Finding out that you have been offered a job is exciting, especially if it's the job that you have been dreaming of. But before you sign anything to accept employment, take some time to review the information provided to you.
Consider this: As an employee, what do you want from that company? According to a Gallup survey, there are other significant factors to take into account besides salary, such as:
It all comes down to finding a balance where one gives their personal and professional obligations equal priority. Work-life balance and well-being have also grown in importance over time, with 53% of employees describing them as "extremely important" in 2015, rising to 61% of today's workforce. It’s unfortunate that many previous Gallup workplace evaluations found many staff is stressed, overworked, and burned out. Nonetheless, the considerable increase in remote work has increased awareness of the significance of workplace flexibility alternatives, possibilities that are largely here to stay, even among workers who aren't suffering from burnout.
It's good to be able to use the talents and skills that each person possesses to their greatest advantage. When given the chance to perform something they are good at, people find their work more stimulating and enjoyable and look forward to going to work. Therefore, it's not surprising that 58% of employees believe that this matter is still very essential for employees. It has been discovered that workers who are not permitted to use their strengths often seek employment where they can, while workers can use their abilities frequently seek jobs where they can use them even more.
Job security is the assurance that one's position will not be terminated. It guarantees that you will be able to continue working in your existing position for the foreseeable future. Basically, employees feel safe from things like layoffs, economic downturns, and other variables that may have an impact on employment. This item's significance hasn't changed since 2015; About half of workers (53%) are looking for jobs that offer more stability and security than their current positions. However, since the beginning of the pandemic, what security means (and what seems secure) has probably shifted. Furthermore, stability and security are predicated on expectations for the future; if these expectations evolve, what job security entails is likely to do the same.
Although diversity and inclusion are related ideas, they are not the same thing. Diversity has to do with representation or how something is put together. Inclusion describes the extent to which the contributions, presence, and perspectives of different groups of people are valued and incorporated into an environment. Gallup asked survey respondents about this for the first time, and it scores at the top for employees at 42%. This demonstrates that societal advancement is evident in the growing support for establishing more inclusive and equal workplaces. Additionally, as many businesses have learned, today's workforce needs real, genuine change in these areas, not just platitudes. In order to discuss these shifts and commitments, recruiters must be ready.
Whenever someone mentions compensation, they frequently consider their annual salary or an hourly wage. However, remuneration or compensation involves much more than that. It's essential to understand the definition of compensation, the different types of compensation, and how it's determined, especially for those searching for new employment.
So, what is compensation? The Cambridge Dictionary define compensation in three ways:
In terms of employment, the third definition is most relevant because many businesses provide pay awards for employees' service and contribution. In addition to receiving a good basic salary, employees may be offered a variety of non-monetary or monetary compensation. These are the kinds of incentives that should be considered while deciding on a job offer.
Finding work should include more than simply accepting a job for the sake of having one. For individuals to be productive at work, they must feel inspired and content with what they are doing, achieving, and receiving. That's why getting compensation and benefits are among the factors that can either make or break employees.
Let's look at some of the primary reasons why this is important for any employee:
Two-thirds (66%) of workers believe benefits have become a more essential element of how they evaluate their overall salary. It stands to reason that three-quarters (75%) of employees consider benefits when deciding whether to stay or leave a job. 44% of workers are more willing to consider choosing a similar job at a different company that offers superior benefits (Compaas)
Personalised wellness programmes, along with a variety of non-cash incentives such as paid time off, would motivate 80% of employees to participate in company programming (Welltok). Similarly, 90% of workers think that receiving recognised motivates them to perform more (Achievers)
According to research, employees who receive low compensation are more likely to start their own businesses or take on side jobs. The side business will interfere with the quality of work and concentration of employees. The study also emphasises how evident it is that salary has a significant impact on employee productivity. Employee productivity would increase if it provided more appropriate compensation to employees. Conversely, if it provides lower compensation to employees, the employee's productivity suffers.
72% of employees responded that having greater work benefits would boost job satisfaction (Zoro), and 84% of employees who are satisfied with their benefits are satisfied with their jobs (Business Community). On the other hand, dissatisfaction is caused by employees' need for more benefits (57%), desire for benefits they do not yet have (24%), benefits they can’t use (22%), and benefits they feel pressured not to use (8%) (Clutch).
According to EBRI, almost two-thirds of employees who rated benefits satisfaction as extremely or very high rated their morale as outstanding or very good, while Healthcare Trends Institute found 68% of businesses believe health benefit plans have an impact on their reputations and can boost employee morale and satisfaction.
59% of those who discovered they were paid less than peers with the same experience or rank sought a new job within a year. In comparison, only 23% discussed it with their bosses, and 12% went to HR. Nearly half (46%) of those who did not take action did so because they believed speaking up would be futile, and 23% were afraid of retaliation. 66% of men who met with their supervisors or HR had their salary changed, compared to 43% of women (Compass).
Since compensation meaning any benefits or incentives provided by employers to employees, the possibilities are countless. Compensation may be anything from a commission to a housing allowance and medical benefits. Some firms might provide some of the best benefits, such as Adobe, which ranks first in the Comparably Best Compensation Award.
Depending on where and which industry you’re entering various elements can make up an employee’s compensation package, including:
Companies may choose from a variety of approaches to determine an employee's compensation. Some examples are provided below.
According to Christy Pruitt-Haynes, head of Performance Practice at the NeuroLeadership Institute, a global neuroscience-backed consultancy, employers consider "how much similar positions are paid within this company, and how much competitors are paying for similar positions" when making a pay offer to a prospective new employee.
In other words, an employer strives to strike a balance between making an offer that's equivalent to or more desirable than those made by other businesses and abiding by the restrictions placed on how much current employees can be paid.
When giving job offers to candidates, employers typically have a range of options at their disposal; seasoned applicants or those with appropriate experience typically qualify for the higher end of the range.
Pruitt-Haynes advised using a statement like, "I am certain that my five years of experience dealing with your specific client base will allow me to make an immediate positive impact on sales," if you have a strong work history to rely on. These assured and unambiguous claims may aid in raising the total compensation proposal.
The skill set of a candidate is another aspect that affects pay. Do you have any extra abilities that will help you in the position, or will you require some training to be effective?
According to Pamela Mattsson, Outreach's SVP for People and Organisational Development, having desired abilities and competencies may justify extra consideration for an offer.
Even if they weren't requested, highlight any specialised abilities you have, such as being bilingual. Pruitt-Haynes noted that you can never be too sure that they won't make you a more appealing prospect.
Whether or not qualified candidates are competing for a position as opposed to a candidate shortage affects compensation. In so-called "job-seeker markets" or highly sought-after industries like technology, employers must increase their pay packages. However, if there are a lot of applications, employers don't have to worry as much about letting a few walk away.
(Source: The Balance)
Companies can frequently still negotiate some benefits and compensations with you in the early stages before you take the employment. It doesn't harm to attempt because many people missed out on opportunities because they were too hesitant to ask or even begin to negotiate. Here are some suggestions for negotiating higher perks and remuneration.
Don't let other ideals be compromised just because there may not always be much leeway available in terms of pay or perks. Professional development expenses are an important perk that many people often overlook. You may, for example, suggest that your company pay for a certification or training course to help you execute your job more efficiently.
Remind your prospective employer of your value and the reasons they wanted to recruit you during the bargaining process. Describe how you expect to add the same value to their company while highlighting your professional accomplishments. Therefore, the benefits you earn should reflect that. Employers might be more willing to adjust to your demands if they are aware of the skills and advantages you provide.
Giving the justification for your demands can help your case. Explain why certain benefits are required and how they would improve your work performance. You may cite how having more vacation time or the option to work from home occasionally could prevent burnout in the office. Employers may take this into account since it can help them achieve their corporate objectives.
A written offer should be obtained once the bargaining process has been completed. Save the document somewhere safe after reviewing it to be sure it contains everything you both agreed upon. Keep all additional correspondence, including emails, that are pertinent and contain information about the bargaining process. Having this proof on hand can help avoid future misunderstandings and guarantee that you obtain the benefits you agreed to.
While a better salary is an obvious component in increasing employee motivation, other sorts of remuneration and benefits have also been identified as key aspects of an employee's motivation to work. Compensation such as bonuses, incentives, stock, share-sharing, and gain-sharing has been utilised by employers as a motivator for superior job performance.
When employees are fairly compensated, they feel appreciated as both employees and as people. They will consequently feel better about going to work as a result of this. The motivation of employees to produce greater results is also increased when they are aware of potential bonuses or commissions.
Furthermore, plans for bonus and commission earnings become a target goal for employees’ achievement. The best part of it all is that general company morale improves and people are motivated to show up for work and perform well.
With an attractive compensation structure, employers will be better positioned to attract and retain top talent. Although developing a compensation plan is not a simple task, adopting the measures outlined below may promote business growth and morale in the workplace.
When an employee is being paid fairly, they are more likely to stay with your business and are less inclined to hunt for other career opportunities. A poll by Indeed found that 39% of people hunt for jobs because they would like to earn more money. This demonstrates that salary has a significant impact on how long employees stay with a company since satisfied employees are more likely to feel that their needs are valued by their employer.
Paying well helps businesses retain employees for extended periods and recruit better talent. In fact, according to 66% of the companies surveyed, having a solid remuneration strategy is essential to ensuring employee retention, which is followed by stronger hiring practises and compensating for in-demand talents. A high retention rate is crucial because it ensures employees remain with the company for a long time, saving time and resources on training new hires and demonstrating the loyalty needed to manage a business.
Keep in mind that attracting new employees and keeping them on board depends on employers’ ability to comprehend the nuances and create an effective plan. The remuneration package provided to employees plays a significant role in luring and keeping talent. In addition to improving retention, a generous compensation plan may help boost brand advocates and engagement.
You know the feeling – palms sweaty, knees weak, arms heavy, heart pounding. Not the song lyrics, but the exact moment before you walk into a room with the hiring manager. Already a nerve-racking experience, interviews can be tricky to manoeuvre because there are a lot of factors to take into consideration: Your dressing, research on the company, non-verbal behaviour, and your choice of words, to name a few.
What happens if, during the interview, you're suddenly hit with a few curveball questions and you're unprepared? Not only will your stress levels shoot through the roof, you run the (very real) risk of accidentally saying the wrong thing which may jeopardise your chances of securing the role. Which is why we highly encourage you to be prepared for any possibility, that'll help you feel much more in control, in addition to maintaining the confidence to express yourself.
With that said, our guide to some of the more popularly-asked tricky questions by recruiters should give you the edge you need. You’ll be able to anticipate what will get asked in an interview; imagine acing the session if you're cool, calm, and collected! The recruiter may try to intimidate you to observe how you conduct yourself, but throw in steady eye contact and adopt a humorous approach (but don’t overdo it), and you're on your way to impressing the panel.
What do employees look for in a job? Besides fulfilling career goals, the essentials on the list are now focused more than ever on decent remuneration, better work-life balance, remote working opportunities, and (a modern favourite) good company culture.
While it may seem like an afterthought, corporate culture is a strong indicator of how one’s everything-related-to-work will be: Work life, environment, colleagues, processes, hours, the list is endless.
Company culture is dynamic, and isn’t ‘one size fits all’. Organisations across the continent have distinct values, objectives, and even working environments, so a good company culture is one where you fit in the most and belong!
If you’ve ever wondered what kind of company culture a business practices, head to the ‘Values’ page on their website (if they have one). While it's most often a culmination of shared values, traits, goals, and leadership styles, it's also about the experience at work.
Corporate culture forms the daily experience of an organisation; a guideline for how employees should feel about their work, perform their tasks, and carry their business beliefs. One example is Zoom, which values care – for their customers, employees, community, etc.
An organisation’s leading values (that make up company culture) are typically a variation of these and more:
With a strong culture, employees have greater assurance, objectives, commitment, engagement, and the ability to act based on their company values. They're also inclined to enjoy their work and form better work relationships with their colleagues, as they resonate strongly with the culture and values they're exposed to every day.
The big picture of what corporate culture is, is based upon these 8 styles:
|Caring||Collaborative, inviting, prioritising support for one another.||United by loyalty.||Emphasise positive relationships, teamwork, and genuinity.|
|Purpose||Compassionate and prejudice-free, fueled by ideas and selflessness.||United by a goal of sustainability and worldwide communities.||Emphasise idea-sharing and working for a better cause.|
|Learning||Full of exploration, innovation, and open-mindedness.||United by curiosity, stimulating new ideas and thoughts.||Emphasise the pursuit of knowledge, adventure, and endless ‘what ifs’.|
|Enjoyment||Lighthearted and fun-filled, freedom of expression and to be happy.||United by mutual excitement and stimulation.||Emphasise spontaneity and humour.|
|Results||Heavy importance on results and achievements.||United by a will to succeed and prove their capabilities.||Emphasise accomplishing goals.|
|Authority||Highly competitive to gain personal advantages.||United by unyielding control.||Emphasise dominance and confidence.|
|Safety||Advanced planning and preparation, plus considerable risk consciousness.||United by a feeling of safekeeping and acting on change.||Emphasise long-term planning and being realistic.|
|Order||Rule-abiding and striving to fit in.||United by cohesive teamwork.||Emphasise structured procedures and time-honoured traditions.|
The styles a company chooses to adopt would reflect its business, and influence how stakeholders view the organisation. Internally, it can create an environment of independence or interdependence, and flexibility or stability.
Certain styles can coexist naturally and compliment each other (eg: results and authority), but those on opposing spectrums require work to maintain. For instance, combining enjoyment and order may cause strife because of the latter’s rigidity, so leaders must apply the best methods to calibrate and integrate the two.
Whether purposely fostered or as a result of decisions over time, good corporate culture is one where employees are well-versed in their expected outcomes, and take action accordingly. Most obviously, it's evident through an organisation's daily tasks and goals.
Netflix practices judgement, selflessness, courage, communication, inclusion, and integrity – values that employees uphold and apply to all aspects of the business. With selflessness, employees are encouraged to seek the best for the organisation as a whole, not just for themselves or their team.
By applying company culture practices to work, employees experience significantly better motivation and working environments, as they feel like they’re working towards a common purpose and with people who are just as driven.
Organisational culture doesn’t transpire overnight. It can take years to nail down the exact shared principles and beliefs. Some factors that contribute to shaping it are:
Just a glance at the values of a company is enough to have prospective candidates feel if they fit in or not. And it’s important because employees who belong are not only more likely to be happier, but productive too. Satisfied employees will also want to stay on longer, which makes for better retention and lower hiring costs.
When your company culture is part of your employee’s usual culture, it can make them feel excited, involved, and form better coworker relationships, which develops positive business outcomes. Engaged employees were 17% more productive and had lower absence rates compared to lesser-engaged colleagues, reported the Gallup State of the American Workplace Report.
Besides company values that lead with innovation, an established organisational culture affects the entire workplace experience – from leadership to growth, systems, and risk-taking. Employees are more confident and proactive in sharing their ideas, letting their voices heard, and being flexible during challenging times.
Not only does company culture affect the people inside, but those looking from the outside like customers and the media. Building a resilient organisational culture bridges the gap and enforces what you stand for, creating a culture that aligns and integrates with your brand identity.
There's no avoiding corporate conflict, but a positive organisational culture can mitigate it. At times, an optimum level of conflict can boost organisational performance and employee morale, which in turn contributes to company productivity.
There are no two same cultures, which means neither is superior to the other. The benefits of a robust organisational culture far outweigh the downsides, making it a solid factor in a company’s success. For that to happen, here are some ways to develop company culture:
For small and medium businesses, corporate culture may seem like the lowest priority to establish compared to things like overhead costs, supply-and-demand needs, managing resources, etc. But they're important to take care of existing employees if they want to retain and bring in top talent.
Singapore, in particular, has been struggling with talent shortages – so much that unconventional methods like rehiring older employees and greater salary adjustments have been considered. Hong Kong faces similar issues too, as companies race to hire top talent.
These case studies solidify the importance of good company culture: to retain valuable employees and drive productivity. On paper, it may look like words strung together to evoke a fancy business image, but it's a direction for employees to work with, taking action and bringing change to the organisation, and the greater community.
It’s not every person you meet who’ll be able to proudly say they love their job, even more so if they’re only in it for the money. Most people dream of doing what they’re passionate about, while meeting their career aspirations AND at the same time earning enough to fund their chosen lifestyles.
Sounds like a very far shot? Not really; if you’re willing to put in the hard work and dedication in a job where you’re well remunerated, you could actually be able to achieve that.
No matter whether you’re a fresh graduate or a job seeker with years of experience under your belt, Singapore has always been one of the top destinations for those who seek greener pastures. In a country with attractive job opportunities (so long as you know where to look!), your efforts could be paid off with a considerably attractive income.
Where it once faced economic woes bad enough to create severe unemployment rates (the highest ever was 6.5%, recorded in 1986), Singapore is now one of the most advanced in the world, and has even topped lists such as “Most attractive countries to relocate to for work”. They placed a very respectable 8th place, by the way! And it’s not hard to see why, considering how its international competitiveness is robust, and the currency is the 13th-most traded in the world (by value).
So, if you’re looking to find your very own well-paying tech or digital career niche on this island, it’s time to check out this list.
Before we get to what are some of the lucrative careers you can consider, if you’re not a citizen/permanent resident, there are a few legal aspects you’d need to familiarise yourself with first.
The first and most important thing is to ensure you possess a valid pass (also known as a ‘work visa’). There are four main types to take note of: Employment Pass, EntrePass, Personalised Employment Pass, and ‘S Pass’. Here’s what each one means, in a nutshell (information taken from the official Ministry of Manpower (MOM) website):
|Pass Type||Who Is It For|
|Employment Pass||For foreign professionals, managers and executives. Candidates need to earn at least SG$4,500 a month and have acceptable qualifications.|
|EntrePass||For eligible foreign entrepreneurs who are keen to start and operate a business in Singapore that is venture-backed or possesses innovative technologies.|
|Personalised Employment Pass||For high-earning existing Employment Pass holders or overseas foreign professionals. The PEP offers greater flexibility than an Employment Pass.|
|S Pass||For mid-level skilled staff. Candidates need to earn at least $2,500 a month and meet the assessment criteria.|
Quick tip: You can use the online self-assessment tool created by the MOM to help you get a rough idea of your eligibility.
You’d also need to read up on the Singaporean government’s common employment practices, to ensure that they’re a good fit for your lifestyle. Think: Leaves of absence, public holidays, working hours, and salary, for example. The MOM’s exhaustive list of aspects covered will help you get a rough understanding of what working in Singapore will be like!
We’ve now come to the highlight of this article: What are the careers you could be considering that would pay you well for all your hard work! The data was taken from GRIT’s latest Salary Report and Market Outlook 2022/2023, where the monthly salary ranges were derived from the knowledge of senior recruitment professionals within the GRIT teams, as well as latest data from multiple job databases.
Editor’s note: The list below has been arranged in ascending order, and doesn’t include roles that are of managerial level and above.
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To be a successful software engineer, you'd need to know how to use the right programming languages, platforms, and architectures to design and develop computer applications or programmes. This high-responsibility role will have you in charge of various types of projects, from computer games to network control systems. You may even be tasked with overseeing your very own team of software developers! Some of the soft skills you'd also require are problem-solving, a strategic mind, and communication. Don't forget to earn relevant certifications, because you can then build new skills and validate those skills to potential employers.
Trade marketing (also known as 'B2B marketing') focuses on increasing the demand of the product/service among the various supply chain partners. Whereas consumer marketing (also known as 'B2C marketing') focuses on both acquiring potential customers, and retaining current customers. Whichever you fall under, you're going to be in charge of promotional activities and marketing strategies that would communicate the value of the product/service to either the businesses or consumers. You'd need to personalise brand experiences too, as well as develop ideas on how to promote sustainable brand development.
DevOps is not only a cultural shift, mindset, or just a set of technologies; DevOps is the new way forward! First off, you'll have to understand the full software development lifecycle, because you're chiefly responsible for coming up with an organised solution to deal with the difficulties in the given system. You do this by examining the large system environment, and selecting an application framework which fits best. Generally, you must have a bachelor’s degree in software engineering, computer science, or a related field in order to seek employment in this role.
Companies nowadays are increasingly reliant on data to make important business decisions, such as which new products to develop or new/existing customers to target. As a data architect, your role is to know how to translate those business requirements into technology requirements, as well as define data standards and principles. You'd typically also need to act as liaison between the IT side of your company and the other departments, aligning data collection and distribution policies, with the company's operational and strategic objectives. In other words, you're the harnessing the power of data that drives modern-day businesses!
What exactly is a 'data scientist'? Imagine a data expert who has keen analytical skills, technical skills to solve complex problems, and enough curiosity to explore alternative solutions to the problems that need to be solved. As someone who's in high demand right now, they use data to understand and explain the phenomena around them, as well as help companies make better decisions. Plus, since their role seems to have a foot in both the business and IT worlds, they’re highly sought-after and well-paid. And it shows, since they made it onto this list as the top 10!
In the crypto/blockchain/Web3 space, someone in product management is capable of creating a strategy behind a product, and then oversee the launch from start to finish. But above all, they would need to coordinate the work done by others, such as product designers, data scientists, and software engineers. Once a particular project has achieved a considerable user base and the company wants to consolidate market advantage, that's when things like a product roadmap become necessary. In short, you'd provide much-needed coordination for a project, and ensure objectives are met.
Cloud computing architecture covers everything that's involved with cloud computing, including the front-end platforms, servers, storage, delivery, and networks required to manage cloud storage. So, this role basically refers to a person who has the skills and knowledge in converting the technical requirements of a project into the architecture and design that will guide the final product. He/she would also be responsible for bridging the gaps between other members of a tech team, plus be able to stay on top of the latest trends and technologies to keep abreast of the constantly evolving field.
When a company hires someone for growth acquisition, this job role typically means that in the crypto/blockchain/Web3 space, you'd be required to develop and execute creative strategies to help the company procure base customers/target audiences as well as uncover valuable partnership opportunities. In addition, you'd also be tasked with increasing both the Acquisition (e.g., work closely with the Head of Growth to build growth tactics that will generate traffic) and Activation (e.g., help the sales team close more deals by supporting them through the journey of all their prospects) conversion rates.
With this role, you'll essentially be responsible for proactively identifying new business opportunities, and developing relationships with various assigned institutional accounts (read: an account that's opened by/for an institution for the benefit of banks, mutual funds, or others). Furthermore, you'd need to maintain and develop the platforms of clients based around the world, as well as take charge of selling and pitching to new investors. Sounds like a lot of stuff on one plate? That's why this job role commands the second highest salary in the tech and digital industry!
We've reached the #1 spot, and what a hefty salary this highly-skilled individual will receive! And it's no wonder, because you'll be the one-person wonder who's a complete package of skills required to perform the operations, designing, developing, analysing, implementing, and supporting a distributed blockchain network. You're literally the expert mind behind the technology that powers cryptocurrencies and NFTs (Non-Fungible Tokens), so you're going to have to be familiar with various programming languages like Solidity, C++, Golang, and Java. Additionally, employers would expect you to already have prior knowledge of blockchain architecture.
If this list of the top 10 highly paid tech and digital jobs in Singapore is making you want to quickly start looking for available roles, WAIT.
First, you need to ensure that you’re adequately equipped with the skills and knowledge to perform at your best in this industry. You can do so by checking out all the job descriptions currently posted to see what hiring managers are looking for, and then cross-check with your own current skill sets. If you’re lacking in one or two, go take up courses and get certified, so that you can list them as strengths in the interview. Secondly, while getting theoretical knowledge is a good move, you can give yourself an edge over the rest of the candidates by getting some practical knowledge too. Get yourself some hands-on experience by joining internships, summer camps, and taking on small freelance jobs soonest possible.
According to Cham Hui Fong, deputy secretary-general, National Trades Union Congress (NTUC), employers and employees should constantly transform themselves so that they remain competitive and seize opportunities that come their way as the economy is recovering with the resumption of activities post-pandemic. This should lead to better business and work prospects, so that in the longer term, it leads to higher productivity and better wages.
With a charmingly quaint nickname like ‘The Fragrant Harbour’, this nation’s reputation as a global powerhouse in free economics and technology has been no secret for decades – they've had a reputation as the world’s freest economy for more than 25 years, holding on to that title since 1996 according to the Economic Freedom of the World 2021 Annual Report.
That’s not all, because Hong Kong is also the #1 financial centre in Asia. Did you know that New York, London, and Hong Kong are collectively known as ‘Nylonkong’, an acronym of the top three financial centres in the world? The Z/Yen Group and China Development Institute published their latest edition of the Global Financial Centres Index 31, which saw Hong Kong maintaining its third place in overall ranking in the world.
Now, there are many people who dream of being able to work in a career that they’re passionate about and will help them meet their career aspirations, as well as being well-remunerated so that they can fund their chosen lifestyles. So, if you’re a driven and skilled professional who’s looking for a chance to earn big, you’ve got your vision set on the right location!
This land of opportunities is obviously a very attractive prospect for ambitious foreigners, with its “fragrance” drawing in many of the top talent from far and wide. Luckily, Hong Kong has its arms wide open – assuming you have the right skill set. Let’s take a look.
You need to be aware that if you’re an expatriate who’s thinking of finding a job in the county, there are a few things you need to do first, notably obtaining your employment visa! There are a few that you can opt for: General Employment Policy (GEP), Admission Scheme for Mainland Talents and Professionals (ASMTP), Technology Talent Admission Scheme (TechTAS), Investment as Entrepreneurs, and even the Quality Migrant Admission Scheme (QMAS).
These schemes make it as easy as possible for you to get a job in the country, if you’re a highly skilled or talented individual in the right profession for their needs. They even have a Talent List website dedicated to clearly list the type of professionals they’re after. And if you notice, in the number of schemes listed above (taken from the official Department of Immigration website), there’s even one that’s been created specifically for eligible companies to admit non-local technology talent in the areas of artificial intelligence, biotechnology, cybersecurity, data analytics, and Internet-of-Things (IoT) to name just a few!
In addition, you also need to find out more about the Hong Kong government’s common employment practices, to ensure that they’re a good fit for your lifestyle. For example, as there’s no statutory standard working hour system or statutory maximum number of hours, working overtime without compensation is not uncommon. Furthermore, Saturday is considered a working day in many companies as well. Also, do find out about their taxation laws, so that you know how much of your salary is the take-home amount, and can adjust accordingly when it comes to negotiating with the recruiters.
Ladies and gents, we’ve now come to the meat of this article, and probably the main reason why you’re here! It’s time to find out which job roles would pay you well for all your hard work. The data was taken from GRIT’s latest Salary Report and Market Outlook 2022/2023, where the monthly salary ranges were derived from the knowledge of senior recruitment professionals within the GRIT teams, as well as latest data from multiple job databases.
Editor’s note: The list below has been arranged in ascending order, and doesn’t include roles that are of managerial level and above.
Download your own FREE copy of the report and find out more: Salary Report and Market Outlook 2022/2023
If you enjoy learning and building your own applications, why not consider this role? There are two main types of application developers: You'd either write workable programming code for a particular system such as Windows or Android, or across numerous platforms including computers and mobile devices. You become an important part of technical and/or project management teams, so polish those programming and related technical skills, in addition to your analytical capabilities and problem-solving skills. As you can work in almost every industry, that's where you can upskill and increase your value as an employee!
As technology now evolves at a breakneck speed, cybersecurity is becoming a real and very critical issue. Companies and organisations around the world are ramping up their efforts to protect themselves from cyberattacks, which is why this role is so in-demand now. You'd take on the role of both attacker and the defender in computer systems, networks, and software programs. Not only do you need to keep a client’s data protected and free from the risk, you also need to see what weaknesses there are and find out how to strengthen systems to prevent hackers from exploiting vulnerabilities.
Simply put: You’re an IT professional who works with developers and other IT staff to oversee code releases. The role of a DevOps engineer will vary from one company to another, but will always involve the understanding of the software development lifecycle, as well as the understanding of various automation tools for developing digital pipelines. In order to succeed, you need to have strong communication and collaboration skills, a solid understanding of all the components of a delivery pipeline, as well as to know the pros and cons of available tools and services.
Nothing to do with skies, a cloud consultant is generally someone who manages and deploys cloud infrastructure, according to each individual customer’s requirements. You'll be helping people in their planning, designing, and implementing the systems and services, in addition to providing ongoing support and maintenance once these systems are in place. Most people who pursue a career here would have a degree or Masters in computer science, information technology, or another related field. Furthermore, get certifications in different types of cloud services, systems, and solutions to prove that you're capable of handling the complex infrastructure.
First, let’s talk about ‘scrum’. This is an Agile (type of approach to project management) framework for developing complex projects, and allows teams to deliver high-value products by approaching problems iteratively. A scrum master is basically responsible for holding together the scrum framework, and ensuring a true scrum process over the course of a project. The results of the process depend upon the expertise of the Scrum Master, which is why he/she would need critical skills like problem-solving, adaptability, the ability to motivate, and communication. Finally, it’s also important to be proficient in specific technical skills related to Agile management.
This IT specialist is required to help his/her company in cloud adoption plans and cloud application design, as well as ensure a seamless migration to (and management of) all architecture in the cloud. You're going to need good knowledge about the concepts and moving parts involved in the integration and delivery process, because you'll also be working alongside DevOps engineers and developers as well as other members of the tech team (bridging the gaps between them) to ensure the right technologies are being built. Make sure your communication skills are top-notch here!
Sometimes called a 'company historian', this job role can sometimes be a bit difficult to define, because it straddles the lines between pure accounting, finance strategy, and leadership. You'd be running the accounting function, be responsible for the company’s ledgers and records, forecasting, as well as budgeting at the company level (based on accounting data). Phew, that's quite a lot! While it can vary among different companies, it's still important for you to have skills like strong leadership skills, interpersonal flair, excellent communication skills, and more than a touch of charisma.
These industries have long been filled with complex legal issues relating to regulatory status, compliance, corporate law, and anti-money laundering, to name just a few! So, if you're a legal counsel in the crypto/blockchain/Web3 space, you're someone who has a general background and understanding of related legal issues, as well as a deep understanding of the technologies that drive these industries and other related developments in distributive computing networks. Above all, you're not afraid of the volatility, and are able to think on your feet to navigate an ever-evolving regulatory landscape!
Here, you'd typically be responsible for developing and directing strategies to help a company restructure its business or establish strategic partnerships. This is done through mergers, acquisitions and divestitures. The goal is to improve financial performance, reach a greater level of organisational efficiency, and create opportunities to raise the company's value and competitiveness in the market. Essentially, you're looking to help your company outperform its competitors. You need to have a certain type of personality to thrive here, like being highly ambitious, outgoing, persuasive, and confidence-inspiring (all for obvious reasons).
Typically, a DevOps architect defines a systematic solution which fits best across the technical, operational, and management standards. You'd be able to generate an organised solution by examining the large system environment, and then selecting an application framework to deal with the difficulties in the given system. In this role, you must be capable of handling all the issues by implementing the strategies which are in line with the DevOps best practices. Generally, a DevOps architect must have prior experience in working as software developers and software architects, plus are expected to have more exposure to Agile methodology.
One look at this list of the top 10 highly paid tech and digital jobs in Hong Kong, and you might just want to jump right into hunting for your role immediately. But, WAIT.
You’re going to need to ensure that both your current skill set and experience level are what the government is looking for. Take a look at all the current job postings to see their descriptions, and what the recruiters are looking for in their ideal candidate. From there, you’ll be able to cross-check and find out if you can apply immediately, or would need to upskill or pick up something new. No matter if it’s the former or latter, it’s just a matter of taking up courses and getting certified, then you can further bulk up your resume. Another thing to do is to get some practical knowledge, on top of improving your theoretical knowledge (which is already a good move!). This is because you’ll become an all-rounder which would then give you an edge over the rest of the candidates, so don’t forget to also sign up for internships, summer camps, and take on small freelance jobs as soon as possible.
According to Zhou Xiaofang, Otto Poon professor of engineering and chair professor of computer science and engineering, The Hong Kong University of Science and Technology, the nation has an unmistakable advantage when it comes to nurturing innovative minds, thanks to some of the top-notch tertiary education institutions available. He also said that one way for the local talent pool to be strengthened is to offer more funding to universities to raise the student intake for tech and digital fields.
Since the pandemic's arrival, economic imbalances are occurring around the world; inflation is rising in many countries, while various bodies and experts are predicting a global recession. The phrase is currently trending in the media, but what exactly is this financial meltdown that so many people are talking about, and should we be concerned?
According to Investopedia, a recession is a period of declining economic performance that lasts several months across an entire economy. Businesses, investors, and government officials monitor a variety of economic indicators that can help predict or confirm the onset of recessions.
Forbes emphasised that a recession is declared when a country's economy experiences negative GDP, rising unemployment, falling retail sales, and contracting income and manufacturing measures for an extended period. The world has seen some major recessions in the past, and the five worst financial disasters and recessions in history, as listed by Live Science, are:
Furthermore, the most recent global economic crisis occurred in 2020, when the world was placed under a 'Great Lockdown' due to uncontrollable Covid-19 spread, which, according to the International Monetary Fund (IMF), will cause the worst global recession since the Great Depression.
The prospect of a recession is frightening, but several major events happening around the world are affecting the global economy, making an economic downturn highly possible. The following are some of the current tense situations, and how they may be causes leading to a recession.
Separately, the ongoing economic turmoil has been linked to a major cryptocurrency crash, which has resulted in the emergence of a crypto winter.
Coinbase CEO Brian Armstrong told CNBC that, “We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter and could last for an extended period. While it’s hard to predict the economy or the markets, we always plan for the worst, so we can operate the business through any environment.”
Global bodies and leaders such as the IMF, World Bank, and United Nations have forecasted the possibility of a recession. According to Reuters, the IMF's chief recently stated that the global economy has darkened significantly since April and that given the elevated risk, a global recession cannot be ruled out for 2023.
A post on IMFBlog mentioned that when the Group of 20 leading economies (G20) met in April, the IMF had just cut its global growth forecast for this year and next to 3.6%, and they had warned that the situation could worsen due to potential downside risks. Several of those risks have materialised since then, and the world's multiple crises have intensified, such as the human tragedy of the Ukraine war.
The aforementioned blog goes on to say that inflation is higher than expected, and has spread beyond food and energy prices. This has prompted major central banks to announce additional monetary tightening, which is necessary but will slow the recovery.
With the ongoing disruptions, recent indicators point to a weak second quarter – and a further downgrade to global growth for both 2022 and 2023. The outlook remains extremely uncertain, according to the IMF, and it'll be a difficult 2022 – and possibly an even more difficult 2023, with an increased risk of recession.
Similarly, the World Bank president told Fortune that “just over two years after Covid-19 caused the deepest global recession since World War 2, the world economy is again in danger”. He warns that for most countries, a recession will be difficult to avoid, and that there’s a possibility of stagflation (i.e., a recession accompanied by inflation).
According to the World Bank's June 2022 Global Economic Prospects, global economic growth is expected to slow before the end of the year, and most countries should begin preparing for a recession. Due to the weakened global economy following Covid-19, the World Bank initially forecasted a slower but still robust pace of global growth beginning in 2022. However, the Ukraine conflict has forced them to significantly reduce their projections to account for rising food and fuel prices, as well as disruptions to global trade networks.
Furthermore, the World Bank cautions that even a mild recession could have long-term effects on the world economy because current economic conditions could result in "stagflation," a state of low growth and high prices that's detrimental to the economies of developing nations.
UNCTAD also anticipated a possible impending recession. They claimed that, despite massive funding injections into major G20 economies, the world economy would enter a global recession this year, with a loss of global income in the trillions of dollars, which will be disastrous for developing countries. Given the deterioration of global conditions, fiscal and foreign exchange constraints are likely to tighten further this year. UNCTAD estimates that developing countries will face a $2 trillion to $3 trillion financing gap over the next two years.
They continued by stating that the combined effects of a pandemic and a global economic downturn would be disastrous for many developing countries, and would halt their progress toward the Sustainable Development Goals.
Many influential people and organisations in the industry have expressed concerns about the possibility of a global recession. According to Business Insider, some of the top CEOs in the United States are worried and predict that the economy will enter a recession. Here is what they have to say, along with some preparation advice:
Although many people think a recession is inevitable, some think things will calm down, and that one won't happen. The following experts and economists believe that there'll be no recession:
As suggested by the IMF, the world requires decisive action and strong international cooperation led by the G20. Whether or not a recession occurs, several countries around the world have taken extensive measures to control the dire situation that's currently taking place.
For instance, according to ABC News, central banks in New Zealand and Korea, have continued to raise interest rates to counteract rampant inflation. On July 13, the Reserve Bank of New Zealand (RBNZ) raised its benchmark overnight cash rate target from 2% to 2.50%, while the Bank of Korea (BoK) raised rates by 50 basis points to 2.25%.
In the United States, Federal Reserve hopes to lessen the impact of a recession by raising interest rates to achieve a 'softer landing' for the US economy, in which it can tame rapid inflation without increasing unemployment or triggering a recession. The Federal Reserve and expert forecasters predict that in 2023, unemployment will stay below 4% and inflation will drop to below 3%.
The economic downturn has affected all sectors, with many items increasing in price and layoffs occurring. The technology sector is not left behind, and it's likely to face significant difficulties in comparison to other industries.
According to Fortune, many of the tech names that dominated portfolios and outperformed for the majority of the last decade have seen their stock prices plummet in 2022. This includes the "FAANG" stocks of Facebook (FB), Amazon (AMZN), Apple (AAPL), Netflix (NFLX), and Alphabet (GOOG) (GOOGL). FAANG stocks are down about 37% on average since the beginning of the year.
It's impossible to predict what will happen to many tech companies should a recession strike, which could ruin their businesses. Even now, Business Insider reported that stocks are falling, start-ups are failing, and a possible recession threatens tech titans that once seemed untouchable.
The tech industry is being impacted and responding in various ways to this tough economic situation. Let's take a look at how some of the businesses are faring based on their circumstances:
(Source: Channel News Asia)
The cost of living is anticipated to rise in 2022 as global economies teeter on the brink of the worst financial catastrophe in living history. You must've heard how difficult the Great Recession was for so many people back then. So, some preparation must be made to face the uncertainty of an impending economic downturn that could hurt so many people's lives.
Here are 8 things you can do to protect yourself during this uncertain recession storm:
Although the prospect of a major global recession is frightening and unsettling, it's important to remember that the situation will not last indefinitely. While doing your best to stay afloat, you should also be extra cautious and prepared for a sudden downturn. Above all, maintaining your mental health is critical to weather the storms of negativity.
People often say that the first job you have is the one that will determine your next course of life. If you want to make movies, join a filmmaking company. If you have the next best idea for an app, apply as a junior application engineer to some of the cutting-edge start-ups.
But when you’re looking for your first job, what comes to the top of your priority list? Putting aside the basic requirements like salary, paid time off (PTO), and the nature of the job itself, what would working in your dream company look like?
For some, it’s joining the ranks of the top industry leaders (think Google, Amazon, Microsoft, Apple) and rubbing shoulders with the most brilliant minds; for others it could be starting small and finding your footing in a small- or medium-sized enterprise (SME).
An SME is a business with less than 500 employees, whereas a big company is categorised by its size and ability to dominate in their industry. Think of it as a David vs Goliath situation (size-wise), where SMEs are David, and big companies are Goliath!
Career opportunities are plentiful across all industries, from entry-level roles right up to managerial. Truthfully, you’ll find that the job descriptions are the same across all industries and businesses, no matter how big or small the company is.
Regardless of how many employees a company has or its annual profits, a writer is going to write, a designer is going to design, and an IT analyst is going to be the default go-to person for any IT-related issue (like helping people figure out why they can’t connect to the WiFi)!
So if the job scope and salary range are all the same, would jumping into a big or small company be more beneficial for your career? Ultimately, it all boils down to your preferred management style, benefits, career growth, and work-life balance. Let's take a look at the pros and cons for both to help you make a more well-informed decision.
1) A good benefits package/resources
A big company will have better access to valuable resources for each of their employee's learning and career development, and therefore in the long-term, it's their company and people who will benefit. Some corporate benefits may even extend to family members and go beyond, like the Campbell Soup Company, which provides kindergarten, daycare, and after-school programs for employees’ children under 12 years old.
2) The brand’s reputation adds value to your resume
Big companies are usually already well-known and successful in their respective industries, so having them on your resume could help boost your chances of obtaining future significant roles with other big players. Coupled with working alongside well-connected colleagues and bosses, it could also provide you with better exposure to a network of industry peers and leaders.
3) Structured, organised work
Every person has a clearly defined set of responsibilities and hat to wear (read: only a specific role you have to focus on), and the work is distributed equally to highly-skilled people who specialise in that field. Big companies often have established a clear-cut way of doing things, and there are guidelines and SOPs for everything, which ensures that there's little room for misunderstandings in who does what.
4) A competitive salary
Big companies usually have big pockets (how else would they be able to grow to that size?), and everyone loves a nice year-end bonus, including ample salary increments. The salary range can be very competitive too, to retain existing talent and attract valuable candidates. Case in point, a report by Bloomberg which found that in 2021, crypto people who wanted to changed jobs can command pay rises of 50%!
5) You can change careers without leaving
A big company provides more options for a career change, without you ever having to leave the company. As soon as there's a more promising job role made available, and assuming that you're suitably qualified for it, you can thus make the decision to switch up. The recruiter saves time, and you’ll also already be familiar with how the company operates and its culture – all that changes is your job scope and teammates!
1) Lack of exposure to other facets of the business
Although you have a clearly defined role and the luxury of switching careers within the company, you might not be able to explore other projects beyond your scope of work, or even to pick up new skills. For example, it would be difficult for a graphic designer to explore the role of relationship management because those shoes have already been filled, and big companies are less likely to select someone who's never been trained in that field before.
2) Hierarchical, top-down communication
Even as the world embraces a hybrid working environment or even fully-remote positions, the upper management still has the final say, which can be challenging for employees who prefer autonomy in decisions. Your boss says that you need to follow that 20-step manual on how to complete a project, even though you can do it in 3 steps? Your boss insists that you travel 3 hours to physically be in the office even though you’re much more productive at home because you have to follow company policy? All we have to say is: Stay strong!
3) Too many employees, too much competition
If you want to make your mark and be recognised for your achievements, it can be quite tricky to do so in a competitive talent pool, where everyone is fighting for the same thing (i.e. the attention of the boss!). Others may even try to tear you down in their climb to the top. Nobody likes catty co-workers, but unfortunately, it’s not against (most) company policies to be ruthless.
4) Change happens slowly
With multiple layers of stakeholders and managers, implementing change can come slowly because of all the necessary clearance and red tape it needs to go through. The project may not even receive the green light at all, or with much different results than what was originally planned for.
5) Stuffy and tight security
By security, we mean the IT side of things: Computer passwords, VPNs, two-factor authentication, RFID badges, biometrics, etc. When employees work from home or in public spaces, there’s a heightened risk of top-secret internal information that could accidentally be leaked or hacked into – a definite nightmare for any big company.
1) Flat/bottom-up communication
In a small company, you can expect to have more straightforward communication, where decision-making and feedback flow faster (read: everything is a lot less bureaucratic!). Because there are few barriers to communicating with your superiors, talking to them will feel like you're chatting with any other regular colleague.
2) Small and close-knit team
We know you might just hate us for saying this, but a small team can really feel like a family. In the sense that everyone has the capacity to get to know each other better, there’s stronger camaraderie, plus struggles and accomplishments are shouldered and acknowledged equally.
3) Greater learning opportunities
This may mean that you end up having to do the job of 2 to 3 people, but on the bright side, it's a whole lot of new valuable skills you get to learn! For young adults who are just getting started in their careers and still aren't sure about their path in life, this is one of the best times to develop, grow, and utilise new skill sets that could put you on the right track for your future career to come.
4) High-impact achievements towards the company
When the company you work for is small, your achievements will have a bigger impact on the company's overall strategy, direction, and goals. Plus, you may be more likely to experience a high level of recognition and ownership for what you do. In fact, each time someone in a small company were to accomplish something, it usually calls for a small gathering and celebration!
5) Better creative freedom
Little to no upper hierarchy means greater creative liberty to experiment with new ideas and projects. Seeing your work come to life and watching people interact with it is fulfilling to say the least. You may even have the opportunity to offer personalised touches to clients who will appreciate the kind gesture and the fact that you're willing to go the extra mile.
1) Fewer perks and benefits
Compared to a big company, a smaller company may not be able to offer as many employee benefits, except for the bare basics. If some of your employment terms seem to be more different than usual, do cross-check the details with your local labour laws to ensure that the company isn’t cutting corners, like discreetly giving you less paid time off.
2) Remuneration may not be worth the number of hats
With many hats to wear and responsibilities to juggle, you’re bound to feel overworked and underpaid – which is the truth because you’re doing the job of more than one professional. In such cases, you would want to negotiate for a higher salary or added manpower before you burn out!
3) Difficulty obtaining promotions or higher positions
A small company has a small organisational chart, which makes it challenging for you to get a promotion. Once you reach a senior position, the next best might probably be the CEO's seat, and would they really step down?
4) A lack of structure requires quick thinking
While you can try your best to implement SOPs and guidelines where necessary, not everyone will be on board. The words 'ad hoc’ and ‘urgent’ will crop up so often that it becomes the new deadline, replacing anything you’ve planned before. This calls for (sometimes extreme) flexibility, and an ability to change courses immediately, even if you’re halfway through something else equally as important.
5) Limited resources
This could be a major barrier for small businesses, as you may need to work with outdated technology or systems for the company to operate. Personal growth-wise, smaller companies place a lower emphasis on this, so any professional training or additional learning would need to come out of your own pocket.
The company you’re attached to could have 50, 500, or 5,000 employees, but that really doesn't matter; your decision should come down to your own priorities at the moment, as well as your career goals for the next few years.
Do you enjoy the rush of working in a high-paced environment and learning something new every day? Or do you want to develop and hone your skills better, in addition to focusing on your immediate responsibilities?
Regardless of the company's size, one thing that will get you through any door is your attitude: Be proactive, sharp, patient, and willing to learn. Even if your first few jobs are in a small company, a strong attitude can carry you forward and onwards into the company of your dreams. Good luck!
With the Covid-19 pandemic seemingly turning into an endemic, we see large numbers of people leaving their current ‘security of employment’ for greener grass.
A lot of these people leave due to low wages and perceiving a sense of unwantedness in their current job. It’s a shame that after years and years of loyal service to a company, they're forced to make the hard choice to leave.
Think about this: You spend an average of 6-9 hours (or sometimes more!) a day at your job. That's half or most of your day dedicated to your boss and daily duties. So, if you’re going to work feeling like you really don’t want to be there, well, consider that a clear red flag!
After surviving the dreaded Covid-19 pandemic, we see a shift in employer-employee dynamics. Previously, it wasn't common for bosses to pay much heed to the well-being of their employees nor care much about them, save for the work that they're paid to do.
If you were one of those on the short end of the stick, you had to suck it up, and try to make the best of the situation. These days however, people are realising their true worth, their capabilities, and most importantly, what they will and will not stand for. If they feel like they aren't valued at their place of work? Most probably they wouldn't hesitate to pack up and seek employment in a place where they are!
Now, this can be good news indeed if you’re a fellow competitor. It'll be in your best interests to poach workers from rival companies in order to get the best talent for your own company. Nonetheless, you still have to do your best to retain them, otherwise, you might just end up like those companies. Apart from giving out the obvious perks like much higher salaries, unlimited career development, supplemental insurance programmes, and generous paid annual leave... what else can you do?
According to a 2021 poll involving over 11,000 employees, the number one driving factor to retain staff is by fostering a deep and strong sense of belonging to the company. When they feel like they're truly included, they would then perceive that the company cares for them as individuals (their authentic selves), without fear of different treatment or punishment.
A strong inclusion has a major impact on performance – it motivates employees to shine in their contributions with regards to the company. Staff would naturally gravitate towards an empowering work culture that values its employees. Happy, motivated, and valued employees can result in up to a 12% increase in productivity.
In other words, if you make them feel at home in your company, they’ll want to give you back more. This is explained in motivation theories, especially Maslow’s Hierarchy of Needs. This theory places 'sense of belonging' as a need in the third level, and it's described as a person's emotional need for interpersonal relationships, and being part of a group.
Since we spend a lot of our days at work, it's a no-brainer that we try to feel like we're included at the place that takes up so much of our precious time. According to research, having that sense of belonging was 12% more important to workers during the pandemic. The same research also found that employees who obtain belongingness at work would reach their potential 3.5 times faster.
Another study done by Harvard Business Review found that a sense of belonging resulted in a massive 56% increase in productivity, a 50% reduction in risk of turnover, and a 75% drop in applications for sick leave.
Simply put, if you're capable of creating a supportive environment and culture of belonging in the workplace, you can expect happier, more productive, and motivated employees. All good leaders, do take note!
Here are a few ways that you can adopt in your workplace to try to inspire the sense of belonging in your workers:
Don’t be overbearing and end up turning into a 'helicopter boss' (hovering closely around your staff); let them do their work, it's what you brought them onboard for. If you chose them for the job, it means they have something of value to offer to the company.
You need to reassure your staff that you trust them and their capabilities, using consistent and thoughtful ways. Think: Carefully giving up control in measured amounts, sharing information to signal transparency, and investing in employee development.
In addition, if you can create an air of trust among your fellow staff, expect an atmosphere of positivity and productivity to follow! Remember, the key is to foster an open, honest environment where employees won’t be afraid to challenge the status quo. Make it clear that you’re seeking for honest opinions and/or feedback, and you could even give them an incentive or reward for speaking up.
Leaders can also promote a more candid environment by practicing it themselves – speak openly, and your team will follow. Let them know that they're appreciated there, inspire them to bring out the best in themselves and one another, as well as invite them to share their ideas and thoughts about work, duties, or even some casual office banter.
“A diverse mix of voices leads to better discussions, decisions, and outcomes for everyone.”
– Sundar Pichai
Don’t leave anyone out and inadvertently cause a culture of 'outsiderness'! Doing so is actually a painfully personal experience, which may cause your employees to further suppress the parts of themselves that makes them unique. Allow people the freedom to feel comfortable with their true selves – emphasising on individuality that would then lead to an improvement in diversity and company culture.
For example, leaders could have a little game during orientation week for newcomers: Questions are asked to determine the newcomers' personalities and perspectives that makes each person unique, then given merchandise with their respective names rather than the company name.
Giving employees the opportunity to have a say on work matters and providing routine opportunities for check-ins can and will make them feel like they're part of a team (which then fulfils Maslow’s third level). It's even better when their collective ideas actually solve the problem! Why not try this: Create a game plan that involves the input of your staff and hear what they have to say. You’ll see some amazing results when many brilliant minds come together to brainstorm.
Let your employees know that you and the company value their work and ideas. Make them feel seen and heard by appreciating the creative ways they use to solve work problems or colleague conflicts. There's no point bragging about your productivity if you don’t include the people who made it happen!
You could opt for small gestures and simple rewards that are still impactful, like allowing your employees to announce big wins, honouring their work anniversaries, and unique award programmes that are based on a merit-point system. There's also the classic ‘Employee of the Month’ celebration where the top performer will be given additional attractive bonuses.
You should bear in mind that not all employees are motivated the same way; some prefer being recognised in public and visible ways, where others are satisfied with a more private and personal affirmation. Whatever the method, leaders should aim to always speak intentionally in order to show their employees how their individual contributions are irreplaceable to the company, in addition to challenging them and emphasising their unique skills.
"A few good words don't just make your day, but they also give the sense of belonging and confidence to take the next big step forward."
– Ravi Shastri
Let's face it, if you feel like it's you versus the world, you'd probably want to retreat into a safe cocoon when things get too overwhelming for you to face on your own. Which is why people who are brought together in a favourable and positive environment can encourage them to feel like they have a place they belong.
One way that leaders can do so is to start the practice (both for themselves and all co-workers) of regularly checking in with those in the company, both personally and professionally. This can be as simple as dropping a message in the work chat to see how someone is doing, and then intently listening to their answer and asking genuine follow-up questions. This is a great way to make people feel seen and valued.
In the workplace, leaders can further explore opportunities to create social bonds through how teams are structured, whether each one has a diverse mix of people from all walks of life. They can also look at how the offices are designed to create opportunities for social interactions, for example, having an open-plan floor layout (breaking down walls and grouping employee workstations together). This type not only fosters better communication within teams, it also boosts the 'chance collisions' between employees that are conducive to creativity, support, and creating a sense of community.
What happens if you exclude any of your staff?
For starters, an experiment conducted by Harvard Business Review established that workers who feel left out would start to deteriorate in terms of giving back to the company. This deterioration slowly evolves to a sense of wanting to leave, and thus, those employees may leave within a short period of time after being employed.
HR and management executives should adopt some (if not all!) of the above methods in order to seek and retain their good, valuable staff. This initiative has to be done in a ‘top-down’ manner, which involves the higher-ups taking the first step.
CEOs, heads of departments, and the management team can start by practising the above suggestions with their immediate subordinates, and seeing the results for themselves. Making yourself to be an example is a sure-fire way to get your employees jumping on the inclusionary train!
"At GRIT, we place service, relationship, and partnership at the cornerstones of our company. You have the opportunity to impact people positively or negatively every day, through every interaction, and how you make them feel. All that will be how they remember and perceive you."
– Paul Endacott
Cryptocurrency is any type of digital or virtual currency that primarily uses cryptography to secure transactions, preventing counterfeiting and payment fraud to the greatest extent possible. Unlike conventional currencies, cryptocurrencies only exist as a decentralised blockchain-based shared record of ownership.
Since its inception, the use of cryptocurrency has grown at a rapid pace, especially in the progressing Web3 world. Because there’s no central issuing or regulating authority, the crypto market is known to bring about massive changes in the world of financial operations and transactions.
Nonetheless, even with so much opportunity and exploration on Web3, the volatility of cryptocurrency is no secret, and the crypto crash that occurred in the middle of 2022 has been widely discussed, analysed, and reported. According to Crypto News BTC, the wild price swings were exacerbated by the TerraUSD and Luna meltdowns, which are estimated to have wiped half a trillion US dollars (approximately €500 billion) off the sector's market capitalisation.
Plus, as evidenced by the industry's frostbite since last month, there's talk that a crypto winter has already set in. The term "crypto winter" is used frequently to describe a bearish cryptocurrency market. The last crypto winter, during which cryptocurrency prices declined and stayed low, lasted from early 2018 to mid-2020. And, it's happening again right now!
It's all over the news right now that the markets are suffering, and crypto is taking a particularly hard hit. Consider the first cryptocurrency, bitcoin, which accounts for about a third of the market's value. Since the end of March, the price of a single bitcoin has been gradually falling, along with a general downturn in the tech industry.
Then, in early May, it fell even more than it had in the previous month. In addition to bitcoin's negative impact on the overall cryptocurrency market, the other top coins, such as Ethereum, BNB, XRP, Solana, Cardano, and avalanche, have all seen even greater losses.
International Telecoms Business Magazine suggested that the five main reasons for the cryptocurrency crash, in which the lowest plunge hits an 18-month record low in overall value, are as follows:
Here's how the current prices of the top coins compare to their daily high points over the last few months:
|Cryptocurrency||Current Price (29 June)||One Week Ago (19 June)||One Month Ago (29 May)||3 Months Ago (27 March)|
Compared to three months ago, the prices for the five main cryptocurrencies above have fallen significantly. This demonstrates that crypto winter is currently in effect, as crypto assets are losing value in comparison to prior highs.
According to The Guardian, the crypto crash could be linked to ongoing economic turmoil, such as the recent drop in the price of technology stocks as a whole. The decline is the result of high inflation reducing the appeal of high-growth, low-profit investments; as well as a string of scathing revelations from the largest corporations, raising fundamental doubts about the extent of their potential future growth.
The limited supply of bitcoins, which makes them an effective inflation hedge, may lead supporters to portray their currency as a sort of "digital gold. In reality, however, the possibility of a digital revolution decreases as growth prospects worsen, inflation increases, and bitcoin prices plummet.
Moreover, the sector is being harmed by retail investors, who may be treating the crypto market as a platform for day-trading rather than a long-term investment to hold value. They learn to take advantage of the crypto volatility, and will quickly sell their coins if they see a daily increase in price.
Crypto traders must also pay attention to the movement of whales (i.e. people who create waves that cause a ripple effect among small traders), who can manipulate the market by increasing and decreasing prices. As reported by Analytics Insight, Ethereum whales have been making headlines since the recent crypto crash. Mostly because, despite being Ethereum whales they were mostly hoarding Shiba Inu and other cryptocurrencies such as FTX Token, Chainlink, Cardano, and Axie Infinity.
Due to the unregulated nature of the cryptocurrency market, there’s currently no declared direct connection between it and traditional financial institutions. And, while it’s evident that the regular economy can influence the movement of cryptocurrency, the reverse is not true. Thus, it’s unlikely that the crypto crash will have any effect on them.
The Guardian specified that the conventional financial sector has mostly avoided the cryptocurrency industry, and if they do consider venturing into it, they have done so with caution and have treated it as an investment opportunity with a commensurately high level of risk. Even if the entire sector vanished overnight, the potential for contagion (i.e. spread of an economic/financial crisis) would be limited.
The scenario example given is that, although the knock-on effect would have a significant impact on some conventional stocks (and investors in venture capital funds like Andreessen Horowitz's recent $4.5 billion round of investment in cryptocurrency companies may be wiped out), the systemic effects are highly unlikely.
However, the cryptocurrency market is still worth more than US$1 trillion, and losing that much money has a significant detrimental effect as a whole – even if it doesn't cause a bank failure on the scale of the Lehman Brothers collapse. It might start or intensify a recession, or it might cause another wave of more common issues like bankruptcies, insolvencies, and mortgage foreclosures.
There are two sides to what is happening in the crypto sector's employment market: The good and the bad.
As players prepare for a rougher ride ahead, the prolonged decline in cryptocurrency prices has resulted in an increasing number of layoffs and hiring freezes at crypto firms. Here are the cryptocurrency companies that have so far stopped hiring or reduced employee numbers:
Despite some businesses making unfavourable employment announcements, there’s good news for those looking to enter the crypto industry's job market, where opportunities still abound and job openings continue to soar:
Because of the cryptocurrency's high volatility, anything can happen right now; when the cryptocurrency price drops significantly, it can suddenly jump right back up. Given that the cryptocurrency industry has previously endured disastrous crashes, this is not impossible.
That is what sparked discussions about the market being in a "crypto winter" phase. At this point, investors may still have some hope as they simply choose to wait it out and expect the market to thaw.
When the bull market finally appears to be coming to an end, it'll likely be a good time for cryptocurrency businesses to focus on how to get customers more enthusiastic about the market, rather than remain sceptical. That being the case, there’s a very good chance that this unfortunate event will cause the crypto industry to become even more exclusive.
Nicholas Strange, the founder of Seattle-based hiring firm Crypto Talent, told CoinDesk that, “Going forward, crypto companies with viable use cases and utility will best survive. Many crypto firms have previously experienced downturns and have improved their treasury management. Additionally, quarter-over-quarter venture capital funding remains at all-time highs, and certain VC firms may use this downturn to continue funding promising crypto-related projects."
On the pessimistic side, the crypto winter this time may be different, and possibly not many of the smaller players will survive. According to The Guardian, the majority of cryptocurrency growth has come from attracting ever-larger numbers of new users. However, the most recent fall might be so significant and widespread that it’ll difficult to find any new entrants.
Additionally, those who keep their savings in cryptocurrencies will eventually need to sell to pay for their real-world bills, but won't be able to find a buyer. If everyone in the developed world either lost money in the crypto crash or knows someone who did, the pool of unsuspecting cash to buy in the next time around will be very small.
There’s also a notion among crypto firms that thousands of digital currencies will collapse. Several cryptocurrency industry players have told CNBC that thousands of digital tokens will likely collapse in the coming years, as will the number of blockchains in existence. Bertrand Perez, CEO of the Web3 Foundation, told CNBC that one of the consequences of the Terra issue is that there are now far too many blockchains and tokens available. This confuses users and poses considerable risks to them.
Brad Garlinghouse, CEO of cross-border blockchain payments company Ripple, echoed Perez when he said that "there will likely be mere 'scores' of cryptocurrencies that remain in the future". He was of the opinion that it's debatable whether we need 19,000 new currencies right now. Guggenheim Chief Investment Officer Scott Minerd added to the pessimism by stating that most cryptocurrency is "junk," but that Bitcoin and Ethereum will survive.
The good news is that, despite the uncertainty, some investors are continuing to pour money into the sector, indicating that people still believe the crypto market will improve. For instance, Andreessen Horowitz, the venture capital firm, announced at the end of May that it had raised US$4.5 billion for its fourth cryptocurrency fund, with US$1.3 billion going to seed rounds of start-ups and US$3 billion going to venture investments.
On the other hand, blockchain investor Fortis Digital Ventures is closing a US$100 million crypto fund that aims to close the gap between the traditional and modern finance sectors by facilitating blockchain investing through asset allocation, risk management, and position sizing in cryptocurrency.
Binance Labs, the venture arm of the world's largest cryptocurrency exchange Binance, has also raised US$500 million for its debut start-up fund, with plans to invest in companies developing "Web3." All these investments could be the secret weapon against the crypto winter.
Even if the current situation appears to be dire, it may provide an opportunity for investors and crypto industry participants to learn from their mistakes, devise better next steps, or find ways to improve internally.
Masha Boone, VP of people at NFT exchange Rarible, predicted that the recent market volatility and resulting layoffs would likely continue into this summer. "However," she continued, "it’s important to recognise this as an opportunity to reflect on what is needed in the crypto space and reconsider where the industry is headed from here." Thus, the company took advantage of the upheaval to strengthen its internal development and product teams.
There are no guarantees when it comes to crypto investing in the coming months or years because of its unregulated and volatile market. And many concerns remain, including:
(Source: The Times)
Furthermore, National World reported that Kevin Brown, a savings and investment specialist at Scottish Friendly, advised against investing for anyone who doesn't understand the market, even though the price of Bitcoin has increased by 65,800.91% since February 2014.
He stated, “The level of volatility means that savers who choose to invest in cryptocurrencies must be prepared to lose all their money.”
As previously stated, despite the recent crash and numerous layoffs, there are many job openings in the crypto market, and anyone meeting the necessary qualifications should still consider applying. According to Cointelegraph, while Silicon Valley has faced a string of firings, crypto jobs are still growing rapidly.
Neil Dundon, the founder of Crypto Recruit, told Cointelegraph that hiring in the cryptocurrency industry has not slowed down and that business is brisk as ever. He added that previously, when the price of Bitcoin falls, hiring in the cryptocurrency industry tends to halt immediately. The hiring market is stabler now that cryptocurrency companies are managing their treasuries in a much more responsible way.
This indicates that demand for jobs in the sector is still rising, and a lot of job seekers continue to view the sector as one with room to grow. It's important to note that the crypto sector outperformed the broader tech sector, which also experienced remarkable growth and saw a nearly twofold increase in job postings.
Plus, it can be financially rewarding to work in the cryptocurrency and blockchain sectors. For instance, the average Web3 non-tech salary ranges from US$74,000 to US$115,000 annually, whereas the average Web3 developer salary ranges from US$100,000 to US$142,000 annually.
Finding a job in the crypto world, however, might not be as easy as doing so in the economic mainstream. CoinDesk revealed what it takes to land a sought-after job in the cryptocurrency industry, which are:
It's also advisable for novices interested in crypto work to try getting an internship, volunteering, writing, tweeting (as many crypto big players do), using other social media platforms, as well as participating in crypto events and clubs. Simply ensure that all your activities are crypto-related!
To begin with, one must be passionate and ever-curious to enter or remain in the rapidly evolving crypto sector. The industry provides opportunities for both technical and non-technical roles, with each job position requiring specific skills and experience. While they may not be the same, the top skills required to enter the crypto job market are as follows:
|Hard skills||Soft skills|
|Understanding blockchain||Willingness to learn|
|Coding and smart contracts||Creativity|
|Cryptography and security||Collaboration|
|UX design and web development||Adaptability|
Landing a job in crypto also necessitates demonstrating some experience that reveals a level of understanding of the market, and the ability to navigate through the space. The best way to proceed is to simply go on there and engage in various cryptocurrency activities such as leveraged trading, flipping NFTs, collateralising assets and borrowing, yield farming, plus many others.
Another way for employers to learn about a person's crypto experience is through the individual's on-chain resume, which is essentially an e-wallet. This on-chain resume will demonstrate involvement in the crypto world by providing information such as blockchain activities, content creation, previous investments made, and NFT collection.
As evidence that working in the crypto sector provides the best future job opportunities, the best talents and high-profile employees from Big Tech are transitioning into crypto, blockchains, and Web3. Here is a list of some of the significant individuals who have transferred.
Furthermore, a study shows that 94% of cryptocurrency investors are members of Generation Z or Millennials, a group that is more likely to view cryptocurrencies as potential sources of retirement income and even employment.
Exploring and working in the crypto space can result in a lucrative return in addition to gaining a wealth of new knowledge and information daily. However, the volatile market brings with it a slew of risks that may or may not be avoidable. Be prepared with the following tips to be able to handle the uncertainty that can come knocking unexpectedly:
To safeguard jobs in the industry:
To find a career in the industry
We’ve all had to come to terms with the fact that we’re in the midst of a crypto winter, which is when prices fall then stay low for an extended period of time. For those who are wondering if now is the right time to find a career in the Web3/crypto space, or how you can be better prepared for weathering the volatility, worry not! Here’s what some experts in the space have to say, courtesy of information taken from our latest webinar, ‘Shifting Careers Into The Crypto/Web3 Space’.
Our panel of speakers comprised Web3Auth’s Head of Product Design, Sinlin Yeo, as well as Bybit’s Product Marketing Lead, Z Wan. Right off the bat, they gave their personal experience on what it’s like to work in a conventional company vs one in the Web3/crypto space, so that attendees could have a general idea first.
“The biggest difference between Web2 and Web3 companies would be the pace they move at. For example, at one point, everyone was talking about NFTs, and now they’re talking about dynamic NFTs (this type has a fluid smart contract that contains characters and data allowing it to evolve based on input from the external environment)! There’s a lot of uncertainty in Web3; you don’t know when something might suddenly become obsolete, and there’s a bunch of new terms and tech you’re dealing with, so you need to do your due diligence,” explained Yeo.
Wan agreed with her as he stated, “The premise of decentralisation is that it makes information change happen faster than ever. Think of it like picking up and learning a new sports activity; your body and muscles don’t know what’s happening for the first few months, so you’ve just got to get used to it and figure it out quickly as you go along. The same goes for wanting to first step foot into the Web3/crypto space; it’s going to be confusing and scary in the beginning, but you just need to persevere and keep on learning.”
When it comes to talking about the salary, both laughed as they agreed it was the ‘million dollar question’ for these industries. Wan opined that it was one of the most lucrative spaces for quite awhile until recently (before the infamous crypto crash), but there are still companies which are hiring. “The big companies are still very willing to pay more in order to get the top talent, with some offering about a 30-40% premium, depending on your job scope. Whatever the regular space does, the Web3 space will try to follow, but give a little additional premium! However, from the small to mid-sized companies’ perspective, they’ll try to give you tokens and/or equities (both of which are long-term incentives), instead of cash premiums.”
“In the Web3 industry, especially when it comes to developers, people are willing to pay up to US$500,000/year, but this applies for the experienced and skilled ones (about 5 years of experience), because they’re high in demand and low in supply! For smaller companies, they’ll usually state the salary range, which is less competitive, but they’ll pair it with equity as well. Candidates outside of the industry can still find a well-paying job as it’s open to them (even without experience), as long as they have the interest to learn and grow. It’s all about how much initiative you show, plus the curiosity and drive you have to prove yourself,” quipped Yeo.
Asked about whether it’s still advisable for people to make their first foray into these industries, Yeo said that there’s really no “good advice” for people who want to try. “I believe it has to come from their own interests, that’s where they can try to find a match in what they're looking for, career-wise. By telling people to follow their passions, that’s more of a better fit, rather than just advising people to come onboard now.”
Wan echoed her sentiments: “It's all down to the people who choose to do what makes them happy. If you don’t like something, it doesn’t matter how much money they pay you, it’s going to end with you discontented and complaining. I’m a big advocate of mental health, and if the Web3/crypto industries aren’t up your alley, all the money you get won’t help you pay for the medical bills coming out. Only make the decision to join if you see this as a fun, exciting, and “sexy” industry to be committed to!”
The experts also gave their tips on personal branding,resume readiness, and preparing for interviews. Yeo states that storytelling through one’s achievements would make a bigger impact in an interview. “Instead of just looking for a job, why not also attend hackathons or showcase your projects, so that you’re actually walking the talk. There’s no need to list down how many professional certifications you have, if you’re unable to come up with the proof and/or walk the interviewer through the process of a particular project. The impact you’ve made with your former companies (especially if it’s a competitor!), or your previous experience and the skill sets necessary for the role is what’s going to set you apart. Bonus points if you’re able to blend in with the startup culture, because there’s a lot of uncertainty in terms of complex problems that need to be solved, in addition to being outspoken enough to defend your ideas/point of view.”
From a big company’s perspective, Wan had this to share: “We’re really looking for people who are ready to roll up their sleeves and have the excitement to learn new things along the way. Bring the energy, commitment, and curiosity to try something new, and you’re instantly a cut above the other candidates. How you can reflect those soft skills on your resume is to include all the side projects that you’ve done/tried, professional courses relevant to this field that you’ve taken, or show that you’ve attended conferences and done all the necessary networking. It’s better to come to me with a narrative that you’ve already tried to learn as much as you can about Web3/crypto, and then during your trial-and-error lessons you discovered you wanted to specialise in this space. By telling me that story and relating it to how Bybit can help you, and what you have to offer, this shows that you came prepared. It’s also a sign that you know what you want to do (instead of someone who needs people to tell you what to do), you’re proactive, and also a problem solver. It’s really alright if you don’t have a college degree!”
Wrapping up the session, Yeo had this piece of advice to offer: “No one is ever truly ready for anything, it’s important to just start where you are. Even if you feel you aren’t up for interviews, just do it so that you can learn from the experience, and constantly improve along the way. Don’t forget to ask for feedback in any form, to get yourself more ready!”
Wan, too, had some advice for hopeful candidates wanting to enter the Web3/crypto space and make their mark: “These are such exciting and innovative times, so remember to learn as much as you can, find out exactly what you want, and also understand what the market wants. Hopefully, you continue to feel excited and passionate about joining this industry!”
You can watch the entire webinar below: