Singapore’s tech salaries mostly jumped in 2022, new report shows

Tech salaries in Singapore principally jumped in 2022 regardless of a string of tech layoffs and a slowdown in hiring, in response to a brand new report.

“The outlook for 2023 in the tech talent and hiring market is expected to show a continued demand for tech talents, although at a slower rate compared to the past few years,” mentioned the report by tech salaries aggregator Nodeflair and enterprise capital agency, Iterative.

The roles with the best wage will increase year-on-year are blockchain engineers (+15.62%), cellular engineers (+11.73%) and web site reliability engineers (+10.63%), in response to findings of the Tech Salary Report 2023.

Salaries of software program engineers in Singapore additionally hit a report excessive after rising a mean of seven.6% in 2022.

But not all tech roles noticed improved salaries.

Systems engineering noticed pay declines of two.01% year-on-year, whereas wage for cybersecurity engineering positions slipped 1.67% year-on-year. Quality assurance salaries additionally fell 0.95% in comparison with a yr in the past.

“The growth in salaries is unlikely to reach double digits, reflecting a more stable and balanced market,” the report mentioned.

Across Asia, software program engineers primarily based in Singapore earned the best — between a mean of $3,703 for junior positions to $10,183 for managerial positions. Taiwan and Malaysia have been the second and third highest-paying international locations respectively.

The report took under consideration over 169,000 information factors collected from corporations of all sizes and industries in NodeFlair’s proprietary database.

These information factors embody pay slips and supply letters submitted by customers, in addition to job commercials from job portals in 2022.

Most corporations pay extra — 10% or increased — than the median salaries, with 40% of the businesses paying 20% increased than the typical.

Big tech corporations pay 35% to 50% greater than the median, the report mentioned referring to corporations akin to Facebook, Amazon, Apple, Netflix, and Google.

The report mentioned employers are more and more searching for expertise who can carry out totally different roles.

“Rather than solely focusing on specialists, companies are now looking for individuals who are capable of wearing multiple hats, such as a full-stack developer who can handle both front-end and back-end development,” the report mentioned.

There can be a requirement for consultants in synthetic intelligence with the exploding recognition of generative AI instruments akin to ChatGPT and that expertise changing into extra broadly adopted in industries.

Stability in corporations is predicted to be a key consider retaining tech expertise.

“Companies with strong cash flow, profitability, and sustainable business models with good unit economies will have an advantage in attracting and retaining tech talent,” the report mentioned. “On the other hand, less-stable companies may face challenges in retaining tech talent.”

“Tech talents will place more value on cash compensation over equity. This is because cash is more liquid and the market sentiment for company valuation is expected to fluctuate more.”

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.

Similarly, in India, the wage hole between the highest 10% and backside 10% of software program engineers may be as excessive as 3.8 occasions.

India’s software program engineers working in prime tech corporations earn as much as 5 occasions greater than the median and 10 occasions greater than these within the backside 10%, information from the report confirmed.