Technology professionals remain highly sought after amid Covid-19
With the disruption and economic impact caused by COVID-19, the general narrative in the market has been one of caution. Notwithstanding this, there is still active hiring amongst organisations, especially for technology-focused roles.
Here are the key observations in summary:
On planned headcount: Our clients continue to hire for prior-committed programmes. We are now seeing offers being approved after an initial period of uncertainty. While some BAU roles are on pause, interviews are still ongoing on a case-by-case basis. However, whether these roles will result in hires within the coming month(s) remains to be seen. So far, the most positive news we have heard from our clients, especially within the banking sector, is the commitment to keep their headcounts.
On competition for talent: With highly competitive salaries, stock options and the ‘cool factor’, start-ups were once, compelling options for technology talent deliberating their next move. Recent high profile business closures and layoffs have made candidates more risk adverse and more inclined to consider roles from established or well capitalised growth companies. One interesting observation is that Singaporean technology talent at all levels, remains highly sought after, with candidates often landing jobs within weeks of coming out to the market – a sign that there are pockets of demand.
Below is a chart showing the functions that are impacted by the current market conditions. Engineering and Data & Analytics for example, account for 9-10% of the layoffs which are much less impacted than some other functions.
Source: Saison Capital, Futurelabs Ventures
Overall, Technology remains a talent short market even in these current conditions. With slightly less competition for talent, especially in the start-up space, this can be a good time to build a strong talent pipeline and look into opportunistic hires that had proven a challenge to recruit for in recent years.
Functions which are hiring include:
- Software Engineering
- Technology Infrastructure
- Project Management
- Cybersecurity
- Data
If you would like to find out more, please do not hesitate to contact me at yien@kerryconsulting.com.