It has been called the tech winter, which saw job cuts, hiring slowdowns and a general wariness amongst the technology and startup community around the world. However, this does not seem to be impacting Southeast Asia in the same way.
While we have seen a few layoffs across the region, there still seems to be a higher number of job openings available in the region. To find out why we spoke to GRIT Search’s CEO and Founder, Paul Endacott. They just released a couple of tech talent salary reports that are showing higher salaries being offered for skilled roles in Singapore.
Paul recently discussed the tech talent crunch in APAC
The Singapore Salary report 2022/2023 shed some light on the top tech skills required including skills in cybersecurity (57%), data analysis (57%), AI/Machine Learning (53%), digital marketing (43%) and agile/scrum (43%). Additionally, the report also features how the salaries for technological roles remain high, despite the economic slowdown and hiring freezes in tech companies.
For instance, the report stated that as more businesses are recognising the importance of data analysis in making informed decisions, the salary of a data scientist remains in the high salary range of (SGD 6,500 – SGD 30,000 per month).
Here’s what else Paul had to share.
With the recent slowdown in hiring (Shopify, crypto.com etc), how has the tech job demand still remained high in Singapore?
Singapore has done an incredible role in establishing itself as the regional hub for technology and digital companies, among other industries. Whilst there has been a significant negative impact on industries like Crypto, in particular exchanges, other digital native categories like fintech, AI, blockchain, e-commerce, & social platforms continue to grow at pace. Though, it’s also worth noting that digital and tech skillsets aren’t limited to digital and technology companies, but are also integral to the growth of other industries that look to embrace technology and digital transformation. This means demand for tech talent is seen across industries such as financial services, consumer goods, and real estate, and is unlikely to abate any time soon.
Do you foresee this hot demand for tech talent continuing in Singapore?
Yes, not only in Singapore but regionally and globally. The reality is that the demand for tech talent outpaces the supply and will continue to persist into the future. There needs to be a continued sustainable effort by the governments, corporates, and educational sectors to try and build the skills to plug this gap in the long term.
Where is the demand being driven from and how sustainable is it? (is it startups, established tech giants or…?)
The demand is coming from all industries. The pandemic escalated demand for digital channels in an unprecedented way as we, consumers, looked to digital channels to engage, purchase and build communities. Whilst the world has begun to normalise and adapt to the post-pandemic era, corporates, governments and the people have embraced new ways of working and living that digital channels provide. As we now live in a hybrid world, the need for talent that can help to maintain, build and innovate within the digital ecosystem remains highly sought after. The demand for such talent is here to stay.
The findings seem to suggest that remote work continues to be popular, but companies are asking staff to come back. What’s your opinion on the growing disconnect?
Generally, I don’t believe that there is a disconnect. In fact, many companies have embraced hybrid structures and realised the benefit of being able to hire the best talent anywhere. Geographic borders are now blurred, and the main factor is having the right talent that works in the same timezone, regardless of where they are based. Companies that don’t realise this, particularly when it comes to tech talent, will fall behind.
The current climate and the opportunity that this offers to companies are unprecedented. However, the key to effective remote working is in the management and engagement of them. This is where companies need to place their focus and efforts. The current reality is that companies and employees can “have their cake and eat it” if they embrace this and manage it in the right way.
What’s next for GRIT?
GRIT is on the journey to becoming the platform of choice for digital and technology talent in Asia. We aim to empower companies to attract and engage these talent to fulfil their company’s vision and give talent access to the best possible career opportunities that Asia offers.
As a business that specialises in digital and technology, we are also committed to building proprietary solutions, leveraging technology to drive the recruitment industry forward. We have made strong progress to date with the launch of the GRIT Talent Platform where companies can reach incredible talent directly; the GRIT Community where talent can engage with peers and access resources to aid their career journey; GRIT Scouts where anyone can refer their network to their dream roles, and GRIT Squad where companies can access remote technology talent. Nonetheless, this is just the beginning.
Since launching at the start of the pandemic in 2020, we are already working alongside over 40 employees across 5 countries and we aim to launch in other Southeast Asia markets, namely Vietnam, Indonesia, Thailand and the Philippines in the coming year.
Finally, we want to build incredible careers for the talented team we have at GRIT. We look forward to building the future of recruitment together by consistently challenging the status quo.