Experienced tech professionals in Malaysia's applications space may receive a 20-25% salary increase when changing employers this year, Randstad Malaysia's latest 2020 Information Technology Market Outlook has revealed.
At the same time, those working in infrastructure may see a 15% pay increment when switching jobs.
According to the report, the most sought-after roles in Malaysia's IT space, such as software developers and scrum masters with a certain number of years of experience, could earn between RM6,000 to RM22,000.
Salary trends for in-demand IT roles in Malaysia 2020:
The report also revealed that as a key player in change and disruption today, tech companies are expected to play a bigger role in closing the skills gap brought about by new technologies.
For instance, through on-the-job training and mentorship programmes, participation in community networks and tech conferences, as well as hackathons and webinars.
Experts who are equipped with niche skills in new technologies such as machine learning, AI and robotics process automation will also be highly sought-after; talent with experience in programming languages such as Python and Golang will also be in strong demand.
Over in bank tech and fintech, the challenge lies in finding talent who possess transferable skills. According to Randstad Malaysia's Fintech and Banktech Industry Outlook, the shortage of skilled talent in bank tech and fintech is affecting growth in the country's labour market.
However, the fintech industry is expected to grow, given the presence of new and innovative products and solutions, which thus offer "talent the opportunity to pioneer innovations that could change the future of finance."
As such, mid-level professionals are expected to make a switch to fintech this year, especially if they are not promised a promotion or a "substantial salary hike" in the next 12 months, the report revealed.
In the same vein, given the shortage of skilled talent in both fintech and bank tech, employers in 2020 will tend to place less focus on technical skills and knowledge during interviews, and will instead take on a longer-term view on upskilling talent and on-the-job training upon hires.
With fintech as a growing industry, the report also showcased the expected salaries of in-demand tech professionals in the industry. For instance, software engineers with three to five years of experience could earn between RM6,000 and RM 12,000, while an agile coach with eight to 10 years' experience could earn RM12,000 to RM18,000.
Salary trends for in-demand fintech roles in Malaysia 2020:
Lead photo / iStock
Infographics / Randstad Malaysia