Tech talents could receive up to 25% pay increase when changing jobs next year

SINGAPORE: A recent survey conducted by recruitment firm Robert Walters has revealed that professionals in the technology field can expect a substantial salary increase of 10 per cent to 15 per cent when they change jobs in the coming year. In sectors experiencing talent shortages, the salary hikes may soar as high as 25 per cent.

The survey, which involved over 300 Singapore professionals and companies, was conducted in September this year. Its findings indicate that the demand for tech talents is set to surge in 2024 as organizations increasingly prioritize artificial intelligence, technology, and sustainable development.

An astounding 80 per cent of the employees surveyed expressed their intention to switch jobs within the next 12 months. Among these individuals, the most sought-after employers offer enticing bonuses, flexible work arrangements, and comprehensive medical insurance.

However, the survey also highlights companies’ challenges in recruiting suitable talent. The report indicates that more than 80 per cent of employees surveyed hope employers can prioritize work-life balance measures, such as implementing a four-day workweek and providing counselling services.

Interestingly, the survey revealed a gap in expectations between employees and employers.

While employees expressed willingness to return to the office two to three days a week, employers overwhelmingly expected their workforce to be present for four to five days. Less than 10 per cent of the surveyed companies expressed openness to implementing a four-day workweek.

As the technology industry continues to grow and evolve, attracting and retaining top talent will be crucial for businesses to stay ahead of the curve. With the anticipation of salary increments and the increasing demand for work-life balance, whether companies will adapt their recruitment and retention strategies to remain competitive remains to be seen.