Are you looking to hire in 2024? Here’s all you need to know to navigate the complex employment landscape across Australia and New Zealand. Our recruitment experts share their insights and predictions to equip you with the knowledge you need to get ahead.

2024 recruitment trends

1. The scales of power are tipping

Is it an employer’s market or a jobseeker’s market? Well, it depends. Across ANZ, the tech hiring market is slowing down due to an economic downturn, which is seeing a number of companies cut costs and tighten their budgets – a stark contrast to the fast-paced, candidate-driven market of 2021-22. As a result, recruitment is slowing down across certain job families – especially Project Services – resulting in more candidates in the market than jobs on offer. Talent Sydney recruitment expert, Shane Hodgins notes “Where there has been a slowdown in the market is in the project services space – many companies are putting their projects on hold as budgets for IT projects are being cut. Generalist IT project managers are most affected by this.” In this space, we’re therefore seeing the scales of power start to tip in favour of the employer.

This doesn’t mean hiring managers hold all the cards though. For in-demand skillsets, such as cybersecurity, data, and artificial intelligence, candidates remain firmly in the driver’s seat as companies increasingly recognise the importance of securing their systems, leveraging data, and adopting AI. With more choice available for these jobseekers, Talent Sydney Managing Director, Matthew Munson, notes that while “we have seen the cooling of salaries across many job families, hard to find niche talent will always test the top end of what the market has to offer.”

2. In-demand roles are demanding dollars

With the market shifting in 2024, remuneration is also experiencing movement. According to Talent NZ Country Manager, Kara Smith, “cost of living and inflation increasing will continue well into 2024 and beyond. Candidates are seeking higher salaries to compensate for this, yet organisations are driving cost-conscious decisions.” Resultantly, many job families are seeing a slowdown in salary growth. In the domain of Project Services, salaries and contract rates have dipped by as much as 15-25% due to many companies placing their projects on pause in a bid to cut costs. However, this isn’t the case across all job families and positions.

The roles commanding the highest pay? Those in Cybersecurity, Data Analytics, and Cloud Solutions. Our Talent More Than Money Salary Guide 2024, highlights that Cybersecurity salaries have increased 25-35% since 2023 and Data Analytics 12-23%. When it comes to contract work, Cybersecurity rates are up 15-30%, Data Analytics 18-25%, and Cloud Solutions 10-25%. Talent Sydney recruitment expert, Shane Hodgins, comments on this trend “cybersecurity professionals are still in high demand. Hands-on technical roles such as penetration testers and security engineers, are highly sought after, and we’re seeing more roles in the market than candidates available. Resultantly, salaries have remained high at post-COVID levels for these candidates.”

3. Sourcing beyond borders is on the rise

In 2024, many companies are looking beyond national borders for candidates to fill their vacancies, particularly in tech and transformation. In Australia, our Talent recruitment experts note that large companies have increased their offshoring by an estimated 10-40%. Talent Sydney Managing Director, Matthew Munson, comments “a conservative estimate would say about 30,000 Australian companies offshore technical skills. It has accelerated over the last 12 months and the signs are that it will continue, because local salaries are very high, there is a skills shortage, and this move to remote work is making it a lot more appealing to hire people offshore.” In New Zealand, Talent Wellington recruitment expert, Georgia Hynes, also comments on the impact of remote work in enabling the sourcing of candidates from beyond national borders, “many organisations from the US and Australia are still dipping into the NZ candidate market for remote working, particularly in the developer space”.

4. Unemployment is up

In late 2023, both Australia and New Zealand’s unemployment rates increased to 3.9%, up from 3.8% and 3.6% respectively. With an uncertain economy, company layoffs, and growing cost of living pressures, there are more candidates on the market than before, seeing a stabilisation of salaries and contract rates in comparison to the candidate-driven market of previous years. Talent Wellington recruitment expert, Katie Kemp, observes that “COVID and the shortage of talent in the market saw people look to negotiate or secure higher salaries, however there is a level of market correction coming into play now, combined with organisations looking at their expenditure and relativities more closely”. Is this a trend that’s likely to continue? Our recruitment experts predict that…

5. The market will recover

It’s not all doom and gloom in the employment space. In fact, it’s anticipated that things will start to pick up when it comes to hiring. According to LinkedIn data, while the LinkedIn Hiring Rate in Australia decreased by 7.2% from January-June 2023, as of December 2023, it increased by 1.7%. Talent Melbourne Managing Director, Simon Yeung, predicts that over 2024, hiring will be on the up. “Looking ahead, the IT job market is anticipated to experience growth, fueled by the adoption of advanced technologies like AI, cybersecurity, and blockchain by Australian tech firms. The demand for skilled professionals in cloud computing, data science, and software development is poised to rise as businesses prioritise digital transformation.” In New Zealand, Talent NZ Country Manager, Kara Smith, also observes a shift in the market “As we enter 2024 the market is feeling more optimistic than the last few months of 2023”. She cautions “just like we saw post-COVID, businesses can only halt projects, investments, initiatives for so long. In a world where cybersecurity is a top priority, investing in tech teams is a worthwhile long-term strategy.”

Need a hand navigating this hiring landscape?

We can help. At Talent, we’ve been working with top candidates in tech, transformation and beyond, since the birth of Javascript. For over 25 years, we’ve placed thousands of professionals across almost every sector to the world’s leading companies. Let us help you get ahead in the recruitment market and connect you with a world of leading tech and transformation experts to boost your teams. Get in touch today.

Talent Acquisition is a tough gig. In today’s competitive job market, organisations face countless challenges when it comes to attracting, hiring, and retaining top talent. From navigating complex hiring processes to selecting the right technology solutions, the demands placed on TA professionals are greater than ever before.

That’s why our advisory and embedded talent acquisition arm, Talent Solutions, has partnered with SmartRecruiters. Through this collaboration we can empower organisations to overcome hiring challenges, optimise their people processes and technology, and ultimately achieve superior hiring outcomes.

People, process, tech, and brand

At Talent, we believe in the importance of aligning people, process, technology, and brand to create a seamless and effective talent acquisition strategy. Our friends at SmartRecruiters share this philosophy.

Here’s why these four elements are so crucial when it comes to attracting the best:

• People: Finding and retaining top talent is about more than just job postings and interviews. It’s about understanding your organization’s culture, values, and goals, and finding candidates who align with them. Without a clear understanding of your people needs, your hiring efforts may fall short.
• Process: A streamlined hiring process is essential for attracting and engaging top candidates. If your process is cumbersome or inefficient, you risk losing qualified candidates to competitors. By optimizing your hiring process, you can ensure a positive candidate experience and increase your chances of making successful hires.
• Tech: Technology plays a crucial role in modern talent acquisition, from applicant tracking systems to AI-powered recruitment tools. However, selecting the right technology can be daunting, and implementing it effectively is even more challenging. Without the right tech solutions in place, your hiring efforts may be hampered by inefficiency and inconsistency.
• Brand: Your employer brand is a powerful tool for attracting top talent. It’s not just about the perks and benefits you offer; it’s about the story you tell and the values you embody as an organization. Without a strong employer brand, you may struggle to differentiate yourself from competitors and attract the best candidates.

A powerful combination

Linking people, process, technology, and brand is essential for effective talent acquisition because it ensures alignment and cohesion across all aspects of the hiring process. When these elements work together seamlessly, organizations can attract, engage, and retain top talent more effectively, ultimately driving business success.

Our partnership with SmartRecruiters means we can help organisations achieve hiring success in more ways than ever before. By combining our expertise in advisory and embedded talent acquisition with SmartRecruiters’ innovative platform, we provide clients with the tools and support they need to build winning talent acquisition strategies. Together, we’re transforming the way organisations transform TA.

Ready to transform your hiring strategy? Contact us today to learn how Talent Solutions and SmartRecruiters can help you achieve hiring success in your business.

Ah, flexibility. If we had a dollar for every news article about work-from-home vs. office, we’d have enough money to buy a luxurious floating office in the middle of the Bermuda Triangle, where the debate would mysteriously disappear. Alas, the headlines don’t seem to be going anywhere, so we thought we’d collate some findings about what’s really happening in the job market. What does flexibility actually look like? What are hiring managers expecting as we head into 2024? And are candidates having to be, well, flexible, in their desired work arrangements?

Here’s what we found:

Flummoxed by flex

Recent articles about flexible work have reduced the topic to a binary, all-or-nothing debate about the office and work from home. The reality is flexible work is far more nuanced than that.

In fact, flexible work covers remote work, flexible hours, compressed workweeks, job sharing, part-time work, flexible scheduling, annualised hours, zero-hour contracts, hot desking, job redesign, phased retirement, flex places, and much much more. Phew!

According to Talent Sydney Candidate Manager Saqib Zia, flexibility is taking many different forms in newly negotiated roles.

“I’ve worked alongside many organisations that very much value work-life balance and offer it in different ways. For example, accommodating school pick-up and drop-offs, supporting other life commitments, or working irregular office hours. Flexibility may not always equate to work from home days, but instead, can be negotiated and shown through different arrangements.”

Mismatched expectations

So, what are job seekers and hiring managers expecting when it comes to flexibility in 2024? According to a survey of over 1,100 Australian employees, 45% would be willing to take a pay cut in exchange for flexible work. There’s no doubt that flexibility remains a critical item on job-seekers’ wish lists.

Talent Adelaide Candidate Manager Taliya Lukeman observes, “When it comes to candidates’ expectations of employers, flexibility with working hours and working from home is still important.”

The same goes for candidates in Queensland, with Talent Brisbane Candidate Manager Steph Rose observing: “Candidates’ main expectations continue to be flexible working arrangements from prospective employers, whether that be part-time, work from home, work your own hours, etc.”

In most cases, employers are happy to accommodate this flexibility.

According to Talent Wellington Senior Consultant Katie Kemp, “While employers are very much still embracing and offering flexible working to help support individuals’ circumstances, we are seeing more employers preferring that team members spend the majority of their time in the office, with 1-2 days from home.”

However, many hiring managers are expecting increased presence in offices.

“Within the past 10 months, I’ve increasingly seen a drastic change between a candidate’s ideology of what ‘flexibility’ is versus what’s currently out on the market. Candidates that are currently employed and experienced tenure during lockdown times, more often than not, expect a role to include 2-3 days WFH flexibility as a given,” says Talent’s Saqib Zia. “We’ve observed businesses go from a minimum 2-3 days in the office to a change of minimum 4 days in the office – and those expectations are set as mandates in many cases. From a business’s perspective, they are paying top dollar for office space, often in multiple geographical locations. Reasons cited by hiring managers for increased presence include re-igniting office culture and justifying spending costs.”

Moving beyond mandates

Amid increasing office mandates, many organisations are finding success in a balanced approach.

According to Talent Solutions Client Delivery Lead Jasmine Alderton, employers who have taken a people-first approach to their working environment are reaping the rewards when it comes to engagement and productivity.

“Giving people the flexibility to work in a preferred environment when required for ‘deep focus’ tasks whilst bringing them together in-office on days where collaboration is needed has boded well,” Alderton says. “There will never be a replacement for the information flow that happens when people are in the same room together, but allowing your people the flexibility to work from home will not only lead to being an outcomes-oriented environment but also give your people the opportunity to look after their well-being and remain competitive in attracting and retaining the talent you need for your business.”

Talent People & Culture lead Georgia Townsend says while it’s natural to want a buzzing office of activity, you can’t mandate a great culture.

“It’s not as simple as flexible working or not flexible working—the debate is constantly evolving far beyond a yes or no question. Like most companies, we have been through a number of phases of trial and error with what flexible working can look like. To find that sweet spot that five years ago seemed impossible. What we’ve found is the best way to get the most out of everyone, driving engagement and keeping our culture alive, is to truly understand what drives our people. What are they really looking for out of flexibility? How can we marry that to business needs to optimise business performance? The magic answer is that not one size fits all. And what works now didn’t work one year ago and may need to be revisited in a year’s time.”

Our advice, as we move into 2024, is to embrace the diversity of flexible work arrangements beyond the work-from-home versus office debate. Candidates, showcase your adaptability to various options like remote work, compressed schedules, and job sharing. Employers, recognise that flexibility extends beyond these binaries and be open to tailoring arrangements based on individual preferences. By fostering a culture that values adaptability, both parties can navigate the evolving landscape of workplace flexibility more effectively.

In the dynamic landscape of leadership, steering your company towards success takes more than just vision—it demands a deep understanding of the intricacies within your organisation. So, how can you gain a strong grasp on what’s happening within the talent acquisition (TA) function and ultimately ensure you positively shape how the broader business values this critical function?

At Talent, we’ve honed a secret sauce of key metrics designed to empower leaders with the insights needed to keep their finger on the pulse of talent acquisition and, consequently, drive the right hiring outcomes. Here, we focus on one metric that punches above its weight for impact—the ratio between interviews to offer.

The metric that matters: Interviews to offer ratio

Consider this: How many interviews does it take to extend one offer? This seemingly simple metric provides great insight into the quality of candidates in your pipeline, the effectiveness of your assessment methods, and the prowess of your interviewers. If you’re seeing a high volume of interviews relative to offers, you should dig deeper to understand reasons for the low conversion rate, and shed light on potential issues such as lacking interviewer capability, misaligned core role competencies, or deficiencies in candidate assessment.

This ratio is like having a diagnostic tool for your hiring process. If you find there’s a high volume of interviews happening across your departments but offers are scarce, it’s time to roll up your sleeves and investigate. This discrepancy could be indicative of inefficiencies in your process that, if left unaddressed, could impact your ability to attract and secure top-tier talent.

Problem-solving through data analysis: Where are candidates getting stuck?

Picture this: your candidates are progressing smoothly from an initial phone screen with your TA Team to a Hiring Leader interview but encounter roadblocks thereafter. This is a common challenge for many of our clients. One we often set about solving in the early stages of an engagement. The solution lies in using data to problem solve.
What you can do to solve this: enlist your TA team to actively participate in interviews with hiring leaders for roles that have roadblocks. This hands-on approach will provide you with insights into what transpires during interviews and enable your team to identify and solve problems effectively.

As a leader, consider taking a proactive role in this process. Sit in on interviews, observe the dynamics, and engage with your team to understand the root causes of these bottlenecks. It could be that a realignment of the hiring team—comprising the hiring leader, interviewers, and recruiters—is in order. Clarify the expectations and criteria for candidate success, ensuring everyone is on the same page. Define the top five key role competencies and ensure your interview guides actively assess these skills.

Elevating interviewer capability: The human element

Beyond the mechanics of the process, consider the human element in your hiring strategy. Assess the engagement levels of your interviewers—how effectively are they pitching the role and the employee value proposition (EVP)? Put yourself in the shoes of a candidate and ask, “Would I be enticed to join this company based on their interview?” The answer to this question holds significant weight.

Investing in interview training can pay substantial dividends. Ensure your team is equipped not just with technical know-how but also with the art of conveying your company’s culture, values, and opportunities. How engaging are your interviewers? Do they effectively communicate the unique aspects that make your organisation an appealing workplace? Remember, the interview is not just a one-way assessment; it’s also an opportunity to showcase your company and attract top talent.

Beyond ratios: Comprehensive metrics for success

While the interviews-to-offer ratio is a cornerstone metric, it’s essential to cast a wider net when evaluating the health of your talent acquisition function. Consider metrics such as time-to-fill and time-to-hire—understanding the efficiency of your process at each stage. Track the source of your hires to optimise recruitment strategies. Dive into candidate experience feedback to refine your approach and enhance your employer brand.

It’s also a good idea to delve into diversity metrics to ensure an inclusive recruitment strategy, and monitor retention rates to gauge the long-term success of your hires. Assess the cost per hire to optimise your recruitment budget effectively. Finally, measure the quality of your hires by evaluating their performance and impact on the organisation.

Key to success: The strategic imperative of TA data

In a business landscape where talent is the differentiator, harnessing the power of TA data is not just a strategy; it’s imperative for success. These metrics provide you a compass for navigating the complexities of talent acquisition. By understanding and acting upon these insights, you not only optimise your hiring processes but also elevate the value and impact of the TA function within your organisation.

As a leader, your ability to leverage TA data is not just about recruitment; it’s about shaping the trajectory of your business by attracting, retaining, and nurturing the right talent. So, dive into the data, decode the metrics, and let the insights pave the way for a talent strategy that propels your organisation towards enduring success.

Ready to optimise your hiring process and bring the best on board? Learn how we can help.

2023 was a tumultuous year across the globe for our economies, employees, and employers alike. Employment trends have come thick and fast throughout 2023 and as we return from our end-of-year breaks refreshed and hopeful in achieving our resolutions for the year ahead, let’s take a look at some of the themes that have filled our feeds and some key considerations for 2024 in the pursuit of skilled talent.

Minimum Mondays

Some suggest this is employees’ response to the Sunday Scaries and a way of easing into the week by focusing on less complex tasks, whilst other suggest it’s a wellbeing technique used by employees to lower stress and reduce pressure.

Quiet Quitting

A report recently published by Gallup suggested that 67 % of ANZ employees were, “quiet quitting”. This doesn’t necessarily mean they intend to quit, but that they felt less engaged or somewhat disconnected to the organisational purpose and overall strategy.

Return to Office Mandates

It started slowly with a few articles about the possibility of returning to the office, then gathered speed, which led to some of Australia’s largest employers mandating a return to the office. Some mandated a percentage of time, others a number of days …. Needless to say, cue the coffee badging – see below…

Coffee Badging

On first glance, this sounded a bit like the old school notion of presenteeism whereby employees showed up regardless because time in office or face time was valued. However, on closer inspection, “Coffee Badging” is a direct response to the more recent RTO (return to office) mandates from some employers, whereby employees come to the office, grab a coffee, make their presence known and then head off to a more suitable working environment for the work they need to do that day – typically, home.

Rage Applying

This trend, like many, sprung up via TikTok in 2023 amongst Gen Z and Millennial employees in response to workplace frustrations – some report being passed over for promotion, some not receiving an expected bonus among other reasons. Whilst it may feel like you’re taking back control at the time, take a moment to consider how this reaction may impact your professional reputation over time and perhaps have an open discussion with your employer to learn more as to the why.

We could keep going but you can see the pattern here, employees are feeling increasingly stressed. Interest rate rises in Australia mean increased financial pressure; we’re seeing varying degrees of employee engagement and working preferences mean employers need to adjust to keep pace with the employee and candidate market.

Candidate and employee priorities this year

Post pandemic we have seen a fundamental shift in our working world, not just because of the need to pivot how and where work was done due to COVID, but our workforce demographics have and will continue to change. By 2025, Gen Z will make up 27% of the workforce coupled with 10,000+ baby boomers reaching the age of 65 daily, and potentially moving out of the workforce. Seek’s Laws of Attraction Report highlighted the top priorities for candidates and employees today are:

• Work-Life Balance,
• Salary & Compensation,
• Working Environment, and
• Management

So, what should leaders and employers be doing right now to ensure they are speaking directly to the needs of both candidates and employees in 2024. Here are some tips as we head into 2024:

Make sure to check in

Check in with your people, in person where possible, but make it meaningful and practice active listening. Perhaps share some of your highlights / lowlights of the year and ask your team member to do the same, chat about holiday plans, what excites you for the year ahead with this team member.

Build a strong EVP

Review your EVP from the perspective of employees and candidates and ask yourself, is it grounded in reality for where your organisation is today? Does your EVP include the critical elements for the talent you want to attract and retain?

Know your audience

With four generations currently in the workforce, try to avoid a “one size fits all” approach to your EVP – because just like dress sizes “one size does not fit all”. Tailor key elements of the offering to your audience.

Promote a work-life balance

Flex your flexible working options at every stage of the employee life cycle. From job advert, to interviews and during regular employee check ins, ensuring your people feel supported as they move through life stages – think 4-day work weeks, flex hours, work from anywhere. Personalisation is critical when it comes to flexibility, so don’t be afraid to ask your people what works for them.

Consider compensation and benefits

Transparency is key. We know it’s not only about the about the salary, so consider benefits such as wellbeing allowance, all leave related allowances including additional purchased leave, salary sacrificing, novated leasing, parental leave. Benefits can significantly increase employee engagement and ease the financial strain for all.

Lead with empathy

Leaders who can lead with empathy will be one of any organisation’s superpowers as we continue to face a constantly changing environment. Employees today place significant importance on the ability to express themselves openly, embracing differences, and sharing thoughts, feelings, and emotions. It’s essential leaders have the right training and support to express empathy, foster open communication and demonstrate awareness for employees’ emotional and mental wellbeing.

2024 is set to be another year of volatility and uncertainty, so stay tuned for some of the next workplace shifts set to impact your people in 2024 (gender pay gaps, increased AI in the workplace, skills-based hiring, etc.).

Ready to build world-class teams in 2024? Learn how we can help.

Over the past 12 months, Talent has filled many thousands of roles across different industries, providing us with a valuable window into the professional contract recruitment market.

According to our hiring data, the transportation and logistics industry appears to be the most resilient in the face of the economic woes that have struck many other sectors over the last 12 months. This is based on the comparatively strong contractor hiring that has taken place; with contractor placements in 2023 climbing 2% higher than 2022. The combined energy, resources and utilities industry also remained fairly solid in comparison to others, with only a comparatively small 7% reduction year-on-year. Its likely continued investment in renewables projects and the burgeoning ‘green tech’ revolution sustaining the need for an injection of specialist skills prevented a bigger slide in demand.

Somewhat unsurprisingly, several publicised contractor layoffs and hiring freezes across both federal and state government departments and agencies are reflected – with declines of 16% – but it wasn’t the worst hit sector.

By comparison, financial services and consulting sectors have seen the sharpest declines in their demand for contractors year-on-year – more than 25% in each sector. This is possibly a reflection of the economic markets as well as heightened scrutiny on the use of consulting firms drying up pipelines of work, especially across the public sector. Recruitment demand for permanent consulting industry workers was also down on 2022’s figures.

One metric which has climbed year-on-year is average contractor pay rates. Across the board, rates are up an average of 4.1%. The categories which outperformed the average most noticeably were Administration (up 12.9%), Sales and Account Management (up 8.2%) and IT Support (up 8.1%).

Data, Reporting & Business Intelligence was up 4.7% compared to 2022 and also recorded the second-highest annualised income of $246,073. The highest annualised income was attributed to Cyber Security which, although pay rates stayed flat, still saw averages of $276,236 per annum.

The largest decline in contractor rates was within the broad finance category, which was down 2.2% in 2023 compared to last year.

If you’d like to delve further into your industry’s trends, tackle a critical hiring challenge together or even discuss the role of top contractor talent in your people strategy, please get in touch with our Head of Enterprise Solutions, Cameron Robinson.

The global talent market has never changed this much, this quickly. In 2023, TechCrunch reported over 240,000 jobs were made redundant — that’s up from 164,969 in 2022.

Australia’s tech Startup sector felt the effects of this market the most. According to data from Cut Through Ventures, total funding raised for Australian technology startups in 2023 fell by $4.2 billion compared to the year before and the number of deals struck has declined 42 percent year over year.

This current market has seen companies pull back their focus on growth at all costs to favour profitability or sustainability and need to raise less.

Despite these layoffs and reduced funding, economy-wide demand for tech workers remains high. Earlier this year, Tech Council reported that for every job lost in the tech sector, 20 jobs were created across indirect tech companies.

And while it seems that the market pressures have eased somewhat, this would suggest a turnaround at some point, even if it took a while, giving us a reason to be optimistic.

Taking a look back over the past year’s hiring trends:

• Year-over-year decline in hiring — the rate of decline is slowing in certain regions and countries, which we can take as a sign of stabilisation.
• Rebalance in labour markets — meaning employers are hiring, but at a more cautious pace, and employees are staying put for longer.

According to Seek data, job adverts nationwide are down 30 per cent in Nov 2022-Oct 2023 vs Nov 2021-Oct 2022. Which is a far cry from the activity and movement we experienced over the same period Nov 2020-Oct 2021.

For the past number of years, the war for talent has been rife, and while there may be some relief in sight, the challenge of securing exceptional talent remains perpetual for rapidly expanding enterprises. Entrepreneurs consistently cite hiring as a crucial competitive advantage and a significant ongoing challenge, with the difficulty lying not only in attracting personnel but also in retaining them.

As many employers will have experienced an increase in job applications, there are a number of factors that are driving this, particularly population growth. Australia’s population grew by 2.2 per cent to 26.5 million. Pre covid net migration was estimated to be between 150,000-200,000 per year — that number is estimated to have increased to 500,000-600,000 on average for the past 2 years, a catch-up effect after closed international borders.

Predictions for 2024

AI and AI regulation

The continued integration of technology and automation may lead to job displacement in certain industries. However, it could also create new opportunities for jobs related to artificial intelligence, data analysis, cybersecurity, and other tech-related fields.

Data Privacy overhaul

There will be developments in response to growing concerns about the protection of personal information and the increasing role of technology in our lives.

Deep Science

There is a powerful push for Australia to take on greater risk in the development and commercialisation of emerging technologies, particularly in the fields of quantum computing, renewable energy and biotechnology. As an increasingly vocal Australian tech lobby pushes government to invest more in world-changing technologies in high demand.

Australia will lead the green tech revolution — across the entire supply chain

Critical minerals are fundamental to the world’s clean energy transition. They are vital for electric vehicles, wind turbines, solar panels, electrolysers, fuel cells and rechargeable batteries. Global demand for critical minerals is forecast to grow by roughly a third each year into the future. And this has naturally put Australia in an important, pivotal position. Australia’s critical minerals can be found in a broad range of electronics, our solar technologies are powering cities, and our sustainable farming practices are transforming food production. According to a report led by EY, Australia ranks number 6 globally on the renewable energy attractiveness index.

Additionally, a mutual agreement signed in 2023— called the US-Australia Climate, Critical Minerals and Clean Energy Transformation Compact, aims to coordinate investment and collaboration in the development of the critical mineral and clean energy industries. The deal means Australian companies can supply critical minerals and renewable energy to the US and be treated as a domestic supplier, with benefits for a range of tech sectors beyond renewables, including semiconductor and microchip makers.

Healthcare and Biotechnology

The healthcare industry is expected to continue growing, driven by an aging population and advancements in medical technology. Jobs in healthcare, biotechnology, and pharmaceuticals may experience sustained demand.

Ready to supercharge your talent team and bring the best candidates on board in 2024? We can help. Learn more here.

The tech hiring market is shifting, seeing the scales of power continuing to tip between candidates and employers. So, who holds all the power, and does it only belong to one group? With exclusive insights from our recruiters across Australia and New Zealand, we dive into current tech hiring market trends to uncover who really has the upper hand. Let’s get into it.

What does the current market look like?

While the current tech hiring market is characterised by a greater sense of caution and conservatism – a stark contrast to the frenzied, candidate-driven hiring market of 2021 and 2022 – it doesn’t mean that demand for top tech skills is out the window. While the scales have started to tip in favour of the employer, with an influx of candidates in the market due to recent layoffs, there is more to the debate than this. Our recruitment experts share both sides, uncovering the nuances of this evolving market landscape.

An employer’s world

Throughout 2023, the market has experienced almost 250,000 layoffs across over 1,100 tech companies globally, resulting in a significant influx of talent to the market and more candidates available than roles on offer. Employers have subsequently found themselves holding the power across numerous roles, seeing a slowdown in the unprecedented salary rises of 2021 and 2022.

This particularly holds true for those in project services positions – think, your Project Managers and Business Analysts – where we are seeing slowed demand as companies cut costs and press pause on their projects.

Shane Hodgins, Senior Account Manager at Talent Sydney observes, “Where there has been a slowdown in the market is in the project services space – many companies are putting their projects on hold as budgets for IT projects are being cut. Generalist IT project managers are most affected by this. Where they have been let go and previously would have been picked up within weeks, many are taking longer to secure their next role as there aren’t as many project services functions available for them to work in.”

In New Zealand, 2023 has been a year of flux – something the tech hiring market was not immune to. JP Browne, Talent Auckland Practice Lead notes, “Auckland’s serious weather events at the start of the year caused a lot of organisations to put projects on hold. Inflation then hit and there was uncertainty around the economy. Put an election in that mix and we saw a lot of employers holding on to see what was going to happen. The demand for Project Services talent therefore remains low.”

Talent Wellington Managing Director, Nik King-Turner also weighs in, “2023 saw a huge increase in supply of amazing talent onto the market with many struggling to secure work as there were fewer roles to go around. With candidate supply high and job demand only slowly increasing, organisations are in the driver’s seat to have more control over rates and salaries that are paid.”

So, while it appears to be an employer’s market, is this really the case across all tech roles?

A case for the candidate

Despite layoffs and the flood of candidates in the market, the tech skills shortage remains and is only growing. With businesses seeking to leverage the power of AI, secure their cyber defences, and harness the capability of data, the demand for tech professionals to lead these programs of work has only grown. This has seen top AI, cyber, and data experts remain in high demand, with employers competing to secure this talent for their teams. With a shortage of qualified tech professionals on the market, top candidates who possess these skillsets are finding themselves in the driver’s seat, with more choice on offer and the ability to command those higher salaries.

Shane Hodgins notes, “Cybersecurity professionals are still in high demand. Hands-on technical roles such as penetration testers and security engineers, are highly sought after, and we’re still seeing more roles in the market than candidates available. Resultantly, salaries have remained high at post-COVID levels for these candidates.”

Talent Sydney Practice Manager, Alan Dowdall also observes that, “The market is in an interesting place currently. In certain job categories, mainly Project Services & Change, we see applications increasing tenfold from 18 months ago, with applicants getting a response to less than 10% of roles applied for.” Despite this, Alan notes that certain positions aren’t seeing this increased candidate competition, and instead, are experiencing the opposite. “Accomplished mid-level Software Engineering, Cyber, and DevOps professionals are still highly sought after. In these professions, demand outstrips supply, and the expectation of passive candidates to consider a move remains strong.”

The final verdict

There is no singular way to characterise the current tech hiring market. While project roles are down and employers hold the power in this sector, cyber, data, and AI roles are on the up and candidates are in control. It’s both an employer and candidate’s market. So, what can we expect for the next 12 months?

Looking ahead

Moving into 2024 and beyond, we know that the tech shortage isn’t going away anytime soon. As tech only evolves, and with it, presents new opportunities and risks, the right tech professionals are needed at the helm to guide companies forward.

Joelle Beaton, Talent Melbourne Practice Lead comments that, “Although there is malaise surrounding the broader economic climate, in the tech sector, analysis from Deloitte shows that 1.8 million new tech skills will be needed by 2030, an increase of 1.3 million on today’s levels. At a minimum, Australia will need 445,000 more technology skilled workers by 2030 to keep pace with international economies. With demand at these levels, I feel this sector will continue to see steady employment opportunities for both permanent and contract workers throughout 2024. Much of the demand will be in security, data and AI-related disciplines.”

Are you looking to recruit top tech professionals for your cybersecurity and data teams? Or are you a tech professional ready for your next opportunity? Check out our job search or get in touch with us to discover how we can help.

In today’s shifting market landscape – where an economic downturn is driving greater hiring caution, yet the competition for top tech talent remains fierce – how are you carving a niche for yourself?

Companies are constantly evolving to improve efficiency and productivity; however, this can’t be done without the right people on board. Permanent employees can help expand business and provide a wealth of benefits, so what can you do to attract the best of the best? Let’s get into it – but first, how can your people help drive success?

They can improve your company culture

Permanent hires play a pivotal role in shaping and strengthening your company culture. Having long-term employees committed to your organisation are proven to strengthen teams, reduce turnover, and add a sense of belonging.

Permanent employees can help bring your culture to life as they learn and grow through your company values and traditions. They also have the opportunity to bring their own thoughts, experiences and perspectives to your teams, fostering a diverse work environment. In a workplace where employees feel valued and respected, they can become advocates, enhancing company culture for the better.

Permanent employees are also more likely to engage in mentorship and knowledge-sharing programs, a medium that can foster more meaningful relationships between employees and improve overall workplace culture.  Through committing to personal and professional development, helping the growth of their colleagues, and perpetuating a culture of continuous learning, they can help create a dynamic work environment that attracts and retains top talent.

Permanent hires are the cornerstone of a thriving company culture. Their commitment, action through values, and knowledge-sharing only expands a business further. Whether you’re a startup, scale-up, or enterprise organisation, don’t forget that company culture can make or break your next hire.

They can develop knowledge that knows no bounds

The longer an employee is with your organisation, the stronger their understanding of your company, and the more technical knowledge they can develop, which all helps to drive business innovation. This can reaffirm existing technologies, enhance productivity, and create new solutions to drive success.

However, it’s not just knowledge picked up on the job that can make your permanent employees one of your biggest assets; offering continuous learning and development opportunities can also enhance business performance.

A 2023 Talent survey of over 500 tech candidates revealed that the opportunity for career progression and development matters to 48% of these professionals when looking for a job. By providing meaningful opportunities for growth, you can cultivate a culture of ongoing self-improvement and development, empowering your people to reach their full potential. By offering training, mentorship, and professional development, you are investing in your permanent employees’ skills and knowledge, ensuring they remain valuable assets as the company evolves.

The more learning potential given to employees, the better the business outcome, and the longer they can positively impact your business strategy. Want to find out how we can help you find the perfect team member to grow with your organisation? Check out our permanent recruitment services.

They can enhance your company niche

Permanent employees can enhance your company niche. The longer employees stay and grow with your business, the more it allows for them to truly understand your organisation and the unique language it speaks, helping you get key projects over the line and deliver results.

Plus, the lengthier the tenure of your perm team members, the stronger the relationship they can build with your customers to deliver long-term business success. Not only does this improve customer satisfaction, but it will also drive results that will bring your business to the next level, even in a market downturn.

Developing a deep expertise of the niche market is another added bonus that tenured employees can bring to the table. Permanent employees have the time and capacity to understand your differentiation against competitors. This allows them to specialise in customer relationships, market trends, and develop ways to continue gaining a competitive advantage.

Ultimately, hiring permanent employees will make you stand out from the competition as your company niche becomes stronger in the market. There are wins all around.

How you can attract and retain top permanent talent

Ready to build high-performing teams to help your business achieve long-term success? Here are our top tips for bringing permanent tech talent on board (and keeping them with you for the long haul):

• Offer continuous employee growth opportunities
  • Candidates are seeking growth opportunities. So much so that almost 50% of tech professionals cite this as their most important consideration when looking for a job. Provide mentorship and training to your people and they’ll stick by your side for the long run – plus, employees who are happy in the workplace are 13% more productive than those who aren’t, meaning employee satisfaction can directly help your company. Armed with stronger business knowledge, fresh technical skills, and a productive mindset, your permanent employees can take your business to new heights.
• Provide flexibility
  • If you want top talent on your teams, you need to consider the flexibility you’re offering your people. A 2023 global Talent LinkedIn poll revealed 95% of respondents preferred either a fully remote or hybrid model of working; 37% of 1,500 tech professionals even revealed they would take a 10% pay cut to work remotely.
• Ensure a smooth onboarding process
  • Retaining top talent is crucial for any company’s success, and a seamless onboarding process is the first step in engaging new hires and setting up high-performing teams. A well-structured onboarding program not only introduces new employees to the company’s culture and values, but also equips them with the necessary skills and knowledge to succeed in their roles. This approach ensures that new hires feel welcomed, supported, and confident from the start, fostering a sense of belonging to your organisation. Once demand increases, your permanent employees will be ready to roll-out high-quality work.
• Consider your ESG strategy
  • In our Talent Sustainability: Awareness to Action Report, both tech candidates and employers ranked DE&I (diversity, equity and inclusion), and staff engagement and retention as their top two business priorities. 59% of candidates also expressed that a company’s commitment to environmental sustainability influences their decision to accept a job offer. Candidates are seeking a sense of inclusion and engagement, as well as a company commitment to sustainability when selecting an employer to work for. Deliver on what your people want in this space, and you’ll be able to attract (and retain) top permanent talent.

Permanent hires can take your business to new heights despite market downturns. Want to build and retain high-performing teams that will improve culture, enhance your company niche, and achieve long-term success? Learn how we can help you with all your permanent hiring needs.

We likely don’t need to tell you that the tech hiring market is competitive. But hiring people is one thing; hiring the right people is another — especially when it comes to tech roles.

Here are the top tech skills every applicant should have before you consider them for your financial services team.

What are the right tech skills, anyway?

According to market trends and our experts’ opinions, the top tech skills for 2023 are:

Cybersecurity

The global average cost of a data breach is $4.35 million and up to $9.44 million in the United States. Unfortunately, even as threats become more sophisticated, tech roles get harder to fill. Globally, there’s a cybersecurity workforce gap of 3.4 million people — a number that has more than doubled since 2019. This indicates that the problem is not necessarily with hiring itself, but with finding people who have the appropriate experience and expertise. Unfortunately, this small talent pool means that you’ll be competing with a host of other industries, not just your peers in financial services.

How to hire for this skill: Look for applicants who have a proven track record of securing physical and digital environments similar to yours. Degrees can be a helpful indicator of experience, but base your decision on cybersecurity-adjacent skills, too. Perhaps most importantly, create a competitive, tech-forward environment where top cybersecurity professionals will feel both valued and challenged.

Data Analysis

Data holds a wealth of insights, but only the right tech expert can unlock them. By 2026, the U.S. alone expects a growth rate of about 28% in the number of data science jobs; industries and individual businesses across the world are seeing similar patterns. However, many U.K. organisations in finance and other industries plan to spend no more than £10,000 on recruitment, learning and development for data analysis.

The problem is that most of these jobs are comparatively new, which means finding experienced professionals can be tough.

To further complicate matters, data analytics job seekers in the financial sphere must demonstrate a comprehensive understanding of:

• Metrics used in financial services.
• Associated processes (such as risk management).
• Workflows, systems, and software used to gather data and extract actionable insights.

How to hire for this skill: Instead of focusing on experience, look for related skills, programs, and promise. Be willing to develop talent through a more extended pipeline; draw up-and-coming data scientists to the financial field by promising to support their growth, thus encouraging them to apply with you instead of at tech companies or other competitors.

Programming

Python, a high-level programming language, should be at the top of your tech applicants’ skills list.

Unfortunately, only 20% of Gen Z survey respondents felt they had “advanced” digital abilities in coding — which means this is yet another shortage of skills, not necessarily of applicants.

How to hire for this skill: Ask questions to determine how confident an applicant is in their coding and programming literacy; if a gap exists, present your financial services organisation as an opportunity to learn, grow and become better. Offer a tech-forward environment that strengthens existing digital literacy while building new skills.

Cloud Product Expertise

Cloud products such as Microsoft Azure and Amazon Web Services (AWS) are quickly becoming mission-critical in the financial services industry. Competition for talent in this area is more noteworthy, with almost one-third of U.K. organisations planning to spend up to or more than £20,000 on recruitment for cloud solutions.

How to hire for this skill: Look for applicants who list these platforms by name or otherwise indicate expertise in managing, utilising, and securing cloud environments. Explain your needs clearly and emphasise how the applicant’s cloud expertise would be put to good use in the financial services industry, presenting both challenges and opportunities to further their career.

How to find candidates that check all your boxes

When faced with a competitive tech hiring environment, financial services companies may feel as though they can’t be picky about skills. As the old saying goes, ‘Beggars can’t be choosers.’

The reality, however, is that tech professionals with the right skills do exist. To find these candidates and make them part of your team, try leveraging the following tips:

#1: Have a compelling employee value proposition (EVP): Remember that you’re competing with organisations from many other industries, not just financial services. Position your EVP to show skilled tech applicants that their careers will go further with you — and that their talents, expertise and experience will be highly valued.

#2: Build a strong employer brand: An employer brand clarifies your mission, personality, and culture. This helps attract applicants who want to put their top tech skills to good use in a company that supports its employees and clients.

#3: Deliver top benefits: Tech workers, especially those with in-demand skills, want growth opportunities, flexibility, supportive company culture and the ongoing chance to develop personally and professionally. Add these to your list of benefits alongside time off, health care or work-from-home options to stand out from the competition.

Build your tech dream team today

Don’t lower your standards to adapt to a competitive hiring environment. Show top tech professionals that you know what you’re looking for and value the key skills they bring to the team. Just be sure to understand your priorities and plan for the future of the financial services industry.

Ready to find the right candidates with the right skills? Learn more about how we can help.

What are green skills and how do they fit into the growing green technology landscape? We break down the basics. From solar to smart grids, here’s a quick snapshot of what you need to know about green tech and the growing green jobs market.

Technologies shaping the green energy sector

The green skills shortage is a global phenomenon. The UK currently faces a green energy skill gap of over 200,000 workers — a number that is likely to increase as the UK pursues 100% renewable energy by 2035. Sharing in the goal of 100% renewable energy is New Zealand, an objective set by the current Labour Party. In this pursuit, expertise in various areas is required, including solar power, wind power, energy storage, smart grids and electric vehicles.

Solar power

Solar power — a clean and renewable energy source — has a number of benefits, including its low environmental impact, scalability and potential to provide reliable power even during periods of peak demand. This green technology is enabled by four key professional categories: manufacturing, system design, project development, and installation and maintenance, which collectively support its implementation and ongoing operation. Across all professional categories, 700,000 new solar power jobs were created in 2022 alone. The following skillsets are sought after within each category:

• Manufacturing: Computer Numerical Control (CNC) Operators, Process Control Technicians and Instrumentation & Electronics Technicians.
• System design: Structural and Power Systems Engineers, Solar Energy Systems Designers and Software Engineers.
• Project development: Solar Marketing Specialists, Solar Utility Procurement Specialists and Building Inspectors.
• Installation & maintenance: HVAC technicians, Solar Service Technicians and Solar Installations Contractors.

Wind power

Wind power is actively shaping the green energy sector. To implement and operate wind power energy sources, there is currently a rising demand for those with expertise in data analytics, electrical systems, aerodynamics and simulation, among others. Within the five areas responsible for the operation and maintenance of wind power — engineering, design, construction, operation and maintenance — approximately half a million skilled workers will be needed in construction and maintenance alone by 2026.

Energy storage

Energy storage ensures energy sources are accessible when they are most needed. This is particularly important for renewables like solar and wind, which may not be consistently available.

There are several energy storage technologies, each possessing unique strengths and weaknesses: These include batteries, pumped hydro, and compressed air energy storage. Energy storage plays a transformative role in enhancing the reliability and affordability of renewable energy sources while reducing our dependence on fossil fuels.

Energy storage companies are looking for those who are competent in flywheels, pumped hydro, compressed air, and thermal storage, among others. The specific technical competencies required depend on the nature of the role — other relevant energy storage technological skills include software development, data analysis, modelling and simulation.

Smart grids

Smart grids are modern power grids that use digital technology to improve efficiency, reliability, and sustainability. Smart grids make use of various technologies including sensors, communication networks, and advanced control systems. These technologies enable utility companies to monitor and control the grid in real time, resulting in improved efficiency and reliability. Furthermore, smart grids play a vital role in integrating intermittent renewable energy sources, such as solar and wind power, into the existing power infrastructure.

There are various skills that are required of the engineers who work on smart grids: Linux, MATLAB programming, electric utility analysis, GIS, outage management, demand response and infrastructure management. The demand for such skills is projected to increase significantly as the global smart grid market is set to reach USD $207.82 billion by 2030, compared to 2022’s value of USD $50 billion.

Electric Vehicles (EVs)

With a projected UK skill shortage reaching the tens of thousands, Electric vehicles (EVs) are powered by electricity instead of gasoline or diesel —  considered a clean and efficient way to travel.

EVs have a number of benefits, including their lowered emissions, quiet operation and potential to reduce fuel costs. As technology continues to improve, EVs are becoming more affordable and accessible. In-demand EV-related technological competencies include software engineering, control system development, sensing and actuation technology, and vehicles & systems integration; the demand for these skills — and other associated EV competencies — is projected to grow 230% over the next five years.

A look into global demand

The global demand for workers in the green energy sector is steadily rising, as evidenced by a 29% higher median hiring rate compared to the 2023 workforce average. This trend shows no sign of slowing down – the number of green energy jobs is expected to increase by around 12 million by 2030. As only one in eight workers have the necessary skills to meet the rising green energy demand, employers are needing to ensure they stand out in today’s competitive tech marketplace to attract the best.

Whether you’re working in solar, wind, electric vehicles, or anything in between, at Talent, we bring together experts in tech, transformation and beyond. Learn more about our Green Tech specialisation here and our current job opportunities here.

Want to cash in on top tech talent in the financial sector? First things first, you need to understand the technology and skillsets this evolving industry is banking on.

The financial sector is undergoing rapid evolution: Innovative tech is changing the way financial transactions are conducted, and traditional banking models are being disrupted. Several technologies rise above the rest due to their transformative impact on the industry.

We delve into the tech that’s driving the most change amongst the workforce and the market insights you need to get ahead when hiring.

Three emerging technologies shaping the financial sector

Among the emerging technologies within the financial sector are artificial intelligence (AI), machine learning (ML), cloud computing and blockchain — each presenting unique opportunities for innovation and transformation in the way financial services are delivered and experienced.

AI and ML

AI and ML are two of the most disruptive technologies in the financial sector, commonly adopted to automate tasks, improve decision-making, and detect fraud, among other functions.

The marketplace for AI and ML skills in the financial sector is highly competitive. Salaries for these tech professionals are rising, and there is a growing demand for these skills in both traditional financial institutions and fintech startups. Granted, there is also a shortage of qualified AI and ML professionals, which is driving up the cost of hiring candidates with these skills.

Talent Wellington Senior Recruitment Consultant, Adeline Le Bris, comments that “AI will fundamentally change the landscape of the Financial Services industry. To enable AI, financial organisations are currently going through significant digital transformation. Some of their key priorities include replacing and modernising their core systems platforms as well as modernising their data. Achieving data maturity will be key to the success of enabling AI.”

Resultantly, it’s expected that the skills landscape and workforce demands will shift, with Adeline observing “some of the skills that are emerging will cover data analytics, data engineering including big data, infrastructure automation, programming, cloud platforms, and security. Specific technologies that are sought after will include Python programming, AWS, and Azure.”

In 2022, while Data Science ranked in the top 5 most in-demand professions in Australia, LinkedIn ranked machine learning engineers as the second most in-demand role in the UK. And looking forward, estimates project that 97 million new AI jobs will be created by 2025. One way that the Australian marketplace is planning to mitigate these demands is through the Government’s investment of AUD $124.1 million, as a part of their Artificial Intelligence Action Plan. Similarly, the UK Government recently announced their plan to invest £54 million into their AI talent pipeline.

As AI and ML technologies continue to evolve, Adeline notes that the demand for professionals skilled in these spaces will continue to grow. What are companies looking for most in tech talent? “Organisations will look for agile and adaptable mindsets, innovators, people who think outside of the box and have an eagerness to keep on learning and developing.”

Cloud Computing

Cloud computing allows financial institutions to seamlessly scale their operations, improve their security and reduce their costs. According to LinkedIn Talent Insights, several of today’s in-demand cloud computing competencies include:

• Terraform
• CI/CD
• Amazon EC2

Other in-demand skills include AWS CloudFormation, Amazon S3, and Azure DevOps services, among others. Given this demand, 46% of employers in an Australian study identified the lack of skilled individuals as the main barrier to cloud migration; an obstacle that is expected to persist due to the projected growth of cloud computing.

In Australia, public cloud spending is set to surge by 83%, reaching AUD $22.4 billion by 2026, up from AUD $12.2 billion in 2022. Similarly, New Zealand is forecasted to experience nearly a twofold increase in public cloud spending, jumping from NZD $2.6 billion to NZD $5.1 billion during the same period. To fuel this growth, there is a focused effort to source and invest in robust cloud infrastructure, develop specialised cloud services and foster a skilled workforce capable of effectively managing and leveraging cloud technologies.

Blockchain

Blockchain is significantly reshaping the way transactions are conducted. This distributed ledger system ensures enhanced security and transparency while also offering cost reduction opportunities.

Some of today’s most in-demand blockchain-related skillets, according to LinkedIn Talent Insights, include smart contracts, Web3, TypeScript, and dApps, among others. The demand for blockchain technology and its skilled professionals is projected to increase, with the worldwide market witnessing significant expansion. In 2022 alone, the market for blockchain technology reached $11.14 billion. Looking ahead, the market value is projected to soar to an estimated value of $469.49 billion.

Understanding the marketplace to source top tech talent

With the rising technological demand, financial institutions need talented professionals capable of navigating the ever-evolving landscape of digital finance.

At Talent, leading financial companies bank on us to deliver top tech candidates, helping to address today’s skill shortages. Learn more about how we can help you build world-leading banking, financial and insurance teams here.