Tech remuneration in Singapore predominantly declined throughout 2023 amidst a downturn in the tech sector, yet specific vocations—such as data science and cybersecurity—experienced notable spikes in pay, as per a recent study.
Occupations witnessing the most substantial year-on-year salary boosts encompassed data scientists (11.3%), systems analysts (8.27%), cybersecurity engineers (8.24%), and quality assurance (8.01%).
The study, assembled by tech salary aggregator Nodeflair, encompassed over 422,000 remuneration data points, encompassing pay stubs, employment offers, and job postings from diverse countries and companies of all magnitudes and sectors.
Nodeflair attributed the surge in compensation for data scientists to "a burgeoning interest in generative AI."
The prior year witnessed an AI upsurge catalyzed by the debut of the viral chatbot ChatGPT in November 2022.
"Data scientists are the sole vocation undergoing a significant 11.3% surge in average salaries, signaling a deliberate endeavor by companies to allure and retain top talents," the study asserted.
It further noted Singapore's alignment with this trend, having unveiled an updated AI strategy the previous year, delineating intentions to amplify AI utilization to fortify the economy.
The study also disclosed that salaries for cybersecurity engineers escalated owing to escalated cyber assaults in the Asia-Pacific and organizations "prioritizing cybersecurity protocols."
The Asia-Pacific region ranked as the third-most targeted locale in 2023, with malware and phishing constituting the predominant incidents, according to IBM's 2024 X-Force Threat Intelligence Index released last month.
Broadly speaking, on an industrial scale, the majority of tech salaries dwindled in 2023 as tech funding in Asia ebbed, as per the Nodeflair study.
Corresponding to a global downturn in tech funding, startup funding in Asia plummeted by 38% last year to its nadir since 2015, according to data platform Crunchbase. Venture funding in Asia amounted to merely $78.1 billion in 2023, down from $125.2 billion amassed in 2022.
Remuneration for software engineers in Singapore declined by an average of 0.99% in 2023, compared to an average surge of 7.61% in 2022. Solutions engineers and game engineers also witnessed salary declines of 5.69% and 6.66%, respectively.
Blockchain engineers' salaries diminished by 5.41%, "paralleling the crypto winter ignited by FTX's collapse and Binance's Changpeng Zhao resigning and pleading guilty to criminal charges," the study indicated.
Global macroeconomic uncertainty culminated in extensive layoffs, with over 260,000 personnel across nearly 1,200 tech enterprises losing their jobs last year, as per layoffs tracker layoffs.fyi.
In 2024, companies are anticipated to capitalize on cross-border and remote recruitment amid a talent scarcity and cost-saving endeavors.
"As we embark on 2024, the tech industry confronts talent dilemmas amidst the ascent of generative AI and financial prudence," remarked Ethan Ang, CEO, and co-founder of NodeFlair, in the report.
