impacted by the layoffs or are concerned about their job security and looking to move, they may need to adjust their salary expectations accordingly and be willing to make certain trade-offs. For many, it’s no longer about working for companies that offer cool perks, but it’s about looking to join a company that can promise job security and a meaningful career,” says Bithos.
