How Are APAC Tech Salaries Faring in 2024?


Working for a wage in tech has been considerably of a wild trip in APAC lately.

First, there have been the growth occasions main into the 12 months 2022, when the widespread pursuit of digitisation initiatives following the height of the worldwide pandemic mixed with pervasive expertise shortages put tech expertise within the driver’s seat. Salaries rose, usually at very excessive charges.

Then, financial headwinds hit the worldwide tech market. This precipitated an about-face in fortunes within the area, as hiring freezes and layoffs have been seen all through 2022 and 2023. The roles obtainable and headline wage figures took a success as demand for tech roles dried up.

The excellent news is that 2024 is bringing again extra secure wage development for tech employees. Recruiter Robert Half mentioned there’s 3-5% wage development for tech employees total. In the meantime, greater wage will increase are being seen in high-demand segments like synthetic intelligence.

Digital transformation drove APAC tech salaries earlier than 2022

Image of Melissa Lau, the Director of Robert Half.
Melissa Lau, Director, Robert Half

Robert Half director Melissa Lau, based mostly in Hong Kong, was an eyewitness to the distinctive will increase in tech salaries that occurred earlier than 2022. Again then, firms throughout the area have been aggressively hiring tech expertise to speed up digital transformation efforts throughout varied industries. Hong Kong additionally served as a outstanding hub for crypto firms.

“On the time, the provision of expert people within the discipline fell in need of assembly the required headcount, making a expertise scarcity,” Lau informed TechRepublic. “In consequence, salaries skilled an upward spike as firms competed to draw and retain the restricted pool of extremely expert tech employees.”

APAC 2022 and 2023 tech wage crunch adopted international tech sector woes

From 2022, the tech market in APAC skilled some turbulence. The worldwide tech market ran right into a interval of “excessive inflation and elevated rates of interest,” according to one summary from Deloitte, and macroeconomic uncertainty led to “softening client spending, decrease product demand, falling market capitalisations and workforce reductions in 2022.”

This development continued into 2023. “A number of firms applied retrenchments that adversely affected a major variety of people within the tech trade,” Lau defined. The 2022 crypto crash, which slashed virtually three quarters from the worth of cryptocurrency Bitcoin on the time, additionally ended the heady rush for tech execs within the crypto trade in Hong Kong, she mentioned.

FREE DOWNLOAD: TechRepublic’s top tech job predictions for 2024

Software program engineering salaries minimize in 2023

The Asia Tech Salary Report from expertise platform supplier NodeFlair famous the “challenges the trade confronted, together with layoffs and hiring freezes,” in Asia throughout 2023. Utilizing proprietary and exterior information from six nations in APAC, it discovered software program engineer salaries decreased by a median of 0.99% throughout 2023, in comparison with a rise of seven.61% skilled in 2022.

Some software program engineering disciplines fared worse than others. As an illustration, there was a 6.66% discount in salaries for sport engineer positions. Salaries for options engineers dropped by 5.7%, blockchain engineers by 5.4% and DevOps execs by 2%.

The information was not all dangerous; information science roles bucked the development with 11.3% development in salaries.

2024 is wanting higher for tech salaries throughout APAC

Tech sector salaries seem to have stabilised in 2024. In truth, Robert Half has seen a return to extra regular, secure development within the Hong Kong tech market. “The expertise trade is exhibiting indicators of a gradual restoration after a decline in demand in 2023 attributable to overhiring,” Lau mentioned.

Which means that, broadly, tech employees can now count on wage will increase of between 3-5% if they continue to be at their present firm and don’t obtain a promotion. Those that do obtain promotions are receiving will increase ranging wherever between 5% and 10%, Lau mentioned.

SEE: Tech Worker Salary Growth in Australia Has Normalised

Those that make an effort to seek out new employment are additionally ready to reap the benefits of greater will increase, albeit decrease than earlier than the wage crunch. Lau mentioned those that are altering positions might count on to be rewarded with wage will increase of between 5-15%.

NodeFlair, too, expects salaries to get well. “Salaries for tech workers, basically, are poised for restoration in 2024 because the financial system rebounds. The expansion fee could range throughout completely different roles, with a robust emphasis on the growing demand for AI and information science professionals.”

APAC tech employee salaries in 2024 depend upon location

NodeFlair’s report confirmed the salaries employees command throughout APAC rely available on the market during which they reside. As an illustration, the median month-to-month base wage of a lead software program engineer in Singapore is US $6,688, in contrast with US $1,937 in Vietnam.

Median monthly base salaries for tech workers vary by country in the APAC region.
Median month-to-month base salaries for tech employees range by nation within the APAC area. Picture: NodeFlair

The tech roles with the perfect potential for wage will increase in 2024

There are additionally variations in demand for various roles, with AI and information science anticipated to steer wage development in 2024. “This sector-specific surge in demand could result in aggressive wage gives to draw and retain high abilities in these specialised fields,” NodeFlair mentioned.

AI and information science

The worldwide rise of AI is driving hiring in Asian markets. NodeFlair’s report discovered salaries for information scientists in any respect ranges rose by 11.3% year-on-year within the Singapore market throughout 2023, even amidst moribund demand for tech roles as a complete. Only one instance is that the wage for a center percentile lead information scientist in Singapore has grown from S$12,500 per 30 days (US$9,234) in 2022 to S$14,187 per 30 days (US$10,480) in 2023, or 14%.

NodeFlair report of data scientist salaries.
NodeFlair discovered salaries for information scientists, which incorporates AI professionals, grew between 2022 and 2023 in Singapore by 11.3%. Supply: NodeFlair

NodeFlair argued demand for expertise in areas like machine studying, pure language processing and information evaluation can be important as companies recognise the transformative potential of AI.

Lau mentioned that is being mirrored in Robert Half information exhibiting tech salaries rising in Hong Kong. “This may be attributed to the trade’s growing give attention to hiring AI professionals,” she defined. “As AI continues to advance and form varied sectors, firms are actively looking for expert AI specialists, resulting in a rising demand and subsequent rise in salaries.”

Cybersecurity

The continual development and growing complexity of cyber threats are resulting in “extraordinarily excessive demand” for cybersecurity professionals in Hong Kong and the area, Lau mentioned.

“Firms throughout industries are investing closely in defending their digital belongings and buyer information, driving up salaries for cybersecurity specialists.”

NodeFlair discovered that salaries for cybersecurity engineering roles grew by 8.24% year-on-year within the Singapore market between 2022 and 2023.

SEE: AI deepfakes rising as a risk for APAC organisations

Undertaking administration

As well as, IT venture administration is proving to be a profitable talent. Lau mentioned massive companies, like insurers or conglomerates, are providing enticing salaries for venture administration roles.

“These firms usually require expert professionals to supervise and lead large-scale tasks resembling system enhancements, upgrades, and enterprise course of reengineering, that means their specialised experience to handle these transferring elements contributes to aggressive salaries,” she mentioned.



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