According to The Straits Times, this year, the competition for tech talent in Singapore will heat up even more, with companies upping wage offers as a negotiation chip.
With an average increase of 22% year-over-year in 2021, software engineers received the biggest raises among the many technical specializations evaluated in a new report by tech talent platform NodeFlair and venture capital firm Quest Ventures.
As US and Chinese companies battle for Singapore talent, IT salaries are rising. (Photo / Retrieved from Pixabay)
According to NodeFlair's Tech Talent Compensation report, more senior software engineers who hold lead responsibilities got even bigger raises, with increments of up to 32%.
The analysis looked at over 30,000 data points from NodeFlair's database, including user-submitted salaries backed up by documentation like pay slips and offer letters, as well as salaries published on job boards.
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Even at the same level of seniority, salaries might differ greatly. According to the research, the median monthly compensation for junior software engineers is around $4,750, with the 90th percentile earning over $7,500.
The average salary for lead software engineers is around $9,000 per year. At the 90th percentile, this rises to about $16,000. Mr Daljit Sall, senior director of technologies at Randstad Singapore, said the latest salary hike is among the greatest he has ever seen for tech employees.
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Incentives and sign-on bonuses are also being offered to workers in the field who move jobs. Local IT talent in Singapore may be offered 20% increments when moving employers, while those with specialized talents in high-growth sectors such as e-commerce and financial technology can anticipate 30% increments, according to Mr Sall.
