:: Boom in Singapore IT market – more jobs and higher pay checks!

As per the survey conducted by Monetary Authority of Singapore (MAS) - a rebound in the IT market in the later half of the year is expected. This is in line with the survey conducted by Manpower - which conducted a polled recently and found that over 55% of the employers said they would step up hiring in the April-June months.

The Manpower report also found that of all the 27 countries covered in the survey the Net Employment Outlook for Singapore at 53% has the brightest job prospects for the next three months, even outshining India which is at 31%.

Singapore’s economy is set to grow at 5.4 percent this year an increase from the 5.2 percent predicted in the last survey in December.

A certain feeling of positive outlook for a bullish market is felt all around for the year 2007. This ripple effect of the current good economy outlook is being felt especially in the job market.

A new and positive trend is being felt and echoed by most search firms here that 2007 will be a good year for IT boom. As more and more MNCs set up their operation here or augment their staff strength, especially amongst the investment banks, the market definitely is looking good for those who are in banking and finance sector.

According to Roger Olofsson, associate director Robert Walters as quoted in The Straits Times, IT workers can comprise up to 30 percent of the entire staff of a large MNC investment bank.

This is because of the fact that most investment banks in Singapore have segmented a large chunk of their resources to providing support to the existing applications and users and traders spread across the globe. Most of these activities used to be operated out of their office in New York or London or even Zurich.

Robert Walters also reported sharp increases in salaries in Singapore’s tech industry. These increases range from about $10,000 a year for a business solutions architect to about $100,000 a year for a chief information officer, compared to figures in 2003.

The last 2 year has seen a sharp rise in the number of IT workers coming to Singapore to join one of the investment banks here. This influx is also felt very severely in the areas of real estate. Especially in areas like Simei, Tanah Merah, Tampines and even Bedok the rental has grown to 10-30% for both HDB flats and condominiums. These areas are being preferred by many IT workers due to the fact that Changi Business Park (CBP) is situated near Singapore Expo which is at a close proximity to the above addresses.

In fact landlords these days insist on not only increasing the rental but letting out the flat to only those who are willing to sign a lease agreement for a minimum of 2 years. Fast forwarding to 2007, the scene is much worst with the real estate boom which is almost comparable to the economy boom of the early 90’s with expats willing to shell out 4k for a condominium accommodation.

Singapore is truly experiencing what to me is the beginning of good time and for most search firms here the pie is getting bigger and everyone is expected to have a share of the pie; the size and the amount of the pie largely depends on how well you position your organization in identifying and capitalizing on your core strength.