Talent is still in demand, however, as companies in various fields seek to develop digital capabilities.
Singapore: For one thing, some of the biggest names in IT and technology are laying off employees en masse, from Meta and Twitter to Amazon and Shopee, talent is still in demand as companies in various fields seek develop digital skills. “Hot spots for business activity and recruitment remain even as parts of the tech industry cool amid rising inflation and interest rates as well as the changing post- pandemic,” Channel News Asia said Wednesday, citing analysts.
One of Singapore’s largest local banks, the Oversea-Chinese Banking Corporation (OCBC), some technology teams have doubled in size over the past two years, such as those in blockchain, artificial intelligence (AI) and augmented reality. The new hires come from a variety of backgrounds, including banks, technology companies, start-ups and the government sector, said Praveen Raina, head of group operations and technology at OCBC.
The bank announced in March that it would hire 1,500 people in technical roles over the next three years in positions such as application developers, cybersecurity experts, blockchain specialists and data scientists.
A leading local bank, United Overseas Bank (UOB), also plans to hire more than 2,700 people this year, including 500 in technology and data-related roles, said Dean Tong, head of human resources at the band. “The bank is more than halfway to that goal” and is building skills in positions such as program and project managers, business and system analysts, technology development managers, domain-related architects and test engineers,” he added.
DBS, the Singapore-based bank with a growing network in Southeast Asia and India, said it was also continuing to hire for critical roles in areas including data, AI and learning. automation, as well as site reliability engineering, blockchain and cloud.
“(But) the days of hiring left, right and center, fearing the loss of talent, will probably stop for a while,” said National University assistant professor Ng Weiyi. of Singapore (NUS) Business School. .
Among the employers likely to become more “fiscally prudent” are fintech start-ups that rely heavily on venture capital and private equity for funding, he said.
Competition has also intensified as the supply of job seekers increases after several high-profile layoffs have impacted Singapore’s tech sector.
Meta, the parent company of Facebook, which has laid off more than 11,000 employees globally, has laid off dozens of employees in Singapore in departments ranging from marketing to engineering. Twitter cut half of its global workforce, around 3,700 employees, although it’s unclear how many in Singapore were affected. E-commerce giant Amazon plans to lay off 10,000 employees.
Singapore-based online marketplace Shopee has staged three rounds of cuts since June this year, which included staff in its food delivery and online payment teams.
The larger pool of tech talent available for hire will give companies a way to dictate terms of employment, meaning they could end up paying employees less, Assistant Professor Ng said.
But outside of the start-up world, companies that aren’t traditionally thought of as tech companies, such as banks, are looking to deepen their digital capabilities. Tech layoffs could be a boon for them and also provide new opportunities for tech job seekers.
“There is a potential mobility shift for companies that want to reinvent themselves to pursue top tech talent that would otherwise not be available,” the channel quoted Assistant Professor Ng as saying.
“Now you see an opportunity to recruit top tech talent that has otherwise been lured by the very juicy compensation packages offered by venture-backed companies.”
Yorlin Ng, COO of venture capital firm Momentum Works, said it was the silver lining of Big Tech layoffs for non-tech companies and start-ups that want to innovate and are now able to grab talent. technologies. “Some of our founding friends are already finding it easier to hire talent recently,” she said.
“I think there will be a tech boom again – maybe very soon. The landscape could be different from what we know now. longer-term strategies of specific companies.
“For example, a few large tech companies retain their business development team to continue to manage customers, while some large tech companies that have cut ‘non-core’ functions still retain strategic technology teams (such as AI) to that they remain competitive after the current crisis.
(With PTI input)