A recent report revealed that tech salaries in Singapore mostly decreased in 2023 due to a tech downturn. However, specific roles such as data science and cybersecurity saw an increase in wages. Data scientists, systems analysts, cybersecurity engineers, and quality assurance professionals experienced the highest year-on-year salary boosts.
Nodeflair, a tech salary aggregator, compiled the report based on over 422,000 salary data points from various countries and companies of all sizes and industries. The surge in compensation for data scientists is attributed to the growing interest in generative AI, driven by the success of the ChatGPT chatbot launched in November 2022.
The report highlighted that Singapore is also investing in AI by launching an updated AI strategy to enhance the economy. Additionally, salaries for cybersecurity engineers rose due to increased cyber attacks in the Asia-Pacific region. The region was the third-most targeted in 2023, with malware and phishing being the top incidents.
Overall, tech salaries decreased in 2023 as tech funding in Asia declined. Startup funding in Asia fell by 38%, reaching its lowest level since 2015. Compensations for software engineers, solutions engineers, and game engineers in Singapore also experienced decreases in 2023.
Blockchain engineers’ salaries declined due to the crypto winter triggered by FTX’s collapse and Binance’s Changpeng Zhao facing criminal charges. The report also mentioned widespread layoffs in the tech industry, with over 260,000 workers across nearly 1,200 companies losing their jobs in 2023.
In 2024, companies are expected to focus on cross-border and remote hiring to address talent shortages and reduce costs. Ethan Ang, CEO and co-founder of NodeFlair, emphasized the talent challenges faced by the tech industry in 2024, amidst the rise of generative AI and the importance of financial prudence.
Tech salaries in Singapore experienced a downturn in 2023, but certain roles such as data scientists and cybersecurity engineers saw a significant increase in wages. The surge in compensation for data scientists can be attributed to a rising interest in generative AI, with Singapore launching an updated AI strategy to boost the economy. On the other hand, salaries for cybersecurity engineers rose due to an increase in cyber attacks in the Asia-Pacific region. Overall, tech salaries dropped in 2023 as tech funding in Asia declined, leading to layoffs in the industry. In 2024, companies are expected to leverage cross-border and remote hiring to address talent challenges and save costs.
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