“The 2023 tech talent and hiring market projections are expected to show continued demand for tech talent, albeit at a slower pace compared to several previous years,” says the 2023 Tech Salary Report by Nodeflair and Iterative.
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Technician salaries in Singapore have mostly increased in 2022 despite a series of technical layoffs and job slowdowns, according to a new report.
“The 2023 outlook for tech talent and the hiring market is anticipated to show continued demand for tech talent, albeit at a slower pace compared to the last few years,” reads a report by tech compensation aggregator Nodeflair and enterprise capital firm Iterative.
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As determined by the Tech Salary Report 2023, the roles with the very best year-on-year salary increases are blockchain engineers (+15.62%), mobile engineers (+11.73%) and website reliability engineers (+10.63%).
Software engineer salaries in Singapore also hit a record high after growing a median of seven.6% in 2022.
But not all technical jobs saw an improvement in salaries.
Systems engineering saw salaries fall by 2.01% year-on-year, while salaries for cybersecurity engineer positions fell by 1.67% year-on-year. Salaries in the standard department also fell by 0.95% compared to the previous 12 months.
“Wage growth is unlikely to reach double digits, reflecting a more stable and balanced market,” the report said.
Across Asia, Singaporean software engineers earned essentially the most, with a median of $3,703 in junior positions to $10,183 in executive positions. Taiwan and Malaysia were the second and third highest paying countries, respectively.
The report includes over 169,000 data points collected from corporations of all sizes and industries in the proprietary NodeFlair database.
These data points include user-submitted payslips and job letters, in addition to job postings from job portals in 2022.
Financial stability is the important thing to retaining talent
Most corporations pay more – 10% or more – than the median wage, with 40% of corporations paying 20% greater than the typical.
Big tech corporations pay 35% to 50% greater than the median, report says, referring to corporations like Facebook, Amazon, Apple, NetflixAND Google.
The report shows that employers are increasingly searching for talent that may fill a number of roles.
“As a substitute of focusing solely on specialists, corporations are actually searching for people who find themselves able to wear many hats, akin to a full-stack developer who can deal with each frontend and backend development,” the report reads.
There’s also a need for AI experts with the growing popularity of generative AI tools akin to ChatGPT, and the technology is becoming more widely used across industries.
Stability inside corporations is anticipated to be a key factor in retaining tech talent.
“Firms with strong money flow, profitability and sustainable business models with good unit economics will have a bonus in attracting and retaining tech talent,” the report says. “Alternatively, less stable corporations may face challenges in retaining tech talent.”
“Technology talent will place more weight on monetary compensation than equity. It is because money is more liquid and market sentiment around company valuations will fluctuate more.”
Wage gap amongst peers
According to the report, tech talent in the highest 10% can expect to earn up to 3 times greater than those in the underside 10%.
For instance, a software engineering manager in the underside 10% earned S$7,000 (US$5,200) per 30 days, compared to managers in the highest 10% earning SG 20,802.
Similarly, in India, the pay gap between the highest 10% and the underside 10% of software engineers might be as much as 3.8 times.
According to the report, Indian software engineers working for top tech corporations earn up to five times the median and 10 times greater than those in the underside 10%.