The growing demand for tech talent in Singapore remains strong despite the recent layoffs by tech companies, according to data from SEEK, the parent company of Asia’s leading job platforms JobStreet and JobsDB.

SEEK said in a statement on Tuesday that its JobStreet Singapore platform recorded a year on year growth of 63 percent in job ads for tech roles, which is a higher rate of increase than the overall job ad growth in the country (54 percent).

“The recent waves of layoffs are quite specific to tech companies that have overshot growth expectations, and they do not represent the overall job market landscape,” said Peter Bithos, Chief Executive Officer of Asia, SEEK.

“Companies in other sectors such as banking, insurance are still looking to hire people with tech skills who can help advance their growth agenda, hence it’s no surprise that the demand for tech talent have remained relatively stable in the last six months,

“In fact, when we look at the whole year cumulatively, the number of job ads for tech roles in Singapore have not only increased significantly, but it has also outpaced the growth of the total job ads in the country,” he added.

Across Asia, SEEK observed a job ad growth of 44 percent year on year across its platforms, indicating that the labor market and hiring activities in the region remain healthy with the opening of international borders that led to the revitalization of economies earlier in 2022.

While global uncertainties recently have caused moderation in the economy, companies in Singapore remain cautiously optimistic, with 1 in 2 employers stating that they will continue to increase their headcount in the first half of 2023, according to a recent survey by JobStreet.

“Hiring activities in Asia might slow down in the coming months due to the macroeconomic conditions, but they are undoubtedly still going strong,” said Bithos.

“The tech layoffs present a unique opportunity for companies that are still in expansion mode to hire top talent that they need. However, employers will still need to ensure that they have attractive value propositions to offer,” he added.

JobStreet’s 2022-2023 Outlook: Hiring, Compensation and Benefits report revealed that Singapore companies are increasingly looking into offering progressive benefits in 2023.

For example, 7 percent of organizations surveyed who currently do not offer flexible working hours plan on doing so starting this year; and 10 percent plan on introducing early leave on Fridays as part of their companies’ new perks.

When comparing between two similar tech roles, SEEK’s data revealed that the average salary range in Singapore tech companies are about 12 percent higher than companies in non-tech sectors – apart from the typically high-paying energy and banking industries.

“Due to the differences in compensation package, it could still be a challenge for non-tech companies to hire top talent from the tech sectors,” said Bithos.

“As for those who have been impacted by the layoffs or are concerned about their job security and looking to move, they may need adjust their salary expectations accordingly and be willing to make certain trade-offs,

“For many, it’s no longer about working for companies that offer cool perks, but it’s about looking to join a company that can promise job security and a meaningful career,” he added.

SEEK is a diverse group of companies, comprised of a strong portfolio of online employment, educational, commercial and volunteer businesses. The firm is listed on the Australian Securities Exchange.

In Asia, SEEK operates the JobStreet and JobsDB brands, the region’s leading employment platforms and preferred destinations for candidates and hirers.

SEEK attracts over 500 million visits a year across the six markets it operates in, namely namely Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Thailand.

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