Escalating expenses have had a significant impact on the job market for Tech & Transformation roles in 2024. According to Faiz Modak, Associate Director at Robert Walters Singapore, thrown off by the city’s rising costs of living, top talents with specialised skill sets are now less inclined to move to Singapore.
Moreover, the costs associated with Employment Passes (EP) have gone up due to a hike in employee salary thresholds. This increase in qualifying salaries for EP holders has created obstacles for some companies seeking to relocate junior and mid-level professionals from other countries.
Read on to find out more about Faiz’s expectations of the labour market and hiring trends for Singapore’s Tech & Transformation professionals in 2024, with an emphasis on contract positions.
Contract hiring will still be red hot
As mounting costs have slowed down the influx of foreign talent, companies have had to explore alternatives. Firstly, this has led to a surge in demand for local Singaporean talent. The trend of hiring contract workers is still going on strong as companies build a contingent workforce to fulfil their talent needs.
We hear more candidates wanting work-life balance and flexibility, and this is a trend that is not going away anytime soon.
Keep employees happy with rewards and benefits
Candidates in the sector remain motivated by higher salaries, work-life balance, better career opportunities and company culture. Besides drawing talent in with competitive compensation packages, companies can go the extra mile and design rewards to individual needs.
To demonstrate their commitment to employee well-being, Faiz recommends that companies provide flexible and remote work arrangements where possible. Initiatives around mental and physical health can also signal to employees that the company prioritises their well-being.
“Offer opportunities for professional growth. This can be in the form of training programs, workshops and mentorship initiatives. Not only is this appealing to high-performing individuals who want to advance their careers, it also positions your organisation as innovative and forward-looking,” advises Faiz.
Salaries will continue rising
Even accounting for some market correction, Faiz expects that salaries for tech roles will remain on an upward trajectory in 2024.
“Due to the in-demand nature of these roles and how employees need to constantly learn on the job and take on more responsibilities, candidates expect to be compensated accordingly for the value they bring,” says Faiz. “There are widespread concerns about ballooning costs from inflation, and what’s more, salaries and benefits are still competitive because candidates always check out how their peers are being compensated in the market.”
Find out more
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends for Tech & Transformation contract professionals in Singapore.
