Startup Hiring and Job Landscape (April 2023)

Startup Hiring Landscape; Our observation in the first-third of 2023

Almost one third through the year and one consistent question we get asked is “ how is the startup and tech job market? "  Sharing some of my observations with help from the team at ConnectOne.

1.Companies are Hiring More Intentionally

One of the main observations is that while hiring has definitely shrunk, companies that are hiring are being more intentional with their hiring strategy.

This shift in approach is a result of the correction that was necessary in the market, which was previously characterized by a level of FOMO hiring. This approach led to companies hiring quickly and without much thought, resulting in a lot of turnover and lower quality hires. With the correction in approach, companies are being more strategic with their hiring, focusing on core functions, roles and hence skills/experience that are critical to their business. 

With the correction in approach, companies are being more strategic with their hiring, focusing on core functions, roles and hence skills/experience that are critical to their business.

2. Compensation is gradually correcting

A noticeable shift in the current job market is the correction of compensation, which has brought a sigh of relief to the ecosystem. As a result of the economic uncertainty caused by the market downturn, several companies had to make tough decisions about their team and compensation packages. The exorbitant salaries that were offered to candidates in 2021 and part of 2022 are no longer prevalent. Despite some candidates still believing they can command such levels, they are gradually becoming aware of the reality.. 

Despite some candidates still believing they can command such levels, they are gradually becoming aware of the reality.. 

3. Venture Builders are Still Growing and Hiring

Venture builders are still growing and hiring, with a focus on solving problems in specific industries with tech or building new ventures outside their core business. These companies are unique in that they not only build new ventures but also help to develop and grow them. This approach requires a high level of expertise and collaboration, making venture builders an attractive option for job seekers looking to work on exciting and innovative projects.  They are especially attracted to ex-founders with 0-1 experience as well as those with product management skillset. They are especially attracted to ex-founders with 0-1 experience as well as those with product management skillset.

They are especially attracted to ex-founders with 0-1 experience as well as those with product management skillset.

4. In-demand roles

In terms of roles, startups are still hiring across tech and business development roles, while growth and product roles saw a drop as companies regroup to focus on core functions and resize marketing budgets. Tech roles continue to be in high demand but companies are now more selective with an objective to build with quality and not quantity.  Some startups are contemplating replacing a bulk of their tech team now that better quality engineers are available.

companies are now more selective with an objective to build with quality and not quantity

5. Availability of Top-Quality Talent

After being in this space for nearly a decade, we are currently witnessing a unique situation where there is no shortage of highly skilled and qualified talent. The Chief Technology Officer (CTO) of a Series B startup recently shared with me that the practice of poaching top talent has ceased and his team is less distracted and can now focus on building.

If you are a startup seeking to elevate your team with top performers or a new venture that is looking to build a talented team, there has never been a better time to assemble an A-team!

If you are a startup seeking to elevate your team with top performers or a new venture that is looking to build a talented team, there has never been a better time to assemble an A-team!

6. Increase in Internships

One area of growth in the job market is in internships. Companies are finding cost-efficient ways to put boots on the ground, leading to an increase in internship opportunities.

We think that fresh grads in 2023 will continue to be hired as interns as companies resist hiring them full-time. This is a smart and practical strategy for companies but for fresh graduate job seekers, while it may not be ideal but we encourage you to think of this as an opportunity to gain experience and build skills in this current less than robust job market.

We think that fresh grads in 2023 will continue to be hired as interns as companies resist hiring them full-time.



It's important to note that the tech and startup job market in Singapore is constantly evolving, and it's difficult to for us to make predictions about what the future holds. Overall, the tech and startup job market in Singapore is in a period of correction, but there are still opportunities for job seekers.

Note: these observations are anecdotal and based on our conversations with founders, talent and other stakeholders in the startup ecosystem.