Redundancies across the Tech Sector and What’s Next
The tech sector was not too long ago a booming place to work. It became one of the most adaptable sectors during Covid-19, but today the number of layoffs is rising, sometimes in the thousands. Global economic downturns and reduced revenues have seen technology giants including Meta, Twitter, Stripe, Twilio, and many more, make widespread layoffs.
Known as a Technology hub for many, Singapore has also taken a knock. We’ve seen lots of sales, HR, and talent resource candidates hired during the pandemic who have now been made redundant as the economy has started to slow down. Our own clients have also been forced to lose staff, and our candidates are anxious about the future, but it won’t be doom and gloom for too long.
Despite the layoffs, downsizing does not mean no one is hiring. Our team on the ground has in fact seen a demand to hire tech experts still. So, keep reading, because we want to explain how that is at all possible…
Tech firms are hiring to sustain growth
A lot of the recent redundancies at tech organisations have come as a surprise to those affected, but we’ve been really impressed at the online community here in Singapore. We’ve seen people quickly rallying together to spread the word about their talented peers. Flagging them to their networks and consultants, getting them back into work. We have also seen those who were made redundant already be placed into new roles, so whilst it’s a scary prospect, many companies are still hiring.
Markets do respond quickly when they’re experiencing increased demand for products and services, and that drives growth and candidate demand.
Employers are looking for candidates with specialist skills
We’re seeing some very clear trends in Singapore at the moment with a very high demand for candidates that have data backgrounds, as well as developers, software engineers, and product professionals.
Roles like Data Scientists and those with experience in data security are in particular demand as businesses look to strengthen their data management processes and analysis whilst prioritising infrastructure and safeguarding themselves against risk.
International businesses, in all areas of tech, show promise of expansion into Singapore. This indicates that Singapore’s position as a technology innovator will continue to grow, despite what looks like a slow-down.
This is all driven by technological developments globally, and the Singapore jobs market has a key role to play in all of this. There’s a high demand for workers in these industries, but there are candidate and skills shortages to contend with.
How the Tech sector is adapting quickly to attract talent
Many tech employers are currently struggling to fill specialist positions and so we often see that these candidates are increasingly being poached for their skills. Although, while challenging, it’s certainly still possible for employers to attract candidates in the current market.
We know that the pandemic caused a complete operational shift for businesses, and Aspire’s own research tells us that – along with salary – flexible working and diversity and inclusion, for example, are increasingly important to candidates.
Some employers may find themselves outpriced in the marketplace, in terms of what they can offer a candidate. In a candidate-short market, some employers have no option but to pay more than usual to secure the talent they need. (This is great news for technology candidates who can demonstrate their specialist skills and experience).
Candidates can be sure that even though they may be leaving large global businesses the level of opportunity at start-ups and emerging tech businesses is there, and they are desperate for the new talent that is now available. Whilst the initial news may have seemed like the tech bubble was bursting, and yes, it will need to recover to an extent, we are still seeing evolution for the Tech market in Singapore.
Aspire is a confident supporter of tech employers and candidates.
Get in touch and we can discuss the landscape for you and others that work in the tech sector so you know what to expect and can plan to grow accordingly.
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