Technology professionals will have no lack of attractive offers and opportunities in 2023.

In demand are those with skills in data and analytics, software development, cloud automation, cybersecurity and digitalisation for small- and medium-sized enterprises. Employers are also looking for tech talent experienced in agile or scrum development strategies.

Additionally, talent with soft skills such as ability to manage stakeholder relationships and being able to articulate their thoughts well will score bonus points over other tech job seekers.

This report comes amid a global trend in retrenchments coming from tech companies who are downsizing due to over hiring in the past two years and the uncertainty of the world’s economic outlook in 2023 and beyond.

Singapore has not bucked this trend with about 1,270 executives in Singapore’s tech sector being laid off between July to mid-November this year. However, Singapore Minister for Manpower Tan See Leng said in Parliament on Nov 28 that tech job vacancies had risen in the first six months of 2022, from 11,100 in December 2021 to 12,100 in June 2022.

According to Robert Walters, the easing of COVID-19 restrictions have resulted in companies reactivating their budgets and resuming projects which had stalled during the pandemic, leading to a spike in tech recruitment in the first half of 2022.

However, recruitment has become more granular with companies being more selective, hiring tech talent in senior positions and those with tech skills that are very high in demand, said the report.

Here to Stay or Time to Go

On employment churn, the survey showed that tech professionals who decided to seek new employers could expect a salary increase of about 20 per cent. However, 67 per cent of stayers would also expect a pay hike in 2023.

The good news was that companies were agreeable to pay increments. About 73 per cent of businesses had indicated that they would be giving pay rises in 2023 to retain staff. For talent attraction and retention, other forms of compensation and benefits such as flexible working arrangements and learning opportunities would be introduced in remuneration packages.

For now, tech professionals are in the driver’s seat, placing companies at the short end of the stick. This is reflected in the survey report where 60 per cent of tech professionals are looking for a new job and 70 per cent are confident about job opportunities.

But all is not lost for companies according to country manager Mont Sujanani of Robert Walters Singapore. “For many candidates, money is no longer the only factor when they make career decisions. We have observed that when employees feel burnt out, or bored because they are not learning anymore, this compels them to look for other opportunities.”

So companies should make employees feel heard, he added. “Start by developing a purpose-driven culture where employees are aligned to the organisation’s vision and feel they can deliver impact through their work. Create channels where employees can voice out their ideas and concerns, and help them to keep growing,” he suggested.

Now in its 24th year, the Robert Walters Global Salary Survey 2023 report also highlighted other top hiring trends in banking and financial services, accounting and finance, human resources, sales and marketing, and supply chain and procurement in 31 countries.