Singapore still investing big in tech talent despite layoffs

Singapore still investing big in tech talent despite layoffs

Demand for people with specialised tech expertise is not restricted to the tech sector, says Singapore’s Infocomm Media Improvement Authority.

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Singapore hasn’t been spared the layoffs which have hit the worldwide tech trade since 2022.

On-line market Carousell reduce 10% of its whole headcount final December, and Shopee informed The Straits Occasions it began a 3rd spherical of layoffs final November.

However regardless of the downsizing, Singapore remains to be investing closely in tech abilities. Efforts at hiring and cultivating tech expertise — in each the nation’s tech and non-tech sectors — proceed to be sturdy.

Singapore banks OCBC, DBS and UOB have every developed packages that practice expertise workers and put together college students to enter the tech trade. OCBC, for its half, introduced in 2022 plans to rent 1,500 tech staff over the following three years.

And STLogistics introduced final yr it could make investments 1.7 million Singapore {dollars} ($1.2 million) to encourage staff to select up digital abilities like software program robotics. Singaporean telecommunications firm M1 launched a program to equip undergraduate college students with abilities like cloud infrastructure assist, it stated on its web site.

Demand for these abilities is not going away anytime quickly — within the tech sector and past.

Sturdy demand for tech jobs

Tech jobs have turn out to be more and more well-liked lately.

In 2022, practically seven in 10 of all vacancies in info and communications have been new positions, which a report by the Ministry of Manpower confirmed was the very best stage throughout all sectors for the third consecutive yr.

Throughout job vacancies, expertise expertise like software program builders and functions managers continued to be extremely wanted, the report added.

That stage of demand is anticipated to stay because the financial system digitalizes, stated Terence Chia, cluster director at Singapore’s Infocomm Media Improvement Authority (IMDA).

“This has been a consequence of tech corporations anchoring and rising their higher-value tech improvement and company features right here,” he stated.

On prime of that, demand for people in “specialised tech areas” resembling synthetic intelligence and cybersecurity is not restricted to the tech sector, Chia informed CNBC. Such tech staff are wanted throughout a number of industries resembling finance, manufacturing, logistics {and professional} companies, he stated.

Tech ‘powers all the massive banks’

In finance, expertise is the engine that “powers all the massive banks,” stated Donald MacDonald, OCBC head of group knowledge.

“We would like everybody within the financial institution to … at the very least have foundational knowledge literacy,” he stated.

OCBC designed a program that equips staff with fundamental knowledge abilities and teaches them how knowledge can be utilized of their jobs, he stated.

In keeping with MacDonald, the financial institution makes use of knowledge to grasp its buyer profiles and personalize every buyer’s expertise.

Knowledge additionally performs an element in lowering danger — OCBC scans each transaction to detect scams and makes use of algorithms to determine “who to lend to and … how a lot to lend,” he stated.

One other knowledge evaluation program trains staff in divisions like finance and danger administration, MacDonald stated. It has educated about 400 staff to make use of superior knowledge evaluation abilities like Python, which MacDonald stated will assist them “transfer past” utilizing Excel and different easy instruments.

“I see Singapore establishing [itself] as a sort of regional hub for A.I. and deep tech,” MacDonald stated.

Specialised tech abilities

IMDA’s plans are broader in scale: It has educated extra than 15,000 Singaporeans and positioned them in specialised tech jobs, stated Chia. The roles span a variety of industries, together with monetary companies, wholesale and retail commerce, and schooling, he added.

These jobs typically have steep studying curves however, Chia stated, program individuals obtain “on-the-job coaching and classroom studying” to select up specialised abilities.

One in every of IMDA’s packages places non-tech professionals by an “intensive, bootcamp-style expertise” that helps them become tech professionals, he stated.

Larger schooling isn’t any exception. Chia stated “many main corporations” assist IMDA’s joint initiative with the Ministry of Schooling to coach and create job alternatives for tech college students in vocational institutes.

“There proceed to be many alternatives within the digital financial system for Singaporeans,” Chia stated.

Globally, tech corporations have reportedly reduce 102,391 jobs up to now this yr, however the worth of tech expertise has removed from diminished in Singapore.

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