Financial tech workers in demand in Singapore, getting multiple job offers and pay increments

SINGAPORE: Despite a sluggish job market, tech talent in the financial industry is in such demand that many candidates receive multiple job offers and are offered salary increments, recruitment agencies said.
Mr Nilay Khandelwal, managing director of Michael Page Singapore, said that candidates in technology have at least two to three job offers.
“Mobility of talent has been a challenge and demand from existing and new companies is high compared to supply. In order to secure tech talent, we have seen companies either counter offer or offer higher than normal salary increment,” he said.
Demand surged with COVID-19 and various technology transformation projects, but tech was already an area of supply-demand mismatch before the pandemic, he added.
Not only are banks digitalising many of their functions, the fintech sector is also rapidly expanding with the launch of virtual banks, scaling up of e-commerce platforms and the rise of cryptocurrency platforms, said Mr Faiz Modak, senior manager for tech and transformation at Robert Walters Singapore.
And firms are not just looking for developers or engineers, they are increasingly sourcing for people with a combination of skills. With a shortage of workers who have both technical and functional business knowledge, firms are competing for the same talent and driving up salaries, said Mr Modak.