The Business Times
December 12, 2022
Salaries are also staying relatively flat or, at best, seeing single-digit growth, according to jobs platform Nodeflair. The platform relies on data such as user submissions verified by payslips or offer letters and job advertisements.
The slowdown in funding, combined with hiring freezes and mass layoffs as well as a bear crypto market have caused salaries to decelerate, said Adrian Goh, co-founder of Nodeflair.
For software engineers, which were among the roles most in demand, salaries rose 22 per cent through 2021, Nodeflair said in a report released in February 2022. For lead roles, the increase was as much as 32 per cent.
Nodeflair put the median monthly base pay for junior engineers at S$4,750 last year, while the equivalent for mid-level and senior software engineers stood at S$6,500 and S$7,500, respectively.
"It is difficult to accurately predict how the market will shift in 2023. However, it is unlikely that we will see another spike in tech salaries similar to that we saw in 2021, in the near future," Goh said.
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Compensation packages too have evolved with the times, with more people now preferring cash over share options, according to Nodeflair's Goh. From a poll run in May, Nodeflair found 52 per cent of respondents preferred cash, 15 per cent preferred equity and 33 per cent said "it depends". A more recent poll in November saw 62 per cent of respondents preferring cash, 15 per cent equity, while 24 per cent were undecided.
"This is likely due to the series of recent layoffs and drop in valuation of both private and public companies," he said.
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But the demands of tech employers are changing, with more of them now hunting for multidisciplinary talent, said Nodeflair's Goh.
"Demand for tech talents has shifted towards one that is more hybrid-orientated - one person wearing multiple hats. For example, a full stack developer instead of a pure front-end or back-end developer," he said.
