Singapore Tech Salaries May Soar Up To 30% in two years 🤯
What is happening?
According to Bloomberg, Singapore companies are struggling to hire tech talents. The (source: Singapore Tech Salaries May Soar Up to 30% in Two Years: ST). Such raises reflect tension in the job market which becomes more and more a candidate-driven market.
"Randstad’s Clarence Quek sees salaries rising 25% to 30% amid demand for data analysts, data engineers, back-end developers and user interface designers, he told the ST."
While great news for some😉, this won't be sustainable as productivity and value output won't be able to match these raises.
Why this is a concern?
With the global economic downturn, investments are drying up, this is a real concern for many companies, including the ones hiring right now.
In a 52-slides long presentation, Sequoia Capital warns founders of the potential death spiral looming over their businesses.
"Sequoia told founders not to expect a speedy economic bounceback akin to what followed the start of the pandemic because, it warned, the monetary and fiscal policy tools that propelled that recovery “have been exhausted.” The firm suggested founders move fast to extend runway and to fully examine the business for excess costs."
What should tech talents do?
👉 keep working on your skills, don't take anything for granted
👉 look out for the right job and focus on your impact before looking at the salary
👉 join our referral network at Whire, refer people you know to these amazing jobs
What should businesses do?
👉 focus on your bottom line and spend smartly
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The Whire Manifesto
February 1, 2023