Singapore has been receiving a lot of attention from multinationals. Affected by the tech talent crunch, MNCs from the US and Europe are widening their talent pool by looking East. At the same time, Chinese tech giants like Alibaba, ByteDance and Tencent are aggressively building their tech teams here in Singapore.
By embracing technology, every industry is becoming a tech industry. Manufacturers and supply-chain companies are investing in SaaS (Software as a Service) solutions to improve logistics; banking and insurance firms are pushing the growth of FinTech; recruiters are automating HR processes to increase hiring efficiency while marketers are using AI to understand consumer needs and predict trends.
Although this is good for the tech talent in Singapore, employers are feeling the heat from the resulting talent wars. As the demand for technical expertise rises, local tech professionals are being enticed by pay increments of up to 30% just to switch employers.