INCREASE IN TECHNICAL JOBS, DECLINE IN SALARIES

The number of tech jobs increased to 208,300 in 2023, representing a steady annual growth of 3.4 percent, IMDA said, adding that demand for tech talent remains strong despite higher hiring prospects. prudent practices in the global technology sector.

In fact, 57.5 percent of total tech employees in 2023 came from non-tech sectors, such as positions in finance and insurance, professional services, wholesale, and manufacturing.

Tech jobs “provide competitive wages and career opportunities, with resident tech professionals earning a median monthly salary of 1.5 times the median monthly salary of the entire resident workforce,” said IMDA.

“This strong demand for technology professionals continues to benefit locals, with more than 70 per cent of technology jobs held by Singaporeans and permanent residents,” the authority said in its digital economy report.

However, the median monthly salary for resident tech professionals fell to S$7,000 last year, from S$7,376 in 2022.

The IMDA said that while the reason for the drop in wages is not definitive, a softer outlook in the technology market could be a contributing factor.

Earlier this month, consumer electronics giant Dyson led a series of layoffs in Singapore about three months after saying the country’s employees would not be directly affected by a global restructuring that shed around 1,000 jobs in Britain.

Around the same time, Samsung Electronics laid off an undisclosed number of employees in Singapore, while cutting thousands of jobs around the world.

E-commerce companies have not been spared either.

In January, Lazada workers who spoke to CNA said nearly 100 of their colleagues were laid off.

“There will always be global economic uncertainties driven by many macroeconomic trends that are sometimes beyond our control, but technology as a structural driver will remain the case in the long term,” said Lew Chuen Hong, director general of IMDA .

“While we have seen some headlines, we will continue to see significant growth when it comes to digital and the digital economy.”

The IMDA said Singapore’s technology sector is in a “healthy space” and is “cautiously optimistic” that the digital economy has “pervasive needs” across the economy. He adds that many of those who were laid off from their tech jobs found new ones within two months.

The media authority said it will continue to implement programs aimed at helping Singaporeans acquire in-demand skills needed to have a competitive edge.

TAPPING TECHNOLOGY

Small and medium-sized businesses in Singapore have not only increased their digital adoption, but are also improving the way they use technology in their businesses.

IMDA data showed that almost 95% of SMEs have gone digital in at least one aspect of these areas: cybersecurity, cloud, e-payment, e-commerce, data analytics and artificial intelligence.

More than 80% used at least one digital solution to improve general business functions such as accounting, document management and digital marketing, up from 69% in 2021.

When it came to adopting digital solutions that meet industry-specific needs, 85 percent of SMEs adopted at least one industry-specific digital solution in 2023, up slightly from 61 percent in 2021 .