Tech Salary Trends | CXC Asia

A Guide to 2022 Tech & IT Salary Trends

It’s a whole new world of work.

Over the past 18 months businesses in Asia and around the globe have been forced to adopt new ways of working as COVID continues to rewrite the corporate rule book. They’ve also been forced to put many existing plans on hold and institute pay freezes across the board.

But as we emerge from the pandemic panic some real evidence of recovery and a return to a new normal can be detected. Especially on the wages front.

For example, many recent salary trends reports (1) predict that real salary increase rates across the APAC region are forecast to be 1.9% in 2022, significantly higher than the global average of 0.9%. They also foresee that employees based in Singapore can expect to see a salary increase of 3.5% next year, up from 2.8% this year.

Fastest rates of salary increase will be in South East Asia

Overall, Southeast Asian nations are expected to be amongst those countries with the fastest rate of salary increase in 2022 versus 2021. This includes Indonesia, Vietnam, Thailand and Malaysia as their economies begin to recover from the effects of the Covid-19 pandemic and international travel resumes.

Despite the global shortage of workers in almost every industry sector, first in line for 2022 salary increases will be Tech and IT workers, many observers predict (2). This is because of the critical importance technology now plays in the business transformation process underway in countries throughout the ASEAN region

The sudden and widespread adoption of remote working last year meant an increased demand for certain roles. Cybersecurity professionals, for example, were suddenly called upon to help businesses secure their networks from the vulnerabilities introduced by widespread working from home.

Fastest-growing Tech salaries by occupation

As a result, cybersecurity analysts in the U.S. saw the fastest increase in salary between 2019 and 2020, growing by 16.3. Data scientists, DevOps engineers and technical support engineers also saw their salaries grow quickly, increasing by 12.8%, 12.2% and 8.2% respectively (3).

The 10 fastest-growing Tech salaries by occupation also included:

  • Technical support engineer (+8.2%)
  • Cloud engineer (+6.3%)
  • Business analyst (+5.3%)
  • Web developer (+4.9%)
  • Data engineer (+4.7%
  • Cybersecurity engineer (+4.3%)
  • Data architect (+3.2%)

We can expect to see a similar picture in the ASEAN region for 2022, with slightly higher increases due to pent up demand in that region.

Demand for tech jobs in Singapore at an all-time high

According to numerous staffing and recruitment firms, including BGC Group and SIA, demand for tech jobs in Singapore is now at an all-time high; with four IT jobs currently in big demand in both the public and private sector(4). They include:

  1. Software Developers
  2. Data Analysts
  3. Security Engineers
  4. Cloud Engineers

The recently released Willis Towers Watson 2021 Salary Budget Planning Survey Report looked specifically at industry sectors in the Asia Pacific region and also predicts strong growth in salaries for the Tech sector there in 2022.

“…the pandemic has produced accelerated growth and enormous demand for wireless communication. Strong foreign direct investment into the region along with the demand for technology, communication and 5G equipment, have created new demand and job opportunities across the High Tech and Media industries. High Tech companies in the region are projecting the largest increases (5.5%) followed by Manufacturing (5.4%), Pharmaceutical and Health Sciences (5.2%) and Media companies (5.2%). (5)

As all industries embrace digital transformation in the coming years, we will continue to see a significant rise in demand for all tech and digital talents across all verticals. Whether for different kinds of technologies – agritech, edtech, fintech and more – the demand for engineers and other specialist technology talents will continue to be very high right across the region, from start-ups to tech titans.

No longer ‘all about the money’ for Tech workers

But our world of work is fast changing. Today, it’s no longer ‘all about the money’ as employers throughout the region look to diversify compensation packages with a focus on employee experience and well-being rather than substantial pay increases alone.

For example Robert Half found recently that many businesses were now re-addressing the benefits packages they offer, with the inclusion of perks such as flexible hours, remote-working options and allowances for home office equipment. (6)

It makes a lot of sense. With the shock of COVID, technology workers now want the whole package. Alongside compensation, IT professionals consistently list technical challenges and flexibility for hours or better work/life balance among what matters most in a job offer, in addition to company culture and advancement opportunities.

For example, offering potential employees a flexible remote work policy is by far one of the most in-demand workplace perks for top Tech talent today. The best Tech talent available looks for positions that require them to be on-site only one to two days per week, completing their remaining tasks for the rest of the week wherever they work best – whether that’s in a convenient satellite workplace or at their home office.

How to outgun Tech giants like Google on the salary front

Additionally, this is a great perk to offer if an employer can’t match the top salaries that Tech giants like Google do. Applicants will seriously consider a job offer with a lower salary if it provides them greater remote work flexibility.

Offering I T workers a choice of tech is also proving to be popular. For Tech Project Managers, Developers, Analysts, and more a key consideration when accepting a new job is whether or not they’ll be involved in the decision-making process on which technologies are used for different projects. This can be a major factor as some Tech professionals work best in, and prefer, specific tech tools, languages, solutions, and platforms.

Professional development too is becoming an increasingly significant factor for potential employees.

In post-COVID 2022, it certainly won’t be all about the money, but with the talent shortages worldwide employers will need to be creative and flexible with the salary package offers they make to potential Tech employees.

Like to know more about what the new world of work will be like in 2022, and how workforce management companies like CXC Global can help you create a successful future? Then don’t hesitate to contact us at CXC Global.

 

 

 

(1) marketing-interactive.com/how-much-of-a-salary-increase-can-you-expect-in-2022; themalaysianreserve.com/2021/11/22/asean-workers-expected-to-see-salary-increment-in-2022

(2) com/category/nation/2021/10/06/salaries-in-digital-tech-jobs-expected-to-rebound-in-2022

(3) com/article/tech-jobs-these-are-the-highest-paying-roles-and-heres-where-to-find-them/

(4) bgc-group.com/blog/2021/03/the-4-most-in-demand-tech-positions-in-singapore

(5) com/en-AU/Insights/2021/08/salary-budget-planning-2021

(6) com.au/tech-jobs-are-changing-but-dont-expect-a-boom-in-it-salaries-just-yet

(7) mondo.com/blog-workplace-perks-for-top-tech-talent

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