Staffing agencies anticipate salaries of tech workers in Singapore to rise between 15% to 30% in the next two years, reported The Straits Times.
The report cited talent shortage and companies’ heightening focus on digital transformation as the main drivers. Deep-pocketed Chinese startups and tech firms expanding to Singapore are also joining the talent hunt.
Clarence Quek of Randstad Singapore told The Straits Times that over the past few years, there has been growing demand for data analysts, data engineers, back-end developers, and user interface designers. Quek expects salaries for these positions to rise about 25% to 30%. He also noted that employers are willing to offer “exorbitant” salary packages to candidates who possess unique skills.
According to Nilay Khandelwal, managing director of Michael Page Singapore, tech candidates in the city-state and other major economies often receive two to three job offers at once. Khandelwal also noted that employers are now more prudent amid growing interest rates and turbulent macroeconomic conditions compared to two months ago.
The Monetary Authority of Singapore said a week ago that hiring demand in the country’s financial sector will be particularly high, with more than 9,400 jobs available this year. About 30% of those openings are for tech roles.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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