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Faced with layoffs, hiring freezes, and a major decline in funding inside the Southeast Asian tech
ecosystem, there was a notable shift in compensation traits in Singapore’s tech trade.
In distinction to the previous two years, throughout which know-how salaries skilled substantial
development, there may be now an general lower in salaries for numerous tech positions, in keeping with Nodeflair’s annual tech wage report. This consists of software program engineers, who’re historically among the many prime earners within the trade.
Despite the overarching wage reductions, one sector stands out: synthetic intelligence (AI). As the trade more and more pivots in the direction of AI applied sciences, compensation for roles on this area has witnessed a notable upswing.
In specific, information science roles, together with positions corresponding to AI engineers, machine-learning specialists, and deep-learning consultants, have seen a noteworthy enhance of over 10 per cent in common salaries, marking a rising curiosity and funding in AI applied sciences.
The median beginning pay for junior information scientists in S$7,500
Based on the wage information derived from NodeFlair’s proprietary database, which incorporates verified user-submitted pay slips and supply letters, the median pay for a junior information scientist hovers round S$7,500.
Meanwhile, information scientist leads earn as much as S$17,000 per 30 days, marking a 27 per cent enhance as in comparison with the earlier yr.
Other tech roles which have seen an uptick in salaries apart from information scientists embrace high quality assurance, techniques analysts, cell engineers, and product managers.
With a 22 per cent year-on-year enhance in cyber assaults throughout Asia Pacific, cybersecurity engineers additionally see a mean wage enhance of 8.24 per cent. The median wage of junior cybersecurity engineers is S$4,750, whereas the ninetieth percentile of lead cybersecurity engineers makes S$16,000 per 30 days.
Software engineers nonetheless stay the highest-paid tech function
Based on the report, the function that has seen the very best pay reduce is recreation engineers, with their pay dipping by 6.66 per cent in 2023.
This is adopted by options engineers, blockchain engineers, DevOps, information engineers, information analysts, and software program engineers.
Software engineer salaries decreased by a mean of 0.99 per cent in 2023, in comparison with a rise of seven.61 per cent in 2022. Despite this dip, they continue to be the highest-paid tech function, with the ninetieth percentile of software program engineer managers incomes S$20,500 per 30 days.
Despite the lower in salaries this yr, they nonetheless surpass these noticed two years in the past. This signifies that the present changes replicate a transfer in the direction of a extra balanced and lifelike compensation construction.
However, the report additionally highlights a notable disparity between the trade’s highest and lowest earners, with the previous making as much as 3 times greater than the latter.
More corporations are paying tech skills 20% above market median
Amid the upheavals within the tech trade, job seekers are actually prioritising corporations that present stability—staff are actually drawn to companies that not solely supply aggressive salaries however are additionally financially secure and dedicated to avoiding layoffs.
Salary has additionally received over priorities of earlier years, together with work-life steadiness and worker advantages.
At the identical time, an rising variety of corporations are paying salaries 20 % larger than the market median. Among the highest 14 most searched tech corporations, 10 supply salaries no less than 20 % above the market median, whereas most others supply salaries 10 % larger than the median.
This represents a major departure from the earlier yr, the place solely six out of 16 corporations paid salaries 20 % above the market median.
Remote hiring will turn into extra distinguished
Looking ahead to 2024, the tech hiring panorama is poised for additional evolution and innovation, significantly with the ascent of generative AI.
To deal with expertise shortages, Ethan Ang, the CEO of NodeFlair, anticipates a notable surge in cross-border and distant hiring practices inside the tech trade.
“As we step into 2024, the tech industry grapples with talent challenges amidst the rise of generative AI and financial prudence,” says Ethan. With versatile hiring methods, organisations will probably be empowered to construct resilient, globally various tech groups, driving unprecedented innovation and success in right now’s dynamic panorama.
Next yr may even see a notable enhance in the usage of AI instruments in hiring. These instruments streamline recruitment workflows for effectivity and unbiased candidate analysis. Advanced AI techniques, significantly in coding assessments, are set to rework interview and evaluation procedures, introducing safeguards for the integrity of the hiring course of.
Featured Image Credit: Unscrambled
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