Startups in Southeast Asia are facing rising wage pressure, according to a report by Glints and venture capital fund Monk's Hill Ventures.
The Southeast Asia Startup Talent Trends 2024 report by online recruitment platform Glints shows that the salaries that startups pay to new employees in business development and sales will increase by up to 20% in 2023.
Average salaries for business development and sales positions increased more than the other four key positions: engineering, marketing, data and product development, with an average increase of 2%.
Technical positions saw the biggest pay declines due to tech layoffs and cost-cutting measures, the report said.
However, the report found that despite layoffs and falling wages, demand for tech talent remains high across markets amid increased supply.
Meanwhile, businesses are trending towards cross-border recruitment in a strategy to improve cost efficiency and increase profits.
Glints' annual report is based on recruitment information at startups in Singapore, Indonesia and Vietnam as well as interviews with over 70 early-stage startups in Southeast Asia.
According to Huu Hung/VTV
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