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Tech salaries and contract rates have increased 15 to 20%

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Financial services is still a thriving industry

Despite a slowing market, tech and digital salaries are remaining strong with continuous competition within key industries to secure top talent. Talent has released ‘More Than Money Salary Guide 2023’ featuring key salaries, roles and skills that are in demand for the Australian market. The full report can be read  HERE.

The report highlights salaries and contract rates for key tech positions in 2023, market insights from Talent’s Managing Director team and experienced recruiters, as well as hiring trends and predictions for the 15 cities in which it operates across ANZ, EMEA and the US.

In the report, readers will find the most in-demand tech skills for 2023 and provides a range of stats on the local tech talent pool, skills trends, stats on the cost of living across multiple cities, and the benefits beyond salary that candidates are looking for.

Key findings include: 

  • Tech salaries and contract rates have increased 15-20% on average globally
  • Professionals with security skillsets are in high demand. Security salaries have seen average growth of 20% in the past year
  • Data Analytics, Testing and Cloud Infrastructure roles have had the highest contract rate growth at 15-20% on average since 2022
  • Of candidates prefer either a fully remote or hybrid model of working
  • The fastest growing tech skills in 2023 are Cybersecurity, Data Analysis, Microsoft Azure and Python (Programming Language) (source: LinkedIn Talent Insights)

Demand remains high for the following skills: 

  • Microsoft Azure
  • Cybersecurity
  • Data Analysis
  • Python (Programming Language)
  • Help Desk Support
  • Amazon Web Services (AWS)

Industries that are thriving include: 

  • Financial Services
  • Mining & Utilities
  • Renewable Energy
  • Hospital & Health Care
  • Government / Public Sector
  • Higher Education

Matthew Munson, Talent Managing Director NSW commented: “The beginning of 2023 is showing a continuation of the trends we saw at the end of 2022. The headwinds caused by rising global inflation, the resulting interest rises and the ongoing impact of the Ukraine war on supply chains continues. What we are seeing is a knock-on effect on organisations hiring confidence, as employers are unsure of how this year will play out and how long the global inflation problem will continue. The result is a market that is similar to the pre-pandemic conditions, with employers either taking a cautious or bullish approach. 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.”

Simon Yeung, Talent Managing Director VIC, said there were significant changes to the national landscape, “There have been a number of significant changes to the national and local economic landscape, particularly in the past six months, which have affected the Victorian tech sector and the IT labour market, however the tech sector nationally remains strong. As 2023 unfolds, we predict a steady and stable balance between market demand and supply as the economy rides out the last of inflationary forces. We are seeing a rise in businesses requiring their employees to work onsite for minimum 2-3 days, but with candidates still in the driver’s seat, flexibility remains strong on their agenda.”

The global technology market is evolving and growing. As a $5 trillion global industry, it has significant power in both providing opportunity to the workforce as well as rapidly disrupting the international work landscape. Although candidates are proceeding with caution, the tech skills shortage remains, meaning top talent is still in the driver’s seat.

* Figures are based on data provided to Talent by clients, with additional sources cited.

 

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