The tech talent landscape in Singapore and Hong Kong is witnessing a significant shift. According to a recent report by eFinancialCareers, while some Singaporean companies are reducing their contract staff due to AI advancements, others are increasingly recruiting a contingent workforce to address skill gaps and manage project peaks.
Traditional boundaries between technology roles blurring
Jon Loh, our Managing Director of APAC, featured in the article, pointed out that the market's dynamism creates opportunities for contractors, with job risk varying by specialisation. He also highlighted that AI's impact extends beyond headcount reduction. The trend Loh and his team have been seeing is the rise of consolidated skillsets within technology roles.
Jon Loh says: “Traditional boundaries between roles are blurring. Cloud Engineers are handling backend tasks, Backend Developers are incorporating cloud and DevOps responsibilities, and Data Engineers are increasingly taking on backend work. The industry is converging toward a more unified skill set.”
The report highlights that the rise in contract roles, particularly within the financial services sector, reflects a broader trend across the tech industry. Businesses are prioritising flexibility and cost-efficiency, opting for contract talent to quickly fill critical roles and access specialised skills. This strategic approach allows companies to adapt to changing market conditions without the long-term commitments associated with permanent hires.
Hong Kong's financial services, insurance and trading rates on the rise
Another notable trend involves salaries. While Singaporean contractor salaries saw a slight year-on-year decline, the Hong Kong market experienced an increase in rates, particularly within financial services, insurance, and trading.
Jon Loh's insights emphasise the importance of understanding the nuances of the APAC market. He points out the need for strategic contract hiring to ensure projects are delivered on time and within budget, without compromising on quality. For technology team leads and hiring decision-makers in Singapore and Hong Kong, this trend presents an opportunity to optimise team flexibility and efficiency.
At Nicoll Curtin we recognise the unique challenges faced by tech teams in these dynamic markets and are committed to connecting organisations with top-tier contract talent. Reach out to us to learn how we can help you leverage the power of contract hiring.
