Jom Media
April 12, 2024
Last year, Singapore’s tech sector mirrored the global tech downturn with numerous layoffs at firms such as Lazada, Amazon and Grab, amongst others. In addition, salaries generally declined. Yet roles in data science, cybersecurity, and other specialised fields bucked this trend, registering significant wage increases. This divergence underscores a shifting demand within the tech industry, where expertise in burgeoning areas like generative AI and cybersecurity have become more valuable than ever. Tech recruiting firm Nodeflair’s latest report highlights this trend based on an extensive pool of over 422,000 salary data points, providing a broad and detailed snapshot of the current salary landscape. Data scientists led the pack with an 11.3 percent wage increase, likely driven by the AI boom prompted by technologies like ChatGPT. This has prompted, per the report, investments in talent capable of advancing AI technologies, which is also in keeping with Singapore’s updated AI strategy aimed at economic enhancement through AI integration. Meanwhile, the rise in cybersecurity engineers’ salaries by 8.24 percent echoes the growing cyber threats in Asia Pacific, marking the region’s response to being the third-most targeted by cyberattacks in 2023. This rise signifies an elevated prioritising of cybersecurity infrastructure, reflecting a broader global trend towards enhanced digital protection. Conversely, the overall drop in tech salaries can be attributed to a decrease in start-up funding—38 percent down in Asia, said Nodeflair—amid global economic uncertainties. The result: widespread layoffs and a cautious approach to hiring and compensation across the sector. In 2024, expect a continued emphasis on specialised roles in AI and cybersecurity, amidst strategies to navigate the talent crunch and financial challenges through cross-border and remote hiring practices.
