Despite setbacks, roles in data science and cybersecurity bucked the trend with notable salary increases.
SINGAPORE: A recent report by NodeFlair revealed that tech jobs in Singapore experienced widespread salary declines in 2023, marking a shift from the sector’s prior growth trajectory. The downturn, attributed to a regional dip in tech funding, impacted numerous roles across the industry.
Declines Across Key Roles
NodeFlair’s Asia Tech Salary Report highlighted significant reductions in average compensation for several positions:
Game engineers: -6.66%
Solutions engineers: -5.7%
Blockchain engineers: -5.4%
DevOps professionals: -2%
Data engineers, analysts, and software engineers: Marginal dips of 1.2%, 1.1%, and 1%, respectively.
The report linked these decreases to Southeast Asia’s tech funding reaching a five-year low in 2023. However, despite the setbacks, tech salaries remained higher than two years ago, signaling a possible recalibration of compensation trends.
Bright Spots in the Sector
Amidst the general downturn, some roles saw significant salary growth:
Data scientists: +11.3%
Cybersecurity engineers, systems analysts, and quality assurance professionals: Over 8% increases.
The global rise of generative AI was identified as a key driver of higher demand and compensation for data scientists, with companies investing in expertise to stay competitive in the rapidly evolving tech landscape.
The Road Ahead
Ethan Ang, CEO of NodeFlair, commented on the evolving challenges facing Singapore’s tech sector in 2024. “As the industry navigates talent challenges amidst the ascent of Generative AI and a focus on financial prudence, we’re seeing shifts that redefine the landscape.”
While 2023 posed challenges for many, the resilience of specific roles reflects the sector’s ability to adapt and prioritize emerging technologies, offering hope for a rebound in the coming years.
