Glints and Monk’s Hill Ventures (MHV) have launched the Southeast Asia Startup Talent Report 2023, which offers insights into hiring trends, salary and equity data for founders and C-suites, and startup talent from over 10,000 data points and 30 interviews with startup founders across Singapore, Indonesia, and Vietnam. According to the report, startups in the region are looking to invest in revenue-generating roles such as sales, business development, and marketing and PR in 2023, as they refocus on the path to profitability. Salaries are expected to increase at a much lower rate than in previous years, from upwards of 30% to 10-20% per annum.

The report highlights the persistence of the tech talent crunch in Southeast Asia, with tech roles earning on average 38% more than non-tech roles. While 86% of companies surveyed offer ESOP, on average, ESOP is only made available to one-third of their talent. The median CEO base salary grew 2.4x for those that raised $0-5M rounds compared to 2021, as companies raise larger rounds. The report also found that engineering remains the most sought-after tech function, with the VP of Engineering making upwards of $235,200 annually.

Product managers saw the biggest salary increase, making 27% more than in 2021. Hybrid work is becoming the status quo, with 45% of startups offering hybrid work and 12% offering remote work options to employees across markets. Singapore remains the most expensive market to hire tech talent, with engineers paid 3x higher than in Indonesia and Vietnam.

According to Oswald Yeo, cofounder, and CEO of Glints, "Attracting and building high-performance teams remain top of mind for founders and their teams – particularly in a climate where founders and their teams have to do more with less while achieving positive unit economics. There is still much more to do to provide the tools for employers and talent in startups to make informed decisions about their talent strategy. This report is hopefully one step forward in supporting the community as we believe the strongest founders, talent, and companies will emerge from Southeast Asia in this era of sustainable growth."

Peng T. Ong, Co-Founder and Managing Partner of Monk’s Hill Ventures, added that "Despite headwinds, the region is poised for growth with tech innovations taking center stage and investments flowing in to back this stream of sustainable growth. There is a lot of ground to cover for startups to attract and retain top talent in the current climate. I am confident that the report will be a crucial catalyst in helping founders make informed decisions about navigating hiring strategy."