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Job Seeker Priorities Shift: Stability Ranks Higher as Tech Talent Favors Financial Security Over Perks
SINGAPORE - Media OutReach Newswire - 5 April 2024 - NodeFlair, the leading tech talent platform in Southeast Asia, unveiled the Asia Tech Salary Report 2024, leveraging insights from over 422,000 salary data points spanning different roles and countries. This comprehensive report not only illuminates the industry's reaction to the burgeoning trend of Generative AI but also addresses significant hurdles like layoffs and hiring freezes.
Key findings from the report include:
- Software Engineer Salaries Dip 0.99%: While recent years saw substantial growth, tech salaries have declined overall due to Southeast Asia's tech funding hitting a five-year low in 2023. Nevertheless, salaries still surpass those from two years prior, signalling a shift towards a more equitable compensation framework.
- Huge Pay Gap: Among software engineers, the salary discrepancy between the 10th and 90th percentiles can extend up to 3 times.
- Blockchain to AI: tech's pivot for innovation: Blockchain engineer salaries fell by 5.41% amidst industry turbulence sparked by FTX's collapse and Binance's CZ Zhao's legal issues. Data scientists, however, saw an 11.30% increase due to rising interest in Generative AI. Cybersecurity Engineers also experienced an 8.24% rise in salaries.
- Job seekers increasingly prioritise stability and higher salaries over perks: 10 of the top 15 searched companies now pay 20% above the market median, up from 6 out of 15 last year. Talents are becoming more willing to overlook imperfect company cultures if their salary meets expectations. Last year, 13 out of 15 companies surpassed a median Glassdoor rating, but now only 9 out of 15 maintain this level.This shift indicates a broader change in career priorities towards practical financial considerations.
- Regional Talent Distribution: Mid-senior talent percentages are higher in Singapore (62.7%) and India (79.3%) compared to Vietnam (36.9%) and Indonesia (49.6%).
“In 2024, the tech industry grapples with talent challenges amidst the rise of Generative AI and financial prudence.” says Ethan Ang, CEO of NodeFlair. “Our latest salary report promotes transparency and benefits both job seekers and companies by providing actionable insights into changing compensation trends.”
A copy of the report can be downloaded here.
