More demand for tech talent as banking and financial services thrive

Extending the highs of 2021, the hiring market for project and changes roles in Technology and Transformation bubbled with activity in the first half of 2022. Faiz Modak, Associate Director at Robert Walters Singapore, notes that recruitment demand soared because companies had reactivated budgets and projects that were put on hold during the pandemic. “The launch of virtual banks in Singapore has also created fresh demand for tech professionals with domain experience in banking and financial services,” he shares. “The fintech industry is also going through a growth stage, with the payments and e-commerce sectors leading the way.”

While the tech talent crunch in Singapore persists, Faiz notes that companies will be able to fulfil their hiring needs as borders reopen. He adds, “The Tech.Pass initiative will help them attract senior tech talent who have worked in a global environment. These candidates will also have a positive impact on the local talent pool by imparting their skillsets and experience.”

Read on to find out more about Faiz’s expectations of the labour market for Technology and Transformation professionals in 2023, with an emphasis on project and change roles.

More firms expected to set up shop in Singapore

“Singapore is a top financial hub. It came in third place in rankings, behind only to New York and London. Thus, many firms will continue to establish a strong tech footprint in Singapore,” reveals Faiz. “The local government has also set up various initiatives through the Economic Development Board and Infocomm Media Development Authority to attract foreign investment. A governance framework to ease the process of setting up business in Singapore has also been put in place, so we’ve seen many family offices and tech firms choosing Singapore for their regional base.” The toll that COVID has taken on China and Hong Kong markets have also spurred more companies to move to Singapore.

Against this backdrop, Faiz anticipates that most of the hiring in 2023 will be driven by e-commerce, fintech and banking. This comes as firms look to invest in automation, innovation, digital transformation and new ways of working.

Finally, he notes that more hiring is expected within the crypto and Web3 space: “While these sectors are at a low now, many firms are capitalising on the situation to gain access to talents.”

High demand for candidates with financial services, consulting experience

The most in-demand skillsets in the year include product management, project management, business analysis, Agile and UI/UX. Candidates with experience in financial services, consulting, advisory or global markets will continue to be highly sought after.

Popular roles on the market include project managers, product managers, business analysts, agile coaches and scrum masters.

Employee engagement a top priority

“To attract and retain talent in 2023, my first piece of advice to employers is to improve employee engagement across their organisation. While employees appreciate remote and hybrid work arrangements, they can start to operate in silos,” Faiz points out. “Hence, it is important to over-communicate and have proactive discussions with your team members around training and career progression. Have regular check-ins to stay attuned to where they’re at.”

Faiz also mentions that work-life balance is now a focal point for many candidates when switching jobs, so companies should find ways to incorporate this and create a fun, inclusive work environment.

Over-communicate and proactively discuss with your teams about career progression.

Salaries to rise, with some market correction

Salaries are expected to increase by 20% for job movers. This comes on the back of a growing trend of counteroffers, as well as record-high inflation rates and costs of livings. Nevertheless, Faiz mentions that many organisations will likely conduct a market correction of salaries for their existing employees.

Find out more

Request access to our 2023 Salary Survey to benchmark salaries and to find out more about key trends on the Singapore job market.

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