As we conclude the first quarter of 2017, there was still a bullish demand for Technology professionals across Banking & Financial Services firms, Commerce MNCs and high-growth Start-ups.
Strong developers in demand for Q1 2017
Throughout Q1 2017, we observed a hiring trend focused on local Technology talent across all industries in Singapore. Talent demand in the first quarter of this year mainly hinged on Front-end Developers, Back-end Developers, Mobile Developers, DevOps Engineers, Data Scientists and Lead Engineers.
We have also seen global Industrial and Manufacturing organisations increasing or maintaining investments in various IoT, Smart City and Smart Industry initiatives. We saw a spike in demand for professionals skilled in embedded software solutions including software sensors, electronic devices, and high-resilience network infrastructure.
In the first quarter of 2017, we saw the Banking & Financial Services space having a healthy hiring volume for talented developers in various programming languages. Banks and financial services organisations continued to show interest in profiles with exposure to Cloud, Big Data and Open Source technologies. Exceptional talent within these areas are commanding higher than average salary increments.
Tech talent overdrive for banks
In Q1 2017, we noted a trend whereby banks experienced a spike in their needs for temporary and contract hires to support project initiatives in meeting regulatory and consolidation demands. As new regulations are introduced to mitigate banking risk and security, the industry is placing an emphasis on projects that align with compliance requirements.
As banks continue to face a changing regulatory landscape, we have been seeing an increased demand for Business Analysts and Project Management professionals experienced in regulatory reporting (for example, Basel III reporting), AML and financial crime. Also, there has been an increasing need for SQL and Oracle Developers who can enhance and build reporting applications.
The focus on information security and cyber security continued to be a trend for financial firms, and we observed an unwavering demand for specialised talent in these areas. In a market where such talent is scarce, firms are facing fierce competition and carrying out hiring mandates for a special breed of professionals who include Information Security Analysts, IT Security Operations Specialists and Analysts for Cyber Security (threat monitoring, assessment and response).
Positive outlook for Tech talent in the months ahead
We expect the demand for Technology talent to continue seeing an upward trend throughout Q2 2017.
Embedded software solutions will be an area to watch out for, and we expect a growing demand for professionals with experience in this area.
Exceptional Developers across a myriad of programming languages will continue to be highly sought after. Professionals well-versed in Cloud, Big Data and Open Source technologies will continue to be in the hiring spotlight and see competitive remuneration.
We also foresee financial firms to continue demanding for talent who can support regulatory standards, such as Business Analysts, Project Managers, SQL / Oracle Developers. These firms will also actively woo experienced Cyber Security professionals who continue to be rare resources in the market.
Salary Report for Q2 2017*
*Notes about salary table:
- Titles and levels vary from organisation to organisation.
- The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
- 12-month base salaries are assumed.
- All other benefits and bonuses are in addition to these figures.
- Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances. Bonus ranges from 1 month at the low end to 100%+ at the upper.
- Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
- Healthcare policies are standard.
- Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as 15–20% of the base salary for senior executives.
by Michael Nette