Market update June 2024: Projects & Transformation

  • 01 Jul 2024

In case you missed the T+O+M Talks video here's a summary from Gillian Duffy on recruitment activity for Projects and Transformation mid 2024


Market Trends

  • Regulatory uplift across Tier 2 banks and technology advancements in the Big 4 banks means there is still significant change in the transformation space. There is also a strong focus on Diversity and Inclusion initiatives. There is still uncertainty, particularly due to high interest rates.


Recruitment Trends

  • Volatility since the start of the year has meant a competitive environment for job seekers.
  • Recruitment has been particularly active in areas requiring a specialized skill set
  • The majority of hiring has been across Tier 2 banks, mutuals, insurance companies, and superannuation funds.
  • There is a strong  emphasis on improving agility and maintaining compliance with regulatory standards, such as the ongoing implementation of CPS230.
  • Whilst fluctuations are predicted to continue for a few more months, things could settle by Sep/Oct  which is financial year-end for the Big 4 banks and when there is increasing demand for technology skills in areas such as tech stack enhancements, CORE banking, cloud and AI.
  • Salaries are stable, with the contingent market slowly picking up. Rates for project managers, PMO roles, change management, and agile positions have remained steady. However, there have been some fluctuations in salaries for business analysts.


Advice for candidates

  • Ensure your resume is current, tailored, and aligned with the specific role for which you are applying.
  • Consider taking courses to add value to your CV.  AI in particular can be a significant differentiator in the job market.
  • Attend industry events and network with past and present colleagues -  these relationships can open up new opportunities and provide insights into the job market.


Advice for Clients

  • run a quick and efficient process: don’t leave candidates waiting for weeks on next steps and if they are not successful, try give as much feedback as you can.
  • highlight your company’s leadership style, flexible work options, and positive culture during interviews to attract potential hires as these are their key motivators outside of the role itself.
  • clearly communicate your EVP to help candidates understand the unique benefits of working for your company and what sets you apart from others.


If you would like to find out more, get in touch with a member of the Project, Transformation and Change Management Team.

You can watch the full video here:

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