Sunday, January 15, 2023

Despite Layoffs, There Is Still Demand For Talents In Tech Jobs In Southeast Asia

Despite Layoffs, There Is Still Demand For Talents In Tech Jobs In Southeast Asia
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While there have been layoffs around the world in recent months, most of the jobs affected have not been in the technology sector. In fact, large tech companies are cutting mostly non-tech roles. For example, most of Amazon's 18,000 layoffs were in retail and human resources. Salesforce is laying off staff it rehired during the pandemic, and Twitter employees in Singapore have been asked to leave their jobs and premises. For now, Twitter employees in Singapore have been ordered to work remotely.

Surprisingly, despite the fact that the second half of 2022 was a global tech crash, demand for tech jobs remained high in some parts of the world. Demand for tech talent in Southeast Asia remains strong in Singapore, according to data from SEEK, the parent company of Asia's leading job platforms JobStreet and JobsDB. Singapore's SEEK JobStreet posted a 63% year-over-year increase in tech job postings, a faster growth rate than the country's overall job growth of 54%.

For SEEK Asia managing director Peter Bittas, the latest waves of layoffs are more typical of tech companies that have outperformed growth expectations and are not representative of the overall labor market landscape.

“Companies in other industries, such as banking and insurance, are still looking for people with technical skills to fuel their growth plans. It is therefore not surprising that the demand for technical talent has remained relatively stable over the past 6 months. Looking at the year as a whole, not only did the number of tech jobs in Singapore increase significantly, but it also outpaced job growth across the country,” Bitos said.

So, what types of tech jobs are in demand today? A quick search on JobStreet Singapore revealed over 20,000 tech-related jobs in the country. In addition to developers, companies will look to improve their DevOps teams by investing in new technologies. Companies also need technology skills related to cybersecurity, as well as skilled IT engineers in networking, data center and other technology areas. There is also a need for IT managers and C-suite executives to lead technology teams and advise the business on digital strategy.

Across Asia, job listings on SEEK platforms increased by 44% year-on-year, suggesting that the region's labor market and employment remain healthy as international borders open up, leading to an early recovery in economies 2022 year. Until recently. As global uncertainty weighs on the economy, Singapore businesses remain cautiously optimistic, with one in two employers saying they will continue to add staff in the first half of 2023, according to a recent JobStreet survey.

Tech jobs require employers and tech talent to adjust their expectations.

Interestingly, Bitos also noted that leasing activity in Asia may slow in the coming months due to macroeconomic conditions. However, he believes they are definitely still strong, especially for tech jobs.

“Technology outsourcing offers companies still in expansion mode a unique opportunity to hire the top talent they need. However, employers still need to make sure they can offer attractive offers,” Bitos added.

JobStreet Outlook 2022-2023. The Employment, Compensation and Benefits Report shows that in 2023, Singaporean companies will increasingly seek additional benefits. For example, 7% of surveyed organizations that do not currently offer flexible working hours plan to do so this year. ; and 10% plan to take Fridays off early as part of the company's new benefits.

Comparing two similar jobs in tech industries, SEEK data found that the average salary range at tech companies in Singapore is about 12% higher than at companies in non-tech sectors, except for the typically high-paying energy and banking sectors.

“Due to varying compensation packages, it can still be difficult for non-tech companies to hire top tech talent. Those affected by layoffs or concerned about job security and looking to relocate can adjust their wages accordingly and be prepared for certain benefits. For many, it's no longer about working for companies that offer good social benefits, but about joining a company that promises job security and a meaningful career," Bitos concludes.







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