The increasing drive for sustainability will bring new needs for sustainable tech expertise across many sectors. This includes sustainability analytics, predictive modelling and green management solutions. As job development and new job roles in sustainable tech are being created, tech talent will need to be retrained to support the organisations’ sustainable agendas.

With the advent of Web3, a new generation of in-demand roles and skill sets is set to emerge as well. This includes blockchain engineers, metaverse developers, and other roles that have yet to be created.

the great realignment on salary

Fuelled by a current tech talent crunch and skills gap in emerging technologies, strong competition for talent has sent tech salaries skyrocketing in Singapore. But as companies take a new conservative stance on hiring, wage increases will become more moderate, necessitating a realignment of employee expectations between tech employers and candidates.

In the last couple of years where we observed aggressive hiring strategies, candidates received as much as 40% salary increments when they changed jobs. With the coming slowdown, we anticipate that the salary range will return to some level of normality, with the rate of salary growth averaging around 15% to 30%.

Many candidates are starting to consider other factors than salary when considering their next career move. Employers who may have previously depended on dollars as the main draw will therefore need to review their total remuneration package, or face struggles to pay the high salaries that employees have come to expect.

To stay attractive to talent in a tight labour market, employers will need to provide more intrinsic pull factors. In our experience, new work challenges are a key draw for tech talent, and employers who can provide opportunities for upskilling and learning will be more appealing to talent.

download the randstad singapore’s 2023 talent and salary outlook report

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