"Are You a CEO, Director, or Founder interested in a Feature Interview?"
All Interviews are 100% FREE of Charge
The Tech Salary Report 2023 by Nodeflair and Iterative stated, “The 2023 outlook for tech talent and the job market is expected to show continued demand for tech talent, but at a slower pace than in previous years. is slowing down,” he said.
Pyromia Intawongpan | E+ | Getty Images
Tech salaries in Singapore nearly surged in 2022 despite a string of tech layoffs and a slowdown in hiring, according to a new report.
“The outlook for the tech talent and job market in 2023 is expected to show continued demand for tech talent, but at a slower pace than in previous years,” said tech payrolls. A report by aggregator Nodeflair and venture capital firm Iterative said: .
According to the Tech Salary Report 2023 findings, the roles with the highest wage increases year-on-year are Blockchain Engineer (+15.62%), Mobile Engineer (+11.73%), and Site Reliability Engineer (+10.63%).
Salaries for software engineers in Singapore also hit a record high after rising an average of 7.6% in 2022.
But not all tech jobs have improved salaries.
Systems engineering salaries decreased 2.01% year-on-year, while cybersecurity engineering salaries decreased 1.67% year-on-year. Quality Assurance salaries also decreased by 0.95% compared to a year ago.
“Double-digit salary growth is unlikely, reflecting a more stable and balanced market,” the report said.
Across Asia, Singapore-based software engineers earn the highest salaries, with junior positions averaging $3,703 and management positions averaging $10,183. Taiwan and Malaysia were her second and her third most expensive countries respectively.
This report takes into account over 169,000 data points collected from companies of all sizes and industries in NodeFlair’s proprietary database.
These data points include user-submitted payslips and offer letters, as well as job advertisements from the 2022 job portal.
The Key to Financial Security to Maintain Talent
Most companies pay more than the median salary (10% or more), and 40% pay 20% more than the average.
Large tech companies pay 35% to 50% more than the median, the report says, citing companies such as: Facebook, Amazon, apple, netflixand Google.
According to the report, employers are increasingly looking for talent who can fill a variety of roles.
“Instead of focusing solely on specialists, companies are now looking for individuals who can wear multiple hats, including full-stack developers who can handle both front-end and back-end development,” the report said. says.
There is also demand for artificial intelligence professionals as generative AI tools such as ChatGPT explode in popularity and the technology becomes more widely adopted in the industry.
Company stability is expected to be a key factor in retaining technical talent.
“Firms with sustainable business models with strong cash flow, profitability and superior unit economies are well positioned to attract and retain tech talent,” the report states. “On the other hand, less stable companies may face challenges in retaining technical talent.”
“Technical talent will value cash compensation more than equity, as cash is more liquid and we expect market sentiment to be more volatile about company valuations.”
Salary gap with peers
Tech talent in the top 10% of the cohort can expect to earn as much as three times as much as the bottom 10%, says the report.
For example, the bottom 10% of software engineering managers earn S$7,000 ($5,200) monthly, while the top 10% earn S$20,802.
Similarly, in India, the salary gap between the top 10% and the bottom 10% of software engineers is a whopping 3.8 times.
According to data from the report, Indian software engineers working for top tech companies earn up to 5 times more than the median and up to 10 times more than engineers in the bottom 10%.
Author
"Elevate Your Brand with an Exclusive Feature Interview!"
