Why did software engineers choose Singapore as their preferred destination for a contractual role in Asia?
Singapore functions as a regional hub for international organisations, and without a doubt ranks competitively in attracting talents globally. As reported in the GTCI 2018 Study, Singapore was top in attracting and developing talent in the Asia-Pacific region for the fifth straight year. It was also2nd globally in terms of talent competitiveness, the only Asia-pacific country within the top 10. Complementing this with Singapore’s Smart Nation Vision, the country is in a competitive position within the talent race for technology. This is especially evident for roles that require in-depth technological know-hows such as software developers and engineers.
Source: GTIC 2018 Study, Insead
What are some of the key reasons talents all over the world choose Singapore to pursue their career?
Singapore is a hotbed for technological innovation within banking
Singapore remains as an attractive destination for tech experts and innovators alike and this is largely due to the support from the public sector. The Singapore Government revealed the latest Research Innovation and Enterprise (RIE) 2020 plan – pledging a cumulative funding of S$19 billion in research, innovation and enterprise over the next 5 years.
The government’s support in technological innovation fosters a favourable and promising environment for technological companies and banks who embrace digital disruption. Tech experts, as a result, would benefit from the training invested in them which includes the upskilling and expansion of their capabilities, helping them to stay relevant in the field.
As the banking sector in Singapore continues to flourish in its fast-paced and extremely competitive landscape, it is to the advantage of software engineers. They get to reap the opportunities and investments of this city-state.
More job openings in Singapore
According to research commissioned by Oracle Academy, 70% of the fastest growing skills within the tech field are related to computer science. This includes software development and engineering that are areas which serve as the base support of various technological developments today.
As machine learning and automation trends continue to disrupt the sector, software engineers are also encouraged to consider building their competencies within Artificial Intelligence (AI).
Many large organisations have their regional headquarters in Singapore and this has opened up a variety of opportunities that software engineers can tap on. The big banks, DBS, OCBC and UOB are all assembling high-quality specialist teams in areas of technology. Fin-tech start-ups are also offering potential hires an unrivalled, diverse portfolio of projects and career development opportunities including the flexibility they need in order to thrive.
Gig economy within digital banking is here to stay
Various studies done by market experts suggest that contracting and temporary staff have been on the rise in Singapore. Once labelled as a stressful place to work in, the country has made much efforts to change this preconceived notion. This can be seen from the uptick in opportunities for contract employment that promotes flexible work schedules, along with competitive salaries.
In 2017, more than half the employers across banking and financial institutions were turning to flexible staffing options. Employers were thus expected to either maintain or increase their current number of contract hires in 2018.
Local bank DBS announced its plan to hire as many as 100 software experts for both full-time and contract placements. This decision is catalysed by its digital push to maintain their status as the top digital bank in the world. One of their hiring programs dubbed as ‘Hack2Hire program’, aim to recruit only the best experts in the field.
UOB on the other hand, houses 4,500 employees within their technology and operations alone. They are however looking to continue their efforts in increasing its intake for engineers, analysts, digital designers, architects, project managers and data scientists.
Are you a software engineer or is your company hiring individuals within the field?
With the gig economy taking over multiple markets across the banking space, contracting work may very well keep you relevant and attractive to banks all around. In addition, if you are interested in a career that would allow you to manage a healthy work-life balance, contract roles may also be a viable option.
Likewise, organisations who are more open towards offering contractual roles would also be ahead of its competitors if they wish to attract talent looking for contractual jobs.
If you are interested to find out more about the career opportunities within the software engineering space or how your competitors may be hiring within the area, do drop Naufal Bin Omar an email at [email protected] or connect with me on LinkedIn. Alternatively, you may stay updated with relevant industry insights on our revamped website at www.huxley.com.