GRIT, a Singapore-based recruitment and solutions firm announced the launch of the Singapore Salary Report 2022/2023. The report includes information and statistics on the year’s recruitment trends, market outlook, and a full breakdown of the types and skills required for the relevant digital and technology jobs. As Singapore continues to position itself as the top digital and technology hub within the Asia-Pacific region, the understanding of what both recruiters and talent are seeking would aid the city-state’s effort in attracting and nurturing the best tech talent. Nonetheless, Singapore is rapidly growing a reputation in Southeast Asia as a regional technology hub, but the worrying fact is that the nation is facing a tech talent shortage that could potentially impede its path to achieving its goal.
Key insights from the Singapore Salary Report 2022/2023:
The landscape of the remote-based working environment in Singapore
● In 2021, a hybrid work environment of work-from-home and face-to-face working was preferred (34%) in the world, while 45% of Singaporeans worked remotely.
● A meta-analysis of 22 high-quality studies was conducted and remote working was found to improve: ○ Increase in productivity ○ Securing employee retention ○ Strengthen organisation commitment ○ Improve performance within the organisation
● Factors decreasing productivity amongst WFH employees include:
○ Less ability to focus (67%) ○ Fewer meetings (53%)
○ Not having a proper work environment (50%) Due to the current tech talent crunch faced in Singapore, companies are adopting new ways to meet the demand and salaries for tech talent to push their businesses forward,
With the pandemic showing businesses the benefits of adopting a remote-based working environment, businesses are now open to the endless possibilities and flexibility of sourcing the best talent not just within the nation, but internationally. Additionally, remote working has been shown to improve productivity by 13%, most contributed by the removal of commuting time required (93%). However, the inability to have a conducive work environment could decrease productivity, as employees find it difficult to focus on their work (67%). Nonetheless, with 83% of those working remotely in 2021 preferring a hybrid working environment, businesses should consider a hybrid approach to most effectively drive workplace productivity.
The top five tech skills, technologies and job roles in Singapore
● The top 5 tech skills employers are seeking include cybersecurity (57%), data analysis (57%), AI/Machine Learning (52%), digital marketing (43%), and agile/scrum (43%).
● The top 5 technologies employers are adopting include big data analytics (49%), IoT and connected devices (36%), E-commerce and digital trade (35%), AI (33%), and cloud computing (31%).
● The top 5 job roles employers are seeking to fill include data analysis (57%), digital marketing (57%), big data (52%), strategy and operations (43%), and digital strategy (43%). “With more companies adopting the latest technology such as AI and machine learning to strengthen their digital infrastructure, the need for a strong digital talent pool and development is now especially crucial.
Evidently, our report has shown that the top 3 job roles employers are looking to fill are all tech-related – data analysis (57%), digital marketing (57%), and big data (52%). With GRIT solutions, we leverage technology to effectively facilitate tech-talent search by automating talent suggestions to the relevant requirements set by companies. This in turn reduces the hiring timeframe by two-thirds in this tech-talent crunch era,” said Paul Endacott, CEO and Founder of GRIT. A common industry that has been constantly highlighted across what employers are looking for is data analysis. The demand for data scientists is exponentially increasing as more businesses are recognising the importance of relying on digital data to make informed decisions. Consequently, the high salary range (SGD 6,500 – SGD 30,000 per month) of a principal data scientist is evident of how significant data scientists are within a company and their willingness to reward such skills.
Tech talent are receiving a higher starting pay in Singapore. Data security is an industry with the highest monthly starting pay with a junior SAP consultant role starting at SGD6,000, while a senior penetration and vulnerability tester role starts at SGD6,500. ○ The chief information security officer starting pay is SGD8,500 As Singapore is witnessing a slowdown in the economy, the city-state is faced with the grave issue of a tech-talent crunch due to the niche skills and knowledge required. As such, it is now especially crucial for businesses to hire the best tech talent to weather the impending storm. Thus, despite the economic slowdown and hiring freezes in big tech companies, the salaries for technological roles, especially those within the data security industry, remain high. “Now, more than ever, companies are looking for tech talent to bring their businesses to the next level. In Singapore, the demand has not waned in recent years and many individuals are looking for better job prospects. This report helps to outline key details and information to equip them with a possible direction and trajectory for their next career or upskilling move,” comments Endacott.