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Big tech staff in Singapore are moving to banks.

Fired by Meta? A bank in Singapore will hire you

Singapore technology professionals made redundant by companies such as Meta and ecommerce giant Shopee recently are finding they’ve still got plenty of bargaining power when it comes to getting rehired in the banking sector.

Some technologists affected by the layoffs are actively seeking new positions at big banks, while others are sticking to their guns in the hopes of a new role in the tech sector, says Sachet Sethi, manager technology and transformation, at Robert Walters

Sethi says he’s helping former Meta employees to find new roles in banking, adding that for the most part, they are landing jobs with relative ease. Despite job cuts at tech firms, the overall market for technologists remains tight. “There is no labour looseness,” says Sethi, adding that the number of tech jobs in the banking sector remains similar to earlier in the year.

But candidates from tech firms will have to pare back some of their salary expectations from the heady 20% to 25% increases that were considered the norm only six months ago. “Things are more in equal balance,” says Sethi.

Banks are continuing to recruit for tech roles related to artificial intelligence, security, software and digital payments, for example.

Looking towards 2023, Sethi expects banks to build on the future technologies that gained momentum in the remote work culture that emerged in the Covid-19 lockdowns. “With banks, a lot of digitalisation came into the market in 2021 and 2022 and this will play a big role when it comes to 2023 as well – so that’s why I would say demand for application development and data analytics is going to be there,” he says.

Sethi says hybrid roles involving compliance and data analytics will emerge as a major driver to tech hires, along with application development, in the new year. Still, he cautions the slowdown affecting the tech sector will foster a more cautious attitude among the broader economy. “Companies are careful about hiring the right talent while the hiring process has become a little longer than the usual because companies are going to be selective,” he says.

Photo by Possessed Photography on Unsplash

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