15 February, 2024

Report: Aussie Tech & Digital Salaries Jumped 35% In A Year

Australian tech and digital salaries have grown by as much as 35 per cent, according to Talent’s ‘More Than Money Salary Guide 2024′.

The report features salaries and contract rates for key tech positions in 2024, the most in-demand tech skills and market insights from Talent, as well as hiring trends and predictions across the regions in which Talent operates across ANZ and the US.

Key findings include:

Salaries have increased by up to 35 per cent across Cybersecurity, Sales & Account Services, Data Analytics, and Development roles since 2023.
Contract rates have grown between 10-30 per cent since 2023 for roles in Cybersecurity, Data Analytics, Cloud Solutions and Infrastructure.
Looking at Talent’s hiring data from October 2022 to October 2023, federal and state government layoffs and hiring freezes across Australia have resulted in a 16 per cent decline in contract hiring in this sector.
Large companies have increased their offshoring by an estimated 10-40 per cent.
Demand for Project Services talent has decreased as many companies have paused their large-scale projects to save on costs.
A Talent poll revealed that work flexibility beats out a competitive salary when it comes to what matters most to candidates when looking for a job – 35 per cent noted flexibility as the most important, followed by 29 per cent citing salary.
A Talent poll revealed that 78 per cent of workers value remote work the most when it comes to the flexible work arrangements that best align with their preferences, followed by 16 per cent who value flexible hours, six per cent compressed work weeks, and one per cent job-sharing arrangements.

Demand remains high for the following skills:

Artificial Intelligence
Cybersecurity
Data Analysis
Cloud Computing
Software Development

Matthew Munson, Talent managing director NSW, weighed in on the flex work debate for 2024, “For technology sales roles, we have seen the market revert to pre-COVID levels in terms of hiring for many go-to-market roles i.e., sales, sales leadership, and for some roles we have seen demand drop well below pre-COVID levels, i.e., customer success, channel/partner and pre-sales. From the job seekers’ perspective, there is a higher demand on wanting more flexibility around working from home and general flexibility – but although this is the case, we are seeing the majority of companies are enforcing a return to the office (three-five days per week). In a tougher market, this may work, but Australia still has a skills shortage, so when the market lifts, we suspect employers that offer less flexibility will suffer.”

Simon Yeung, Talent managing director VIC, said there were significant changes to the national landscape, “A significant emphasis will be placed on bolstering network security, cyber resilience, and the safeguarding of cloud-based systems and data. The demand for skilled professionals in cloud computing, data science, and software development is poised to rise as businesses prioritise digital transformation. The persistent trend of remote and hybrid work setups is expected to expand opportunities, attracting talent from diverse geographical locations.”

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