Singapore companies are planning a big boost in IT expenditure in 2015, according to a new survey by specialist recruitment firm Robert Half, which polled over 900 CTOs and CIOs across eight countries - namely the UK, Australia, Singapore, Germany, Hong Kong, Switzerland and Japan.
Specifically, more than half (59 percent) of companies in Singapore said that they will be increasing their technology budgets this year, while only 12 percent are looking at reducing their technology budgets. This increase is also expected to be substantial, with the average budget to rise by 10.4 percent this year.
It is also interesting to note that small firms (fewer than 500 employees) are more likely to spend more on technology than large firms (over 1000 employees). In fact, 67 percent of small firms said that they are boosting their technology budgets, compared to 53 percent of large firms.
Small companies are again leading the pack with anticipated budget boosts of a healthy 13.5 percent, followed by mid-sized firms with a 9.8 per budget increase and large firms with a 9.4 percent increase. These bigger budgets also meant a boost in headcount, according to Stella Tang, Managing Director of Robert Half Singapore.
"Technology jobs are among the hottest roles in Singapore right now. Technology drives so many aspects of a modern business - from sales growth through to productivity improvements. As a result, professionals with IT skills are increasingly in demand," she said. "Large firms have been beefing up their security and risk teams for several years now and this remains a priority for hiring among the larger corporations in Singapore."
According to the survey, the expenditure priorities of companies differ depending on the size of the company. Risk and security (53 percent) top the list of priorities for large firms, while both small and medium-sized businesses feel that mobile solutions and business intelligence serve as the most important focus for them at 44 percent respectively.
"The most interesting new trend is the move by small firms to embrace mobile solutions as they look for new ways to reach their existing customers and win over new ones. These trends create opportunities for people with mobile, cloud, project management, sales and business development skills, as well as those looking to work on a contract or part-time basis," said Tang.
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