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- Despite recent layoffs in the tech industry, wages in the sector are still expected to grow slightly this year, said experts
- However, wage growth will likely be slower than the 7.6 per cent growth in the sector in 2022, and the 22 per cent growth in 2021
- Although wage growth is expected to slow in 2023, companies should not see this as a time to hire tech talents for lower wages, experts said
- This is because their skills are still in demand, with firms outside of tech competing for such talent
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SINGAPORE — Wages in the technology sector are expected to grow slightly this year despite a spate of industry layoffs signalling a slowdown in the sector, because demand for tech talent is still high for non-tech sectors such as finance and even hospitality, economists and human resource experts said.
Wages for software engineers grew 7.6 per cent last year to an all-time high following a sizzling 22 per cent growth in 2021. This was from a report by tech talent platform NodeFlair and technology accelerator Iterative that was released on Tuesday (March 7).
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