Nearly half, or 40% of tech professionals in Singapore seek a change of organisation while remaining within the same role or industry in the next 12 months, according to research by Hays Singapore.

Meanwhile, 44% of workers are open to new opportunities, Hays found, while 36% plan to be promoted or find a new role within their current organisation.

Slightly over a third, or 35%, plan to stay in the same role within their current organisation.

Among the top reasons to stay with their employer, Hays found 40% stayed with their current employer due to work-life balance. This was followed by 36% who said work location/flexible working options.

According to Hays, changing consumer preferences, disruptive technology and a challenging economic landscape will influence tech recruitment strategies in 2024.

Candidates in Singapore faces a job-short market, as tech companies seeks to explore and expand markets that are cost efficient, Hays noted. Consequently, more professionals are choosing stability today, with muted expectations regarding career and salary growth. 

“While there is a sense that companies are reassessing hiring budgets due to economic concerns, investors worldwide are keen to leverage Singapore’s advanced cloud infrastructure,” John Borneman, Regional Director at Hays Singapore, said in a press release. “The need for skilled data engineers, network specialists and cybersecurity experts is expected to increase as businesses shore up their workforces to meet growing expectations from the global community.”

For professionals, Hays recommends updating their toolkit, including being clear with prerequisites and considering upskilling and certification to fill any gaps within their toolkit. Hays also recommends engaging with peers and mentors for insights into emerging roles and specialisms in their industry, and research companies that are hiring for stable options.

For business leaders, Hays recommends determining which skillsets are needed to face the coming change will be key to developing a holistic strategy, recalibrating roles, engaging passive candidates as well as identifying suitable individuals for reactivation, and act as intermediaries to better manage professional expectations of the company. It also recommends develop their existing workforce employees through internal mobility incentives, training programs, and career development resources for qualified candidates.