Southeast Asian startups' salaries for new hires in business development and sales have risen by as much as 20%, according to an annual report published Thursday, reflecting young companies' urgent need to generate cash amid a tougher funding environment.
Meanwhile, engineering roles saw the biggest decline in salaries, impacted by ongoing tech layoffs and cost-cutting measures.
Average salaries for business development and sales increased more than those for four other key roles -- engineering, marketing, data and product development -- in 2023, up by an average of 2% from a year earlier, according to the Singapore-based staffing platform Glints and the venture capital firm Monk's Hill Ventures.
The annual report analyzed more than 10,000 data points from Glints' job postings for startup roles in Singapore, Indonesia and Vietnam, as well as interviews with over 70 early-stage startups in the region.
According to the study, engineering roles saw the biggest decline in salaries, impacted by ongoing tech layoffs and cost-cutting measures. These factors led to an increased supply of available tech talent, putting downward pressure on salaries. Salaries for engineers fell 2% last year, with junior roles seeing the sharpest decline of 6%.
"The past year's challenges in a tightened market have highlighted a greater need for adaptability and resilience," Glints CEO Oswald Yeo said in a statement.
