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Straits Times
14 hours ago
- Business
- Straits Times
S'pore ranks among top global hubs for tech talent and investment, study shows
Singapore was cited as having a strong tech ecosystem, rich talent pool and a business environment that draws global talent and investment. PHOTO: ST FILE SINGAPORE – Singapore has been named one of 12 global technology 'powerhouses' and is positioned to draw the capital and talent needed to develop a sophisticated artificial intelligence (AI) ecosystem that will keep it among the elite. The Republic was cited as having a strong tech ecosystem, rich talent pool and a business environment that draws global talent and investment, despite being the smallest of five Asia-Pacific tech hubs to make the Global Tech Talent Guidebook 2025. But Singapore is also one of the costliest cities to run a tech business in, ranking 24th out of 115 markets for software engineers' wages and with office rents that are second only to Paris. Beijing, Shanghai, Bengaluru, Tokyo, San Francisco, New York, Seattle, Boston, Toronto, Paris and London complete the top dozen powerhouses in the study compiled by real estate services firm CBRE. Singapore, with 45 per cent of its 4.3 million working-age population having at least a university degree, ranked behind only Ireland and Switzerland in education levels. Mr Ravi Nippani, head of regional industries and solutions at Mercer Asia, said CBRE's findings align with its own survey out in March that ranked Singapore third in Asia after China and India in the number of reported tech jobs. 'Singapore's tech ecosystem is quite mature and vibrant in terms of roles, encompassing both front-line and supporting positions,' he said. 'When compared with the sheer size of the working population in China and India, Singapore is more than punching its weight and can rightly be given powerhouse status.' Overall, Asia-Pacific hosts the largest tech talent pools, with Beijing, Shanghai, Shenzhen, Bengaluru, Delhi, Hyderabad, Mumbai and Tokyo reporting having more than 500,000 tech professionals each. Labour was singled out as the biggest cost for tech firms, with software developers in San Francisco and New York commanding the highest annual base pay, at US$177,273 (S$228,600) and US$158,387, respectively. Software engineers in Singapore earn annual base salaries of US$111,000, but with rent among the costliest in the world, they fork out over 29 per cent of that to landlords. Mr Jonathan Lasenby, head of technology and telecoms at executive search firm Ethos BeathChapman, noted two cost-related red flags in the report: Singapore ranks second globally for office rent and seventh for apartment rent. 'Together, they contribute to higher operational costs, driven by both rental overheads and salary expectations,' he said. 'This challenges Singapore's positioning relative to other tech powerhouse markets. Candidates may increasingly weigh cost of living when deciding where to live and work, especially as remote work and distributed teams become more viable.' Singapore has to anchor high-value strategic jobs that are not easily replicated, such as AI, product innovation and research teams, and regional leadership and strategy functions, Mr Lasenby said. These strategies have been incorporated into the country's AI Strategy 2.0 and government support for research and development, education, and innovation hubs, he added. Ms Rohini Saluja, CBRE's head of consulting and integrated client solutions for Asia-Pacific, expects many more emerging markets to graduate to the 'established' tier by 2028, even though she forecasts that the powerhouse list will remain mostly unchanged. 'You start seeing a lot of new tech hubs. When you look at India, for instance, we know that Bengaluru (and) Hyderabad are established tech talent major metros, but they have started putting investments into education, harnessing technology skills and supporting quality of life in locations like Ahmedabad and Jaipur.' She cited Auckland, Ho Chi Minh City and Jakarta as other examples of new and upcoming tech hubs. Singapore could do better in drawing more venture capital. AI-related venture funding hit a record US$129 billion in 2024 with Singapore accounting for just US$2.5 billion, less than 2 per cent. 'We have some way to go to compete with markets in the US, for instance, which takes the bulk,' she added. As the US under President Donald Trump moves to bring manufacturing operations back to America and keep jobs at home, she expects more tech talent to come out of South-east Asia, India and China. How the region retains its talent instead of losing it to the West, which is happening today as skilled workers gravitate to countries with higher quality of living, will be a challenge. As geopolitics and the rise of AI erect fences in not only trade, but also talent flow, Ms Saluja has seen a rise in clients prioritising talent: 'That is the biggest change I have seen over the last 18 months. 'More and more companies are first looking at labour strategies, workforce distribution strategies, before they are making decisions on locations.' Singapore can take a leaf out of the multinational playbook and build talent pools overseas, then tap them through partnerships such as the Johor-Singapore Special Economic Zone. This will ease some of the pressures to import foreign talent. 'You can't keep moving people and creating other issues. All you can do is create scale through these partnerships,' Ms Saluja said. Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
22-05-2025
- Business
- CNA
Job postings down 17% on-year; skill shortages in some sectors persist: Indeed
Job postings in Singapore are down about 17 per cent on-year, according to hiring platform Indeed. Still, it says skill shortages in sectors like education, healthcare and finance persist, and these gaps could signal potential growth areas. Richard Bradshaw, CEO of Asia and Europe at Ethos BeathChapman, a headhunting firm, talks about if there has been a downward trend in job posting in Singapore because of global uncertainties. He elaborates if this is a short term concern or if there is potential for medium- to long-term impact as well.
Straits Times
11-05-2025
- Business
- Straits Times
askST Jobs: Does your job prepare you to lead?
Those hoping to rise up the ranks can indicate their motivation and readiness to pursue leadership responsibilities. ST ILLUSTRATION: LEE YU HUI askST Jobs: Does your job prepare you to lead? SINGAPORE – In this series, manpower correspondent Tay Hong Yi offers practical answers to candid questions on navigating workplace challenges and getting ahead in your career. Get more tips by signing up for The Straits Times' Headstart newsletter. Q: How do I know if a role gives me the exposure needed to progress further? A: Anyone aspiring to leadership positions needs to accumulate a good and balanced blend of technical and people skills as they rise up the ranks, says Mr David Blasco, country director at Randstad Singapore. Aspiring leaders will also need to decide whether their current position and employer provide a discernible pathway for them to pick up these skills. Companies with flatter hierarchies and with a culture of letting employees take ownership of projects or product lines tend to provide earlier leadership opportunities and faster progressions, Mr Blasco says. This includes the financial technology, technology, insurance and consulting sectors, which are known for their fast-paced environments. 'Large companies that offer leadership development programmes and rotational assignments also allow employees to gain broad exposure to people management and budgeting responsibilities at an early stage.' Ms Jillian Yip, director of corporate function hiring at executive search firm Ethos BeathChapman, says those hoping to rise up the ranks can also indicate their motivation and readiness to pursue leadership responsibilities. This can be done by volunteering to help lead projects that involve managing major changes, such as migrating to new systems of operations or technology, as well as merger and acquisition initiatives, especially if these projects lie well within one's technical capabilities. They can also actively seek opportunities, such as participating in employee engagement efforts like mentoring, or learning and development programmes. However, Ms Yip notes that issues such as a lack of succession planning or renewal can also prevent deserving talent from getting into a position that allows them to show their leadership chops. Mr Blasco adds: 'There may be instances where some companies have more people in top and middle management positions, making it more challenging for younger employees to progress into their desired roles. 'There could also be situations where the existing leadership team feels that none of the existing employees is ready to take up more responsibility in the organisation, and consider hiring someone from outside the organisation.' Employees who feel they have missed out on a promotion opportunity can consider searching for another employer who will give them a chance to take up the responsibilities that prepare one for leadership, he says. In doing so, they will need to search for job openings with job scopes that include some level of managerial responsibility, such as managing teams or a given budget. 'It is advisable to partner with specialised recruiters to find leadership positions, as some senior roles are not publicly advertised,' Mr Blasco says. To ensure the role provides you with the leadership exposure you want, Mr Blasco encourages asking targeted questions during the job interview. Examples he cites include 'What is my role in budgeting and forecasting processes?', 'What is the team's structure and how many direct reports would I have?' and 'What level of autonomy does the position have when it comes to making a decision for the team?' Says Mr Blasco: 'The answers to these questions can help confirm whether the role offers hands-on exposure for you to build key leadership competencies. 'At the same time, the interviewer will be able to assess your career motivations and readiness to determine your fit for the role.' Ms Yip says that, realistically speaking, those angling to leave also need to recognise that employers in the market for roles that offer a step up will likely expect candidates to already have some form of leadership or mentoring experience. As for skills that leaders will be expected to have, Mr Blasco says strong business and finance acumen is critical, as leaders will often need to weigh risks and benefits and make well-informed decisions under pressure and uncertainty. This holds true regardless of industry type and organisation size. Leaders may well be on the hook for profit and loss figures, so they will need to know how to manage budgets to allocate resources effectively while ensuring that the business function they oversee is profitable. 'At the same time, exposure to managing budgets helps build capabilities in strategic planning and critical thinking,' Mr Blasco says. He adds that employees who hope to rise up the leadership ladder should also have a track record of managing people well, including in terms of hiring, coaching, delegating work and resolving conflicts, even if informally. Those in customer-facing roles such as business development will also need to clearly understand and deliver on what customers need. Leaders also need to inspire, develop and retain talent, earning the trust of employees. 'A team of people will always have differing personalities and perspectives, which are necessary for business success,' he says. Have a question? Send it to askst@ Join ST's Telegram channel and get the latest breaking news delivered to you.
