Tech talent still in demand in Singapore despite mass layoffs, say analysts

SINGAPORE: Despite mass layoffs at tech firms – from Meta and Twitter to Amazon and Shopee – tech professionals are nonetheless still in demand as companies of all stripes look to develop digital capabilities.

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But deceleration in salary growth can already be seen in the sector, said Mr Adrian Goh, co-founder of tech talent platform NodeFlair. He attributed this to a combination of a slowdown in start-up funding, layoffs and hiring freezes and a “bear market” in cryptocurrency.

A report compiled by NodeFlair found that salaries of software engineers in Singapore rose by 22 per cent on average last year, but were “relatively flat” or saw at best single-digit percentage growth this year, said Mr Goh.

He cautioned tech professionals to manage their expectations when it came to pay increments, adding: “A shift in mindset is required – we are no longer in the market of ‘free money’ where companies will be as aggressive when competing for talent.”

Mr Goh added that demand for tech talent going forward was likely to be more of a “hybrid” nature with one worker wearing multiple hats, such as data analytics and data engineering, or full-stack developing instead of only frontend or backend skills.