We have almost finished our first quarter of the year. How is your work on tech talent recruitment? While some of you are still in the early stages of making plans for your tech hiring in the next couple of months, others may have started searching for qualified candidates already.
Just before 2020, when Covid-19 wasn’t all over the news and the ‘remote work’ term didn’t sound familiar for most firms, companies like us could make good use of tech hiring data over years for trends predictions and talent recruitment plans. Now we not, given dozens of unanticipated events that have happened for the past two years.
But not all the data has come to waste. The bottleneck here is the date validation of data. By looking into insights in the last three months, we now can see the latest signs of change of tech hiring landscape in real-time and thus, navigate our focuses accordingly to attract and retain tech talent in our troop.
Here are the two game-changing knots of the tech hiring landscape in Q1 of 2022 you shouldn’t miss out on.
Competition for tech talent will continue to heat up for the rest of the year
Reported in a new report by tech talent platform NodeFlair, software engineers enjoyed the highest raises among various technical specializations, with an average increase of 22 percent year-on-year in 2021.
The median monthly income for lead software engineers is about $9,000. This goes up to almost $16,000 at the 90th percentile. What about junior software engineers? This group earns around $4,750, while those at the 90th percentile can make about $7,500 a month, said NodeFlair’s Tech Talent Compensation report.
Tech talent tends to quit their jobs more often
The great resignation is coming across sectors and countries. A recent survey by LinkedIn revealed 41% of workers are thinking about resigning from their jobs.
In a tech hub like Singapore where the local tech talent pool has to serve ambitious expansion plans of not only local but foreign firms, chances are software developers of one company are wavering by others’ job offers. Raising salary offers as a bargaining chip is commonly used in this case, which leads recent increase in salaries to be among the highest tech professionals have ever seen. Usually, software engineers are offered increments of around 20 percent and sign-on bonuses when changing jobs.
Feels like your tech hiring has been on a roller coaster ride for the past 2 years?
You’re not alone.
Hiring for tech talent with niche and specialized skills in emerging technologies these days requires a thorough recruitment process that is conducted by not others but tech personnel. Otherwise, your team’s work on hiring is no different from throwing the company’s resources and efforts.