In September, NSW Treasurer, the Hon. Daniel Mookhey MLC, handed down the 2023-2024 State Budget. A budget that looks back on economic challenges, high levels of spending, gaps in essential services and constrained wages growth to move forward with new plans and stability.

Talent NSW Government recruitment specialist Steve Tompkins looks at what this budget could mean for jobs and hiring across the state:

Overall, this budget from the Minns Government sees lots of investment in physical infrastructure across transport, schools and hospitals – tangible things voters can see and touch.  The budget allows for pay rises to public sector workers, claws back some infrastructure spending excesses, and extends some cost-of-living assistance (without adding to inflation).

We aren’t seeing radical cuts to expenditure beyond scrapping some of Coalition’s pet projects and funds. This is a budget that should deliver very little pain for voters.

On the jobs front, the increase in wages for permanent staff may shift the mix of permanent and contract staff, with permanent positions becoming more attractive to some candidates.

Let’s get into the detail.

Health

The major budget allocation for Health will be for hospitals, with considerable funds being spent in the regions on the new Eurobodalla Hospital and the redevelopment of Bathurst Hospital, and $13.8bn for wider Health infrastructure.

$2.5bn will recruit 12,000 nurses and healthcare workers. This will impact IT projects as Local Health Districts look to onboard and schedule these new resources. Implementation of cloud and scalable solutions will benefit these Local Health Districts as their workforces grow and change – keeping their technology in line with their growing workforce.

Education: The largest investment in a decade

Secondary and further education benefitted from the largest investment in a decade as the Government pledged $9.8bn to Education over next 4 years including 24 new and 51 upgraded schools in Western Sydney, more in NSW (19 new and 35 upgraded) and new High Schools in Medowie and Goowong. With an additional $112M allocated to meet the TAFE funding shortfall.

Elsewhere in education, 10,000 teachers and 6,000 administrative staff are being transitioned to permanent positions. As of September, 16,000 teachers and support staff have accepted offers, which should go towards satisfying appetite to cut contractor spend in other areas.

Find out more about the education sector in our latest whitepaper.

Transport

The Minns Government has put aside $72.3bn for Transport, with hard infrastructure projects and physical infrastructure seeing most of that spend. Projects like Sydney Metro City and Southwest are back on track. Train stations, Western Sydney Rapid Bus network, Parramatta and Manly Ferries are also scheduled to see advancements.

One project to note is the $15.8m investment in the Public Transport Information and Priority System to improve real time bus tracking for passengers – this will open a wealth of IT and specialist roles to make data more useful to transport customers.

Police

The NSW State Government has shown its commitment to law enforcement with significant budget allocations. While there will be an increase in the number of police officers, this is unlikely to significantly affect IT jobs. However, the $12M earmarked for enhancing the State’s Forensic Analytical Science Service showcases the government’s push towards a technologically-advanced policing system. Furthermore, $27 million will be dedicated to improving police operational radio communication in the south, southwest, and far west regions of the state. Not to be overlooked is the $60 million investment in upgrading the Police Force Academy in Goulburn.

Rural Fire Service

The Rural Fire Service is set to see enhanced emergency preparedness with a new purpose-built Emergency Ops centre for the South Coast at $20 million. The allocated $7 million for fire station upgrades hints at potential IT opportunities. A significant tech investment is the $11.3M set aside for the rollout of the “vehicle-as-a-node” (VAAN) technology. This innovation promises seamless internet connectivity to firefighting vehicles, amplifying communication and operational efficacy.

Justice

The justice sector is receiving a substantial boost with $97 million spread over four years. This allocation is intended to reinforce courts, tribunals, Legal Aid NSW, and the Office of the Director of Public Prosecutions. The primary tech opportunity lies in cybersecurity and system enhancements for various agencies within the Department of Communities and Justice. With $9.5 million allocated, there’s a clear path to introducing a platform that streamlines the application process for legal assistance. This investment will harness the latest in tech, optimising application management and aiding practitioners serving the underprivileged.

Water

The budget showcases a significant commitment to water infrastructure and security. A collaborative $222.4 million effort with the Australian Government aims to fortify water supply infrastructure in Wilcannia, Eurobodalla, and Cobar. The Safe and Secure Water Program will receive $217.5 million to back regional towns grappling with water-related challenges. Additionally, the Northern Rivers Watershed Initiative gets a $5 million boost to promote water security and healthier catchments.

Department of Customer Service

The Department of Customer Service demonstrates the state’s commitment to enhancing user experience with government departments, and improving digital security.  With a budget allocation of $80 million geared towards Cyber Security, there’s a clear focus on protecting the digital services provided to residents. Additionally, a dedicated $66 million for the digital restart fund signifies the state’s ambition to continuously innovate and improve digital customer services.

NSW Telco Authority

Emerging as a significant player in disaster management, the NSW Telco Authority has been allocated $11.3 million for the acquisition of four new broadband “cells on wheels” (COWs). These mobile base stations, designed for swift deployment, will play a pivotal role in ensuring connectivity in disaster-stricken zones, potentially presenting IT integration opportunities.

Department of Climate Change, Energy, the Environment, and Water

In a strategic shift, this department will transition away from a shared services IT setup over the upcoming two years, focusing on establishing its independent technology environment.

This budget reveals a pronounced emphasis on technology and innovation across a myriad of sectors, from law enforcement to water security and environmental management. These strategic investments not only underscore the importance of technology in contemporary governance but also spotlight the growing demand for tech talent to realise these ambitious projects.

If your department or agency is poised to capitalise on these forward-looking initiatives, securing the right tech talent is paramount. Reach out today to discover why we are the preferred choice for tech talent across all levels of government in Australia.

If the tech industry is Soccer, then Cybersecurity professionals are the Lionel Messis among us; highly skilled, highly paid and high in demand. If your team is looking to recruit a Messi, then it’s necessary to understand what they’re expecting, pay-wise and benefits-wise. Let’s dive into it.

Cybersecurity salary expectations

According to LinkedIn, among the most in-demand tech skills in 2023 are Data Analysis, Microsoft Azure, Python and, of course, cybersecurity. Although salaries for these professionals are set to continue projecting, let’s take a look into the salary growth of cybersecurity professionals across recent history.

• Australia: The salary of Australian cybersecurity professionals outpaced the national average, increasing at a yearly rate of 6% per year from 2017-2020.
• United Kingdom: The average UK cybersecurity salary increased by 12% from 2021 to 2022.
• United States: Over the span of one year from 2020 to 2021 the US’s cybersecurity workforce saw an average salary increase of 5%.*

To take a look into the specific salaries of cybersecurity professionals, read through our ‘More Than Money’ salary guide.

More than money: What cybersecurity experts want

A high salary isn’t enough if you want to bring the best on board; attracting and retaining top tech talent requires addressing their specific needs and expectations. To ensure your company stands out in the competitive cybersecurity market, you should consider delivering on what your candidates want:

Prioritising health and wellbeing for cybersecurity professionals

The health and wellbeing of cybersecurity professionals is of utmost importance given the demanding nature of their work — being the steward of their company’s sensitive data is no easy task. Prioritising their wellbeing not only boosts morale but also enhances productivity and job satisfaction. Flexible work arrangements — whether that’s time to pick up the kids, hybrid setups or flexible start and finish times — can be used to promote wellbeing, an employment benefit that’s important to approximately half of cybersecurity professionals. Other health and wellbeing benefits include therapeutic funding, free gym memberships, and ongoing employer-employee collaboration.

Cultivating a cybersecurity-focused company culture and purpose

For cybersecurity professionals, purpose is key. 86% of tech contractors emphasised the importance of connecting to their company’s mission. This desire expands to cybersecurity talent wanting to engage in meaningful work that contributes to the field’s advancement.

A key pillar of a cybersecurity-focused company is collaboration: A study found that 68% of cybersecurity professionals emphasise the importance of employers taking their advice seriously, granting them the space to best protect the company’s sensitive data. A collaborative approach not only helps to drive a company’s mission forward, but also fosters greater engagement among cybersecurity professionals and supercharges their professional development.

Staying competitive in the cybersecurity hiring environment

To stay ahead of the pack, it’s important to keep your Employee Value Proposition (EVP) front and centre throughout the entire recruitment process. Your EVP differentiates you from others, showcasing the unique benefits and rewards that employees can expect by joining your company — after all, you can’t expect to place a Lionel Messi into a role without a little convincing involved.

To attract top cybersecurity professionals, your Employee Value Proposition (EVP) needs to align with their desires. A 2023 global Talent LinkedIn poll, for example, revealed that 95% of respondents preferred either a fully remote or hybrid model of working. Offering a flexible work environment and communicating this to candidates is — more often than not — a necessity.

Sharing your sustainability efforts also matters: Our Talent Sustainability: Awareness to Action insights report revealed that a noteworthy 84% of tech candidates want to work for a company that demonstrates a strong commitment to environmental sustainability. A significant 59% of these candidates consider a company’s dedication to this cause as a determining factor when considering a job offer.

Ultimately, knowledge is power when refining your EVP: our ‘More than Money Salary Guide’ can be valuable for those looking to source top cybersecurity talent by enhancing their Employee Value Proposition (EVP). The guide provides:

• Comprehensive insights: Real-world insights into the latest salary and benefits trends specific to the tech and digital industries.
• Understanding of candidate priorities: A deep dive into what tech candidates are looking for beyond salary.
• A look into market dynamics: Sheds light on the current state of the job market, including the tech skills shortage and changing economic conditions.

Ready to bring top cybersecurity talent onto your team? We can help. Learn more here.

* The data depicted here are averages across the wide spectrum of cybersecurity roles — salary variation can be attributed to the professional’s level of experience, education, certifications and the specific industry or company they work for. Other factors that can influence salary include the regional demand for cybersecurity professionals, the cost of living in a particular location and the overall economic conditions of the country.

Amidst rumours of an economic downturn, as well as the persistent worker shortages witnessed over the last five years, companies across all sectors are grappling with how to weather the storm — and this includes utilities companies.

There’s good news, and there’s slightly less good news: The utilities talent pool — tech workers in particular — hasn’t dried up. The way you source talent into your business, however, has changed compared to past years. This article will cover what you need to know to attract the top tech talent into your utilities company.

The utilities tech talent pool isn’t drying up

Utility companies facing challenges in attracting new talent may be experiencing one of two situations: Either there is a scarcity of available talent, or they are not employing effective methods to attract and recruit talent.

In 2023, the latter is generally true. While there remains a global tech workforce shortage, through adopting the right sourcing methods, organisations can capture tech talent who’re willing to jump at the right opportunity. It’s the responsibility of businesses to not only know where to look for these individuals, but to also take into consideration what tech talent are looking for in their employment agreement.

A survey by Workable and TalentLMS conducted amidst the 2021 Great Resignation found that seven out of ten tech workers were considering alternative employment. While job market fluctuations have begun to subside in 2023, the underlying principle remains: Tech workers are willing to shift positions to best fit their priorities.

These priorities include transparent salary expectations, hybrid workplace arrangements and childcare options, among others. By effectively communicating these offerings, utility companies can position themselves for success.

How to expand your talent pool

Over 80% of the utilities workforce are men, with an average age of 47. Although discrepancies in the utilities industry have been levelling out over the past decade, there are opportunities for companies to further broaden their talent pool.

• Campaign for underrepresented workers: The utilities and tech industries are both lacking in female representation. While women are less likely to apply for positions they perceive as not being a perfect fit, employers can proactively address this imbalance through targeted recruitment strategies such as headhunting and/or targeted social media advertising.
• Provide opportunities for a younger workforce: The utilities industry faces a lack of representation not only among women but also among young people. Although certain technical roles require qualifications beyond what high school graduates possess, utility companies can broaden their pool by proactively promoting appropriate entry-level opportunities to high school and tertiary students.

By proactively seeking out talent beyond the traditional demographic of the utilities industry, companies can tap into a wealth of untapped potential, diverse perspectives and innovative ideas that can boost company performance and progress.

Three ways utility companies can attract top tech talent

In just the past year alone, the way companies attract top talent has changed. Here are three ways to help you source the workforce that will power the future of the utilities industry.

#1: Advertise on social media

Social media is driving recruitment. Approximately 80% of job seekers have used social media while looking for work over the past year. Out of those job seekers, 40 million people per week search for jobs on LinkedIn.

In addition to job seekers using social media to find employment opportunities, utilities employers also proactively use social media to identify and recruit individuals they believe are a good fit for their job openings.

When recruiting on social media, follow the golden rule: Advertise on the platform where your ideal employees are. For instance, LinkedIn is beneficial for white collar utilities roles, particularly for roles aimed at those aged above 25 years old, while Meta platforms cater for more diverse targeting capabilities.

#2: Partner with outreach programmes

There is a plethora of excellent outreach programmes targeted at high schools, colleges, and trade schools. Talent RISE, as a prime example, actively work with young people to mentor and cater for employment opportunities.

By partnering with such outreach programmes, you engage with individuals who otherwise may not have come into contact with your business, widening the utilities talent pool and providing a tangible path for potential future employees alike.

#3: Communicate your values

When promoting a new job opening or seeking to recruit for a role that has not yet been established, it’s important to intentionally convey company values.

According to our own recent research, 84% of candidates say that it is important for them to work for a company that prioritises environmental sustainability. By communicating your organisation’s sustainability efforts, you can increase your chances of attracting values-driven talent.

Similarly, in today’s competitive marketplace, expressing values such as the commitment to workplace mental health, diversity and inclusion, and ethical business practices, serves as an effective recruitment strategy — after all, people tend to choose work based on their values.

Insights into the 2023 tech industry

The tech industry landscape is constantly evolving, making it a daunting task to stay up-to-date with the latest trends and changes. For both tech employers and those seeking to enter the industry, it’s essential to have a comprehensive understanding of key industry metrics, such as standard salary rates, high-demand skills, and cross-industry mobility patterns.

By staying in the know, individuals and companies can remain competitive in this fast-paced industry. Read through our article on the state of the tech industry in 2023 to gain insight into the latest trends, emerging technologies, and job market dynamics.

Talent RISE is pleased to announce that $86,569 has been raised in the 2023 ‘Step Up Challenge’ fundraising initiative which is aimed at helping young people with challenges to finding employment. These vital funds will be used for three life-changing initiatives. These are:

• Tech Academy: The Tech Academy will fund a group of young people through work placements and training to acquire invaluable skills and experience, providing them with a clear pathway into tech roles – a pathway they never thought possible.
• Paid Internship Scheme: Paid internships can be life-changing but are often impossible to secure for the young people we work with. This scheme will fund internships which provide critical experience to help young people gain confidence and secure employment.
• Equal Access Program: This program will support young people from refugee, asylum seeker, or Indigenous backgrounds by covering the cost of training (alongside RISE work readiness support) to provide a platform for future security.

Over 300 global employees from Talent and Talent RISE volunteered their time on September 8^th for the Talent RISE global ‘Step Up Challenge’ initiative. The initiative enters its second successful year running. To date, Talent RISE has raised $194,047 and has helped over 1,000 young people with coaching, mentoring, training and secured meaningful employment for 75 young people.

Karen Graham, Talent RISE CEO ANZ said she humbled with the outpouring of generosity shown. “It is incredibly heart-warming to see our team members rally together with friends, family and clients to help raise $86,569 to help young people facing barriers to employment. Our Talent RISE team are extremely excited to be able to launch these three life-changing initiatives and know the huge impact that they will have on helping fight youth unemployment here in Australia and New Zealand.”

Launched in 2014, Talent RISE is the charitable foundation of Talent – a leading global technology and digital recruitment specialist. To date, Talent RISE has engaged more than 3,000 young people through workshops and mentoring and has successfully placed over 400 into meaningful employment.

According to the ABS, the youth unemployment rate in Australia decreased to 7.7% in June 2023. This figure however remains too high and is more than double that of the general population of 3.5%.

According to Stats NZ, in the March 2023 quarter, the seasonally adjusted proportion of people aged 15-24 years who were not in employment, education, or training (NEET) was 10.3% down from 11.1% last quarter.

Over the years, the Talent and Talent RISE global team has volunteered over 50,000 hours to giving back to charities and community projects and are proud to add the ‘Step Up Challenge’ to the list.

“Worker shortages” have become a business talking point almost as ubiquitous as productivity and cost-effectiveness. Upon closer inspection, though, there’s no blanket statement that can describe this phenomenon — especially when it comes to tech workers.

In a recent survey, 81% of responding organisations noted a shortage of skilled, experienced tech workers. For example, 100% of these companies from the U.S., E.U. and U.K. agreed on a particularly high skills gap in application development; Indian organisations, meanwhile, reported less concern in this area. There must be some rhyme or reason to these patterns, right?

Let’s find out.

Why the Great Resignation isn’t actually that great

The so-called Great Resignation began when more than 47 million Americans left their jobs in 2021. The trend continued through 2022, with 46.6 million more workers joining the wave — and that surge has officially gone global. In 2021, 38% of Australian workers were looking for a new job while almost 20% of U.K. employees said they planned to quit between 2022 and 2023.

Unfortunately, the trend is even more pronounced among tech workers. In the U.S. alone, 72% of tech workers intended to quit during the Great Resignation — far more than the average across the workforce. On top of that, layoffs across global tech companies have made skilled workers more cautious in searching for and accepting roles.

Speaking of layoffs, those haven’t slowed down either. With big names in tech continuing to make significant workforce cuts well into 2023, the landscape is shifting right under the feet of the Great Resignation. Here’s what it comes down to: Some sectors have numerous unemployed tech candidates because of these layoffs, while others (particularly niche fields) still have worker and skill shortages.

What this means for tech hiring (and candidates)

As The Great Resignation continues to complicate the tech hiring landscape, workers have more negotiation power. They’re looking for better pay, sure — but our research indicates they’re also interested in:

• Stability and security.
• Upskilling opportunities.
• Work and scheduling flexibility.

The most skilled tech workers want a better environment, and they’re willing to skip employers that aren’t on board. Are you poised to offer all that, and more?

What this means for your industry

Tech worker shortages have far-reaching impacts. Here’s a look at how three key sectors are feeling the effects of this trend:

Financial Services

As customers come to expect digitisation at every step of their financial journey, banks and other organisations need more tech solutions — and more people to manage them. Tech worker shortages could lead to reduced client loyalty, an inability to keep up with competitors’ offerings and even cybersecurity risks.

Tertiary Education

Students want to engage with learning material in modern ways, which means tertiary education institutions need to build, enable, and troubleshoot new technological experiences. Worker and skill shortages in this area can lead to:

• Reduced student engagement.
• Impacted learning experiences and outcomes.
• Higher rates of support calls and service disruptions.

Utilities

The utilities sector, particularly energy, faces a unique challenge: getting attention from tech workers. Candidates may not immediately recognise how their skills apply in this less-visible industry, which means utility organisations could feel worker shortages even more sharply.

Furthermore, competition in utilities is increasingly diverse, with both local governments and private institutions vying for skilled tech employees. This creates a workforce that’s stretched thin and struggling to keep up with industry advancements and increasing demands.

How to make tech worker shortages work

Tech worker shortages are serious, but they aren’t the end of the world. All you need to do is understand your candidates, why they’re leaving previous employers, and what your organisation can offer to fill those gaps.

Here are a few tips to get you started:

#1: Look for better skills

With high competition for tech workers, you may not be able to find someone who ‘has it all.’ Instead, prioritise key skills such as cybersecurity, data analysis, cloud solutions and programming languages. Applicants have worked hard to develop those and similar capabilities that their peers may not have, so they’ll feel valued when you highlight their efforts. This, in turn, makes it easier to bring them in and keep them engaged.

#2: Prioritise your Employee Value Proposition (EVP)

According to Scarlett Cooke, Talent Sydney Account Manager, “Companies with […] compelling EVPs are winning the war for talent.” This is your opportunity to win: 69% of HR leaders think employees are dissatisfied with their existing company’s EVP — so by offering higher, more relevant value, you can attract tech workers who want engagement and meaning in their roles.

#3: Offer smarter benefits

Tech security salaries alone have grown 20% in the past year, but keeping up with higher pay just isn’t enough. For example:

• 45% of tech contractors said professional support matters most to them.
• 75% said flexible working hours or remote work options were incredibly important.
• 37% indicated that a clear purpose or mission was vital for fulfilment.

By offering on-the-job benefits in addition to higher pay and other perks, you can stand out from competitors and make the employee shortage work to your advantage. You also prove that your organisation treats employees as people instead of just workers, aligning professional experiences with personal values and goals.

Take control of tech hiring

The tech worker shortage is complicated and far-reaching, impacting industries of all shapes and sizes. If you want to secure the skills your organisation needs for success in a digitised world, your first challenge is to overcome patterns like those that caused The Great Resignation. Tech workers want more — and, in return, they’ll bring more to the table.

The right tech candidates. The right cybersecurity, cloud and programming skills. Our market trends research covers it all. For even more support, get in touch today.

In the present age of digital advancements, financial institutions confront a mounting quantity of data that requires proficient handling. Effective data management holds immense importance in the ongoing functioning of financial services as it empowers firms to make well-informed choices, enhance customer experiences and gain a competitive advantage.

With the continuous expansion and intricacy of data, financial firms face noteworthy obstacles in guaranteeing data security and adhering to regulatory standards. Here, we’ll explore two challenges faced by financial institutions in data management and the role of skilled technology professionals in addressing them.

Data management challenges financial services face

Financial services companies continually face a plethora of challenges; among the more prominent — and perhaps most difficult to address — are data security and compliance.

Data security

Data security is a primary concern for financial institutions due to the often-sensitive nature of the information they handle. Banks, insurance companies and investment firms are entrusted with vast amounts of customer data, including personal and financial details. Protecting this information from unauthorised access, breaches or cyber threats is of utmost importance.

During 2022, the financial sector emerged as the primary target of cyber assaults, accounting for approximately 27% of the total attacks. These breaches pose severe consequences such as substantial monetary setbacks, reputational harm, and potential legal ramifications, emphasising the importance of adopting a proactive and all-encompassing data strategy towards safeguarding data integrity.

The increase in digital platforms and the rising popularity of remote banking have broadened the scope for cybercriminals to exploit. Hence, financial institutions are confronted with the task of safeguarding data across multiple avenues, such as web applications, mobile devices, and cloud-based platforms. To tackle this issue effectively, they must adopt encryption methods, employ multi-factor authentication, deploy intrusion detection systems, and conduct routine security audits to promptly identify and rectify any vulnerabilities that may arise; hiring the right professionals to do so.

Data compliance

Comprehensive regulations govern the handling and protection of data within the financial services sector. Financial institutions are required to strictly abide by these regulatory frameworks, such as the General Data Protection Regulation (GDPR) implemented by the European Union and Australia’s Privacy Act 1988. Non-compliance with these standards carries unfavourable consequences, including substantial fines, legal consequences and negative implications for the institution’s reputation.

Complying with regulations is a prudent endeavour due to the evolving nature of the legal landscape and the diverse geographic jurisdictions in which financial firms operate. Data management practices must align with the specific requirements of each regulation, which often involves implementing stringent access controls, data retention policies and consent management mechanisms.

Additionally, financial firms are required to exhibit a comprehensive understanding of the data they gather and its processing procedures, as well as gain consent from their customers. Upholding precise records, conducting frequent audits, and guaranteeing the lawful handling of data are fundamental aspects of ensuring data compliance.

The main challenge with data compliance is in making sure that every t is crossed and every i dotted — with nothing overlooked. The ongoing threat of data breaches and the capacity to align with stringent regulatory frameworks require modern technological solutions and skilled tech talent.

The role of tech talent in overcoming data management challenges

To effectively address the data management challenges faced by financial institutions, it’s crucial to leverage the skills and expertise of tech professionals. Below, we will highlight how those with the relevant tech skills can help overcome the obstacles presented by data security and compliance.

Data security expertise

To prevent the increasing threat of cyberattacks and protect customer data, financial firms require tech professionals with the following three skills:

#1: Cybersecurity

Hiring individuals well-versed in cybersecurity practices is essential for implementing robust security measures. These professionals should possess a deep understanding of the latest threats, vulnerabilities, and attack vectors, enabling them to proactively identify and mitigate risks.

#2: Encryption and authentication

Skilled tech talent should be proficient in encryption techniques to secure sensitive data during storage and transmission. Implementing strong encryption algorithms and establishing multi-factor authentication mechanisms adds an extra layer of protection against unauthorised access.

#3: Intrusion detection and prevention

Technology talent who’re knowledgeable in intrusion detection systems (IDS) can actively monitor network traffic, detect suspicious activities, and respond swiftly to potential breaches. By deploying effective IDS solutions, financial institutions can promptly identify and mitigate security incidents.

Data compliance skills

To navigate the complex and nuanced landscape of data compliance, financial institutions need tech professionals who possess the following three areas of expertise:

#1: Regulatory knowledge

Hiring individuals well-versed in the relevant regulations, such as GDPR, Privacy Act and other regional frameworks, is vital. These professionals should stay updated with the evolving legal landscape and have a comprehensive understanding of the specific requirements of each regulation.

#2: Access controls and consent management

Skilled technology talent should be proficient in encryption techniques to secure sensitive data during storage and transmission. Implementing strong encryption algorithms and establishing multi-factor authentication mechanisms adds an extra layer of protection against unauthorised access.

#3: Data governance and auditing

Financial firms must maintain precise records and conduct frequent audits to demonstrate compliance. Tech professionals skilled in data governance can establish frameworks that ensure the lawful handling of data, facilitate data inventory management, and enable efficient auditing processes.

By leveraging the expertise of tech talent with the aforementioned skills, financial institutions can work to overcome data management challenges. These tech professionals can implement comprehensive security measures, establish stringent access controls, conduct regular audits, and ensure the lawful handling of data.

How financial services can source top tech talent

When it comes to hiring tech talent for data management in financial services, there are several key considerations to keep in mind. The following five rapid-fire tips can help organisations attract and retain the right professionals while strengthening their Employee Value Proposition (EVP):

• Clearly define roles and responsibilities: Clearly outline job roles and responsibilities to attract candidates with both the right hard and soft skills.
• Showcase career growth: Highlight career advancement opportunities, leadership progressions and specialised training programs.
• Offer competitive compensation: Provide attractive compensation packages aligned with — or ahead of — financial services industry standards.
• Promote positive work environment: Prioritise diversity, inclusion, and work-life balance to create a supportive workplace culture.
• Emphasise continuous learning: Highlight training programs, certifications, and conferences for professional development.

In addition to implementing these five tips to acquire new tech talent, it’s important to have a comprehensive understanding of market trends. Our comprehensive market trends article provides the latest insight and data on the tech hiring landscape, providing valuable information to help you stay ahead in the competitive market, gain a deeper understanding of the current demand for digital and tech skill-sets, the impact of recent job losses, and the shifting dynamics in different regions.

Higher education institutions are facing a crisis in retaining their staff, according to a recent study by the College and University Professional Association for Human Resources (CUPA-HR). The battle to retain talent as observed in recent years — particularly in the wake of the COVID-19 pandemic — can be attributed to the following revelation: The work-landscape has changed.

COVID-19 caused many professionals to re-evaluate their priorities: the desire for remote work, salary transparency and wellness initiatives, to name a few. This has forced organisations to adapt to meet the wants and needs of its people.

In the 2023 job market, tech professionals can afford to be picky — with the liberty of switching roles based on priority-alignment. Fortunately, there are steps and precautions companies can make to not only retain their staff, but prosper within today’s ever-competitive workforce.

Troubling Trends: Why Tech Professionals are Leaving

In Australia, higher education professionals have recently expressed their discontent at scale regarding their current university roles, noting the ramifications of “cost-cutting,” such as an unfavourable workload, as a main reason.

This stems in part from the 2021/22 Great Resignation, which saw upwards of 50 million people leave their jobs. Consequently, higher education’s tech professionals in particular became increasingly empowered to demand their priorities are met — most prominently, the desire for increased pay and work-life balance.

The Desire for Increased Pay

Of those who indicated their intention to leave the higher education sector, upwards of 75% stated salary as their primary reason for considering alternative employment. This pay dissatisfaction is further exacerbated both by the marriage of two factors:

• Rapid increase of inflation.
• High rate of unemployment.

The rising cost of goods and services worldwide is making it difficult for many higher education professionals to keep up with the cost of living. At the same time, due to being understaffed, institutions are offering higher salaries as a means to draw skilled workers.

The Desire for a Hybrid Workplace

The COVID-19 pandemic ushered in the era of virtual work. Even as restrictions have lifted and workplace health and safety measures have eased, the demand for remote work has not diminished; in fact, it is on the rise.

On an international scale, 16% of organisations worldwide now operate fully virtually, with an additional 40% of companies adopting hybrid work.

Many workers now recognise the advantages of a hybrid or fully virtual workplace, and as a result, they expect the option for hybrid work to be included in their employment contract. The desire for remote work is further clarified by an OwlLabs study, with participants reporting an increase in productivity (90%), happiness (84%), and the willingness to recommend remote work to others (97%).

What are the implications for higher education institutions? As many are in the process of increasing their hiring within the technology space, and aren’t likely to slow down anytime soon, they will need to restructure their daily operations to accommodate remote work for tasks that can be performed off-site. By granting professionals the flexibility to arrange — or negotiate — their work environment, higher education institutions increase the likelihood of higher job satisfaction rates and, in turn, retention.

The willingness of employers to negotiate likewise applies to compensation. The demand for skilled technology professionals is high and expected to continue growing, with projected 253% growth in cybersecurity and 268% growth in data science over the next decade, for instance. Given this demand — and the rise of inflation as previously mentioned — employers must evaluate salaries to maintain competitiveness. Further, the expectations of tech professionals don’t start and end with salary and hybrid work; tech professionals also look for a positive work environment, the facilitation of meaningful work, and a clear career pathway — more on this below.

What Tech Professionals Expect (and Why It Matters)

In addition to salary considerations and the preference for a hybrid workplace, technology professionals are motivated by a range of factors that enhance their overall well-being and job satisfaction.

To prioritise their tech professionals, higher education institutions should take into account the following:

• A clear path to promotion, and the associated financial implications and benefits, with approximately half of survey respondents stating a correlation between career advancement opportunities and overall job satisfaction.
• Childcare options, as per a Harvard Business Review article, is a crucial consideration that impacts both families and businesses alike.
• Work flexibility, a priority for 96% of employees. This not only refers to hybrid-work options, but also flexibility around hours, location and responsibilities to accommodate their personal and professional responsibilities and achieve a better work-life balance.
• The facilitation of meaningful work: As per a recent Talent study, tech professionals in higher education desire to engage in meaningful work; specifically, work they’re passionate about. Have the conversation early on in the hiring process about what the tech professional would like out of their employment — what they consider meaningful — and determine ways to align their passions and skills with the available opportunities within the organisation.

The cardinal goal of all the aforementioned factors is to help team members feel valued and cared for at work. As mentioned by Indeed, “an employee who feels valued is happier, more productive and less likely to seek alternative employment.”

Alongside understanding what tech professionals want from their employment, it’s crucial to grasp the prevailing technology market trends. Our article on tech market trends covers essential information based on country-specific tech industry data from Australia, New Zealand, the U.K., Germany and the U.S. — assisting you in attracting and retaining top tech talent.

As the pressure being put upon the tech industry isn’t set to slow down any time soon, many organisations — and not only those in Australia — are strategising as to how they can navigate and adapt to the evolving landscape.

Below, we cover the state of the IT workforce in 2023: Tech skill shortages on a global scale, how companies can mitigate skill shortages, and a look into market trends.

Global Digital Skills Shortage: How Are We Doing, Australia?

Australia’s current tech workforce shortages are not significantly different from the shortages experienced worldwide. Both in Australia and globally, the skills shortage predominantly impacts areas of IT that require high expertise and specialisation, such as cybersecurity, cloud computing and machine learning, among others.

According to the Technology Council of Australia, the country is projected to require an additional 286,000 tech workers by 2025, increasing the total pool of Australian tech workers to 1 million. To meet this demand, organisations are actively recruiting outside of Australian territory, aiming to source skilled professionals from around the world.

To effectively tackle the Australian skills shortage, organisations must strategically consider their international sourcing options for skilled tech workers, as this shortage is a global challenge impacting multiple countries. A joint survey by Gallup and Amazon Web Services revealed that a significant majority (72%) of UK businesses have open positions requiring digital expertise. However, nearly two-thirds (68%) of these businesses face difficulties in recruiting digital professionals, with almost half (45%) citing a lack of qualified candidates as the main challenge.

A similar theme rings true for the United States: The demand for IT professionals is expected to increase by approximately 22% in the next decade, surpassing the growth rate of all other occupations. This rapid expansion is projected to result in a significant shortfall of about 85 million skilled individuals in the tech industry.

Various other countries, such as Canada, New Zealand and Germany, have also recognised the need to acquire tech talent from abroad to fill their own skills gaps. So while Australia may look internationally to source IT talent, the global marketplace for skilled tech workers remains highly competitive.

How Savvy Hirers Manage the Tech Talent Shortage

In the face of a tech talent shortage, companies are adopting different strategies to effectively manage their hiring processes. While some employers are adopting a cautious approach, others are taking a more bullish stance to navigate the challenging recruitment landscape.

A Cautious Approach: Navigating Uncertainty

The tech recruitment market has experienced a noticeable slowdown in recent months, prompting companies to exercise caution when it comes to hiring new talent. In this environment, savvy hirers are implementing more thoughtful and deliberate approaches to their talent acquisition efforts.

Rather than solely focusing on specific niche skill sets, these employers are seeking candidates with broader skill sets who can handle a wider range of responsibilities within their roles. By casting a wider net, companies aim to maximise the value and versatility of each new hire, ensuring they can contribute effectively to multiple aspects of the business.

Further, as companies strive to create leaner and more efficient workforces, fewer positions are being advertised, leading — in some instances — to a decline in the prevalence of above-market-rate salaries and intense competition for candidates. This shift allows cautious hirers to explore more sustainable hiring strategies that align with their long-term business objectives.

A Bullish Approach: Seizing Opportunities

“Employers are either taking a cautious or bullish approach to the market. The more cautious have decreased hiring and in some cases implemented hiring freezes, whereas the more bullish are taking advantage of the market to increase their hiring whilst their competitors hesitate.” says Matthew Munson, Talent Sydney Managing Director.

By capitalising on the market, bullish hirers aim to secure top-tier talent that may otherwise have been snapped up by their more cautious counterparts. These employers are leveraging their competitive advantage by offering attractive compensation packages, hybrid work arrangements and opportunities for career growth and development.

Balancing Caution and Boldness

Savvy hirers understand that managing the tech talent shortage requires striking a delicate balance between caution and boldness — adopting a situational approach. They acknowledge the need to be prudent in their hiring decisions, considering the broader skill sets of candidates and optimising the utilisation of resources.

Don’t Ignore These Trends in Tech Talent Hiring

The tech industry is constantly evolving, presenting various factors for employees to consider before hiring a tech professional. Here are two key trends that you shouldn’t ignore:

Talent Opportunities During Layoffs

Amidst the tech layoffs of 2022, over 154,000 professionals were let go — a significant opportunity for tech companies to access a vast pool of highly skilled and experienced individuals who are actively searching for new employment.

To gain a competitive edge, progressive companies have recognised the importance of actively engaging with those affected by these layoffs, going beyond conventional recruitment practices. They are implementing innovative strategies such as organising job fairs, hosting virtual career events and leveraging professional networks to connect with individuals possessing sought-after IT expertise.

The Rise of Remote Work

With the increasing prevalence of hiring talent across borders and the need to combat skill shortages, companies that don’t consider remote options may struggle against competitors who do. The remote work trend has disrupted the tech talent management game, especially in the face of the Great Attrition and recent tech layoffs.

In the UK, for instance, over a quarter of businesses are looking internationally for tech talent due to local shortages. When pursuing internationally, organisations ought to account for tech workers significantly preferring remote work over relocation, making it essential to adapt their hiring strategies and embrace remote work to attract and retain top talent. If the thought of paying and onboarding employees in other countries seems daunting, companies like Deel are making it easy by providing simple international HR solutions — hiring borders is a thing of the past.

Navigating Market Changes

The ever-unfolding process of navigating the dynamic IT landscape is poised to continue evolving in the years ahead. However, by gaining a comprehensive understanding of the present IT workforce, employers can equip themselves to make informed, data-driven hiring decisions.

Stay at the forefront of the tech workforce and industry by delving into our market trends article. Within its pages, you will gain valuable insights into the latest in-demand skills, emerging hiring trends and location-specific nuances. These invaluable details are tailor-made to assist you in making astute and strategic choices for your IT hiring requirements.