As we concluded the first half of 2017, there was still a strong demand for Technology professionals across most industries in Singapore.
Throughout the first half of 2017 up until the second quarter, we observed a hiring trend focused on local Technology talent across most industries in Singapore.
We have seen several multinational (MNC) commerce organisations increasing or maintaining investments in various IoT initiatives. We saw an increase in demand for professionals skilled in embedded software solutions as well as front-end development.
Cloud computing, Big Data and open source professionals were in demand
Throughout Q2, we saw the Banking & Financial Services space having a continued, healthy hiring volume for developers, application support specialists and cybersecurity professionals. Banks and financial services organisations also remained interested in profiles with exposure to cloud computing, Big Data and open source technologies. Exceptional talent within these areas are commanding higher than average salary increments.
The spotlight on Data Science hiring
Recruitment in the analytics space has also surged throughout the first half of the year up until Q2. While we observed the banking and insurance industries actively hiring Data Science and Data Analytics Specialists, most industries had a significant demand for these specialists. Commercially- and technically-savvy professionals were able to command a higher than average salary increase.
Risk and compliance demanded the right expertise
In the past few months, we saw banks increasing their activity in temporary and contract hiring to support project initiatives in meeting regulatory and consolidation demands. As new regulations were being introduced to mitigate banking risk and security, banks emphasised on projects that aligned with compliance requirements.
Amidst a changing regulatory landscape, we saw banks having an increased demand for Business Analysts and Project Management professionals experienced in regulatory reporting (for example, Basel III reporting), AML, and financial crime. There was also an increasing need for SQL and Oracle developers who could enhance and build reporting applications.
The hunt for information security and cybersecurity talent
We observed, in Q2, that financial firms in Singapore continued to have an unwavering demand for professionals in these two highly-specialised and talent-short areas. Firms have been facing fierce competition for these professionals, including Information Security Analysts, IT Security Operations Specialists and Cybersecurity Analysts. Cybersecurity expertise in threat monitoring, assessment and response have been very much in demand.
Bright outlook for Tech talent in Q3 2017
Exciting times ahead will go on for Technology talent in Singapore. Experts in cloud, Big Data and open source technologies will attract employers and can expect competitive remuneration. Embedded software solutions will be an up-and-coming area with an accompanying demand for talent. Companies will continue to seek exceptional developers across a myriad of programming languages.
In supporting regulatory needs, we foresee financial firms to continue seeking Business Analysts, Project Managers and SQL/Oracle developers. These firms will also actively seek experienced, market-scarce cybersecurity professionals.
Salary Report for Q3 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.