Should tech workers worry and what can they do?
While the rise of AI and machine learning continue to stir up job displacement concerns, Mr Modak pointed out that many industry players also believe they can help tech professionals perform their jobs better.
He encouraged job seekers to be aware of the latest technology and trends, and continue finding jobs in tech that will allow them to upskill.
“They should always be eager and continue to learn. Early adopters (of technology) can find themselves in a strong and employable position in the market and will continue to be in demand.”
Mr Song also highlighted that while there are job losses, new jobs are being created: “Those who are doing well and holding up to the challenge are hiring.”
For instance, he noted that retrenched tech-savvy sales people working in a certain sector could very well be easily employed by another firm in another sector.
Are there newer types of in-demand tech roles?
Experts say there is ongoing demand for AI-related roles, including machine learning engineers and prompt engineers.
Those in data engineering, cyber security and digital transformation fields will continue to be sought after.
Mr Modak said in-demand roles include senior and skilled people “responsible for driving topline revenue”, and those with experience working at a global company with knowledge of the latest technology stacks.
Are unemployment rates going up, and what’s the outlook for the tech labour market?
The latest purchasing managers’ index (PMI) from Singapore’s tech manufacturing industry suggests that the outlook over the next few months is “fairly positive”, said Mr Song.
PMI readings for electronics rose to 51.5 points in September, up from 51.3 in August. Readings above 50 reflect growth while those below represent contraction.
“While it is hard