Tech salaries in Singapore largely jumped in 2022 regardless of a string of tech layoffs and a slowdown in hiring, based on a brand new report.
“The outlook for 2023 within the tech expertise and hiring market is anticipated to indicate a continued demand for tech skills, though at a slower fee in comparison with the previous few years,” mentioned the report by tech salaries aggregator Nodeflair and enterprise capital agency, Iterative.
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The roles with the very best wage will increase year-on-year are blockchain engineers (+15.62%), cell engineers (+11.73%) and web site reliability engineers (+10.63%), based on findings of the Tech Wage Report 2023.
Salaries of software program engineers in Singapore additionally hit a document excessive after growing a mean of seven.6% in 2022.
However not all tech roles noticed improved salaries.
Methods engineering noticed pay declines of two.01% year-on-year, whereas wage for cybersecurity engineering positions slipped 1.67% year-on-year. High quality assurance salaries additionally fell 0.95% in comparison with a 12 months in the past.
“The expansion in salaries is unlikely to achieve double digits, reflecting a extra steady and balanced market,” the report mentioned.
Throughout Asia, software program engineers based mostly in Singapore earned the very best — between a mean of $3,703 for junior positions to $10,183 for managerial positions. Taiwan and Malaysia had been the second and third highest-paying nations respectively.
The report took under consideration over 169,000 knowledge factors collected from firms of all sizes and industries in NodeFlair’s proprietary database.
These knowledge factors embody pay slips and provide letters submitted by customers, in addition to job ads from job portals in 2022.
Monetary stability key in retaining expertise
Most firms pay extra — 10% or larger — than the median salaries, with 40% of the businesses paying 20% larger than the common.
Large tech firms pay 35% to 50% greater than the median, the report mentioned referring to firms akin to Facebook, Amazon, Apple, Netflix, and Google.
The report mentioned employers are more and more looking for expertise who can carry out completely different roles.
“Fairly than solely specializing in specialists, firms are actually in search of people who’re able to sporting a number of hats, akin to a full-stack developer who can deal with each front-end and back-end improvement,” the report mentioned.
There may be additionally a requirement for consultants in synthetic intelligence with the exploding reputation of generative AI instruments akin to ChatGPT and that expertise changing into extra extensively adopted in industries.
Stability in firms is anticipated to be a key consider retaining tech expertise.
“Corporations with robust money movement, profitability, and sustainable enterprise fashions with good unit economies could have a bonus in attracting and retaining tech expertise,” the report mentioned. “Alternatively, less-stable firms could face challenges in retaining tech expertise.”
“Tech skills will place extra worth on money compensation over fairness. It’s because money is extra liquid and the market sentiment for firm valuation is anticipated to fluctuate extra.”
Wage hole amongst friends
Tech expertise within the prime 10% of the cohort can anticipate to earn as excessive as thrice greater than these within the backside 10%, the report mentioned.
For instance, a supervisor in software program engineering within the backside 10% earned 7,000 Singapore {dollars} ($5,200) month-to-month, in comparison with these within the prime 10% incomes SG$20,802.
Equally, in India, the wage hole between the highest 10% and backside 10% of software program engineers may be as excessive as 3.8 instances.
India’s software program engineers working in prime tech firms earn as much as 5 instances greater than the median and 10 instances greater than these within the backside 10%, knowledge from the report confirmed.