Tech jobs outpace Singapore’s overall job growth in 2022, demand for tech talent remains: Seek

• Hiring in Asia may slow down in 2023 but is undoubtedly still going strong
• JobStreet Singapore’s recorded YoY growth of 63% in job ads for tech roles

According to data from Seek, the parent company of Asia’s leading job platforms JobStreet and JobsDB, the growing demand for tech talent in Singapore remains strong despite recent layoffs by tech companies. 

In a statement, the firm said JobStreet Singapore’s platform recorded a year-on-year (YoY) growth of 63% in job ads for tech roles, which is a higher rate of increase than the overall job ad growth in the country (54%). 

Peter Bithos (pic), chief executive officer of Asia, Seek said the recent waves of layoffs are quite specific to tech companies that have overshot growth expectations, and they do not  represent the overall job market landscape. 

“Companies in other sectors such as banking, insurance are still looking to hire people with tech skills who can help advance their growth agenda, hence it’s no surprise that the demand for tech talent has remained relatively stable in the last six months,” he added. 

“In fact, when we look at the whole year cumulatively, the number of job ads for tech roles in Singapore have not only increased significantly, but it has also outpaced the growth of the total job ads in the country,” Bithos said. 

Across Asia, Seek observed a job ad growth of 44% YoY across its platforms, indicating that the labour market and hiring activities in the region remain healthy with the opening of international borders that led to the revitalisation of economies earlier in 2022. 

It said while global uncertainties recently have caused moderation in the economy, companies in Singapore remain cautiously optimistic, with one in two employers stating that they will continue to increase their headcount in H1 2023, according to a recent survey by JobStreet. 

Both employers and tech talent must adjust expectations 

Bithos said hiring activities in Asia might slow down in the coming months due to the macroeconomic conditions, but they are undoubtedly still going strong. 

“The tech layoffs present a unique opportunity for companies that are still in expansion mode to hire top talent that they need, he added. 

“However, employers will still need to ensure that they have attractive value propositions to offer,” he said. 

JobStreet’s 2022-2023 Outlook: Hiring, Compensation & Benefits report revealed that Singapore companies are increasingly looking into offering progressive benefits in 2023. 

For example, 7% of organisations surveyed who currently do not offer flexible working hours plan on doing so starting this year; and 10% plan on introducing early leave on Fridays as part of their companies’ new perks, it said.

It added that when comparing two similar tech roles, Seek’s data revealed that the average salary range in Singapore tech companies is about 12% higher than companies in non-tech sectors – apart from the typically high-paying energy and banking industries. 

“Due to the differences in compensation package, it could still be a challenge for non-tech companies to hire top talent from the tech sectors,” Bithos said. 

He added that as for those who have been impacted by the layoffs or are concerned about their job security and looking to move, they may need to adjust their salary expectations accordingly and be willing to make certain trade-offs. 

“For many, it’s no longer about working for companies that offer cool perks, but it’s about looking to join a company that can promise job security and a meaningful career,” he said.