Hiring for software, data and engineering roles in the Tech & Transformation space was off to a sluggish start in 2023 amidst concerns around costs. “Our clients took a more cautious stance towards hiring in the first half of the year. The market gradually picked up in the second half of the year, and we began seeing more recruitment for the software, DevOps and data sectors,” recaps Sachet Sethi, Senior Manager at Robert Walters Singapore.
The type of skillsets that companies have been on the lookout for are mainly centred around emerging technologies such as artificial intelligence (AI), machine learning and blockchain. There has also been more weight given to D&I in hiring, with priority given to diverse candidates.
“This year, movement within the market has also been limited, with companies giving precedence to strategic hires only,” Sachet reveals.
Read on to find out more about Sachet’s expectations of the labour market and hiring trends for Singapore’s Tech & Transformation professionals in 2024, with an emphasis on software, data and engineering roles.
The office makes a comeback
As the industry turns its attention towards emerging technologies, Sachet anticipates that DevOps and AI engineers and architects will be highly sought after in 2024. Companies will also invest in upskilling and reskilling their existing employees to match market demands.
Companies will also continue to be prudent when it comes to hiring. “There will be a need for new talent, but we expect that the market will remain cost-sensitive. Employers will do their best to look for the best candidate possible within their budget,” notes Sachet.
The tech sector will keep growing in the years ahead. In particular, Sachet points out that the enterprise resource planning (ERP) segment of the market has experienced healthy growth, with many processes now automated and streamlined.
The biggest change, however, will be the return to full-time work arrangements in the office. This shift from hybrid work will gain speed as companies stress the importance of culture in the year ahead.
Hiring demands pegged to trending technologies
Besides AI engineers and talent in DevOps and the cloud, as always, software developers will remain heavily in demand in 2024.
Going into detail about these industry demands, Sachet states, “Software development is the backbone of most tech companies, so this is an evergreen requirement in hiring. Popular skillsets here are technologies such as Java and .NET.”
He continues, “Meanwhile, DevOps comes into play as software companies continue to streamline their processes and improve delivery. Many organisations are also moving to the cloud. They will seek out talent with experience in AWS, GCP and Azure for this.”
Finally, companies now look to develop and implement AI-related applications and tools to stay ahead of the curve. On this, Sachet comments, “AI engineers with a data and analytical background will be highly regarded. There is a shift in the data domain, with demand for traditional roles like data scientists shifting towards data engineer instead.”
Across the board, the soft skills that companies will focus on are teamwork and collaboration.
Cautious attitudes all around
While employers have adopted a conservative approach to hiring, candidates have also been more cautious about moving jobs, prioritising job and organisational stability as a key factor within a challenging economic climate. Hybrid and flexible work arrangements remain important deciding factors for most candidates.
“It is definitely more of an employers’ market these days, but companies should still invest in their employees to attract and retain talent.” concludes Sachet.
Make sure employees are given clear career paths to grow and support them in upskilling
Steady increase in salaries
Salaries are expected to rise steadily at rates of between 10 – 15%. Ultimately, the exact rate of increment will depend on the skillsets required for the role.
Find out more
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in the Tech & Transformation industry in Singapore.
