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SINGAPORE — Tech salaries in Singapore largely fell in 2023 amid a tech downturn, however sure roles — together with for information science and cybersecurity — noticed wages bounce, based on a brand new report.
The jobs that noticed the very best wage will increase year-on-year have been information scientists (11.3%), techniques analysts (8.27%), cybersecurity engineers (8.24%) and high quality assurance (8.01%).
The report, compiled by tech salaries aggregator Nodeflair, took into consideration greater than 422,000 wage information factors together with pay slips, supply letters and job ads from completely different nations and firms of all sizes and industries.
Nodeflair stated {that a} surge in compensation for information scientists could be attributed to “a rising interest in generative AI.”
Last 12 months noticed an AI growth fueled by the launch of viral chatbot ChatGPT in November 2022.
“Data scientists are the only role experiencing a significant 11.3% increase in average salaries, indicating a deliberate investment by companies to attract and retain top talents,” the report stated.
It added that Singapore is according to this by launching an up to date AI technique final 12 months, outlining plans to develop using AI to spice up the financial system.
The report additionally stated salaries for cybersecurity engineers rose on account of extra cyber assaults in Asia-Pacific and organizations “prioritising cybersecurity measures.”
Asia-Pacific was the third-most focused area in 2023, with malware and phishing being the highest incidents, based on IBM’s 2024 X-Force Threat Intelligence Index launched final month.
More broadly on an business stage, most tech salaries dropped in 2023 as tech funding in Asia fell, the Nodeflair report stated.
In line with a world tech funding downturn, startup funding in Asia final 12 months fell 38% to its lowest since 2015, based on information platform Crunchbase. Venture funding in Asia was solely $78.1 billion in 2023, down from $125.2 billion raised in 2022.
Compensation for software program engineers in Singapore fell by a median of 0.99% in 2023, in comparison with a rise by a median of seven.61% in 2022. Solutions engineers and sport engineers additionally noticed wages drop 5.69% and 6.66% respectively.
Blockchain engineers’ salaries declined 5.41% “mirroring the crypto winter triggered by FTX’s collapse and Binance’s Changpeng Zhao resigning and pleading guilty to criminal charges,” the report stated.
Global macro uncertainty resulted in widespread layoffs the place greater than 260,000 staff throughout almost 1,200 tech corporations misplaced their jobs final 12 months, based on layoffs tracker layoffs.fyi.
In 2024, corporations are anticipated to leverage on cross-border and distant hiring amid a expertise crunch and to avoid wasting prices.
“As we step into 2024, the tech industry grapples with talent challenges amidst the rise of generative AI and financial prudence,” stated Ethan Ang, CEO and co-founder of NodeFlair, within the report.
