Even with the major companies letting go of their tech staff, Singapore is still hiring more and more tech-based profiles. This is a surprise that comes at the height of layoffs in bigger companies like Amazon, Twitter, and Snapchat. But for other companies, it is the best time to hire tech.
Trouble in Paradise
With the rising inflation and bad performance on the tech front, business is still booming for young entrepreneurs and companies. Every day 100s of tech startups are started and Venture Capitalists are still investing money into them.
These are great signs of “Tech” being the most dominant field to be in 2023. This comes at a time when tech profits have been at an all-time low. Meta is already bracing for a slow holiday season and expecting more losses.
Snapchat has laid off its in-app game development team, which was responsible for the extra in-app features and games. But the CEO assures that Snapchat is committed to the long-term game.
Channel News Asia on Wednesday said that even though the workplace has changed in the last few years, Singapore is still a tech hub. Investors are pouring money heavily into these industries. Technology startups have been booming in the last two years ever since the Singapore government showed support for new tech especially crypto.
What About FinTech?
At the Oversea Chinese Banking Corporation of OCBC, some of the tech teams have doubled in size in the last 2 years. The teams acquiring talents are mostly in Augmented reality, blockchain, and artificial intelligence.
All new hires are not only in startups but also in fields like banks and government sectors. The United Overseas Bank plans to hire upwards of 2,700 people in various data roles as told by Dean Tong.
This is good news for anyone in the tech field and especially people who have been planning to move to Singapore with Tech offers in hand. The bank officials have said that they are more than halfway towards their hiring goals and will continue to look for more talented individuals in the near future.
On the other hand, Fintech startups have become more and more conservative and rely more on venture capital and private equity. With burn rates through the roof, it is important to save money while you can, but in recent times that has been hard to do.
With the supply of jobseekers greater than the demand, it will be interesting to see when and where the whole supply and demand curve shifts to. Big tech companies laying off employees more than ever, it has never been a better time to hire tech.
In the end
One company’s layoffs are the other’s goldmine. With experience tech talent now available in the market, Singapore has been a beacon of what to do in these times of mass firings.
