A recent report on the job market for 2023 – 2024, published by TopCV, reveals that the IT – Software industry continues to have high recruitment demand (13.2%). Amongst this, Specialist level (employees with over 3 years of experience, non-managerial) are the most sought-after candidates (28.57%).
However, the salary for IT – Software professionals has also undergone some changes compared to 2022. TopCV has compiled and analyzed data from nearly 300,000 job postings on its platform (as of January 5th, 2024), using Median estimation. According to probability theory and statistics, the median is the value that separates the larger and smaller halves of a sequence of numbers. This method more accurately describes the distribution of the numbers compared to other averages, which can be skewed by abnormally high or low values.
The median salary is the popular salary range within which employers are willing to pay for each position/title they are seeking.
According to TopCV, the salary for an Intern – IT Software position in 2023 remained unchanged from the previous year, with a low median of 3 million VND and a high median of 5 million VND per month. However, the salary for employees with less than 1 year of experience in 2023 is 8 million VND and 15 million VND per month, compared to 7 million VND and 16.5 million VND per month in 2022.
Significant changes are seen in higher-level management positions such as Team Manager, CTO (Chief Technology Officer).
Specifically, the salary range that employers are willing to pay for Team Manager positions in the IT – Software industry in 2023 is a low median of 19 million VND per month, with a high median of 33 million VND per month. This is a considerable decrease compared to the 23 million VND and 40 million VND per month in 2022 (a reduction of over 17%).
Additionally, for the CTO position, the salary in 2023 has decreased to 48 million VND per month and 72 million VND per month from 60 million VND and 142 million VND per month in 2022 (a decrease of nearly 50% for the high median).
IT – Software is a small group within the information technology industry. Professionals in this field play an important role in the development and maintenance of applications and technology systems. These products help meet market demand, drive technology innovation and upgrade, as well as enhance competitiveness and development of companies.
The TopCV report also reveals wage differentiation among employees based on years of experience and skills across different occupational groups in the IT industry. Positions with salaries over 40 million VND per month are mainly focused on individuals who have 3-5 years of experience or more. Notably, the Bridge Engineer position, with 1-3 years of experience, can earn up to 50 million VND per month.
Salary ranges for positions in the technology industry in 2023 (Source: TopCV)
For individuals with 3-5 years of experience, the highest paying positions in 2023 include Bridge Engineer (25-57 million VND per month), Embedded Software Engineer (24-50 million VND per month), and Game Developer (25-48 million VND per month).
According to the 2024 Salary and Labor Market Report published by Navigos Group, the IT industry has the highest rate of layoffs globally, accounting for nearly 1/3 of the total number of laid-off employees. Company leaders have stated that they have hired too many employees due to the high demand during the Covid-19 pandemic. On average, technology companies have laid off 10% of their workforce.
Hoang Thuy
