Singapore Technology

Q4 2023 Salary Index

Data Scientist Job Description

Our Q4 2023 trends and insights highlight the dynamic landscape of the financial industry, and the strategies organisations are adopting to navigate it.

Exciting Financial Trends:

Singapore's Strength: Despite global shifts, Singapore stands strong in financial services. International banks prioritize Asian operations, solidifying Singapore's key role in the dynamic Asian market.

Crypto Surge: SEC approval of 11 U.S.-listed ETFs for Bitcoin monitoring and the upcoming halving propel BTC prices. Growing confidence in Bitcoin attracts increased investments, boosting this thriving sector.

Contingency Work Rise:  Overcoming challenges in permanent headcount approvals, there's a surge in hiring contingent staff. This agile approach addresses obstacles and supports organizational flexibility.

Banks' Boost in New Year:  Major banks, with awaited budget approvals, advance projects, especially in change management and software development. Teams previously understaffed in 2023 now have new headcount approvals.

Local Banks Adapt: In response to Q4 outages, local banks face increased MAS scrutiny. Cautious about economic uncertainties, they implement additional approvals for project stability.

Tech Modernization Thrives: MNCs, especially in the industrial sector, actively pursue large-scale tech modernization. Investments in cloud computing, AI, data analytics, and cybersecurity showcase commitment to technological advancements.

Key Q4 Talent Market Dynamics:

Accelerated Hiring: In response to 2023 talent losses, Q4 sees proactive hiring with streamlined processes and quicker decisions.

Post-Bonus Talent Moves: U.S. banks' bonuses trigger talent movement, expected to continue with international banks in March.

COMpass Impact: COMpass maintains importance, emphasizing a preference for local candidates in talent acquisition strategies.

Extended EP Application: Education category points require additional verification, contributing 2-4 weeks to the standard 2-3 weeks EP application timeline.

 

Insights by Area of Specialism

Infrastructure

Infrastructure has historically been the lowest in Q4, and unsurprisingly came back into picture at a mere 2.5%. Following the trend we expect this to recover in Q1.

Software Engineering

There was a slight increase in the rate of salary increments, rising from 16.86% in Q3 to 17.07% in Q4.

DevOps & Cloud

There was a slight dip in salary increments, decreasing from 29.20% in Q3 to
24.85% in Q4.

Projects & Change

Similar to Devops & Cloud, there was a slight dip in salary increments, dropping
from 14.10% in Q3 to 13.14% in Q4.

Cyber Security

Demand for Cyber security professionals held steady and was our second highest performing skillset at 19.63%

Overall

The weakening of increments across multiple skillsets saw average increments drop to 12.54% in Q4, almost half of 21.24% that we saw in Q3.

Average Increments

tech-q4-2023-chart

With a proud culture of delivering deep industry-aligned expertise, we’re your partner in shaping the careers and teams of tomorrow and beyond.  Talk to us today.  Or signup below for future insights straight to your inbox.