Technology Market Insights September 2023
- Jeremy Taylor
- 08 Sep 2023
- The volume of jobs is down considerably compared to the same time in 2022 however, we are starting to see permanent hiring numbers pick-up with the start of the new financial year.
- Contract hiring is increasing in the Insurance, FMCG and Energy sectors.
- Most hiring is at the mid-salary level, around $160 – 200K with very few junior roles being recruited.
- Application numbers are very high (3 – 5 times the norm) fuelled by redundancies at all levels across the market.
- Many of these immediately available candidates are fulfilling contract work in the risk space due to the upcoming requirements of CPS230.
- Permanent salaries have reduced and stabilised whilst the contracting market has seen a significant reduction in demand, as companies look to retain IP, or scale back on their transformation work.
- DevSecOps and Security Engineers continue to be in demand, as businesses begin to embrace how AI can be integrated into their operations.
- There is a continued focus on diversity and attracting strong female leaders, particularly in Technology and Data.
- The expectation is that the current downturn is expected to stabilise in the first half of 2024.
- The rush to hire during the COVID years has led to the hiring of inexperienced staff into roles above their skill levels leading to delivery constraints.
- There will continue to be redundancies but in smaller numbers over the coming months as CIO’s re-size their teams and focus on “quality” hires.
- An over reliance on vendor partners to supplement the work force has led to increased cost bases. Many C-suite leaders are pushing to “in-source” this headcount as FTE’s, whilst renegotiating supplier contracts.
- Mandating that staff must be in the office a minimum of three a week is starting to become the norm, and yet enforcing it tends to be another challenge altogether. Leaders need to foster a strong sense of team based on culture to encourage people to come together.
- Candidates still place a very high weighting on WFH flexibility.
If you'd like to find out more, please reach out to one of our Technology team members.