Australian IT personnel are still far from the pandemic to recall the rise in wages as a result. As businesses began to ramp up projects after shelving them in 2020, there was a sudden rise in the demand for technical skills and expertise, and salaries rose.
As a result of economic uncertainties, some tech jobs lost as a result of the reorganization of the organizations. That lags until 2023. But, as recruiter Hays pointed out in 2023, there were still plenty of rewarding job opportunities for tech workers.
Although some indicators point to a 2024 slowdown in tech pay, Nicole Gorton, chairman at consultant Robert Half, says this in the context of a century of steady growth. Gorton anticipates that wages will increase as a result of a persistent lack of technology skills, particularly in highly in demand areas.
According to earnings reports, there is a drop in the pay gap for tech workers.
Early in 2024, studies suggested that American tech workers ‘ salaries were declining or flat.
The median hourly rate for tech workers in 1,500 Australian SMEs decreased from$ 57 to$ 57 according to the software company Employment Hero’s SME Index for February 2024. 20 to$ 57. 12 over the last year. Tech was the only industry in the nation where worker pay increased, in contrast to data for other Australian workers, who saw hourly rates rise by 6 %, according to the company.
According to data from the Australian job site Seek, the number of posted wages in information and communication technology increased by only 1. 9 % in the 12 months to January 31. Job adverts on the app dropped by 26. 9 % year-on-year, according to statistics published for March.
The most recent information may not be accurate; For instance, there are many talented tech professionals who do n’t fit the demographic of SME employees who use Employment Hero’s payroll and HR platform. Additionally, about two thirds of all available positions that are advertised on Find do not include salary info.
Think & The differences in income growth between various roles are well illustrated in Grow’s American Tech Salary Guide. Last month, its review found that, while team officials had seen only 1. 4 % wage growth from 2022 to 2023, technology professionals grew by a middle of 18. 5 %.
According to Robert Half, pay data should be viewed in terms of context.
American tech workers had a decade of regular income increases, according to Nicole Gorton, chairman at recruiter Robert Half, followed by an upward increase following the epidemic. Though this was followed by restructuring after “zealous aggressive hiring, ” she said it is a normalisation.
I advise against treating the subsequent three decades as normal. They were no. While exercise has decreased, the question remains: Has it decreased from what? Supply and demand are currently surprisingly stable. Companies are hiring to change, and occasionally hiring to add, ” she said.
IT and tech employees may expect 4. according to Robert Half’s 2024 Australia Salary Guide. 5 % wage rise this year, compared with 4. 2 % expected development total. According to Gorton, wages are still in good shape in comparison to when they were in pre-pandemic.
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Employment Hero even pointed out that Think &; The weekly rate for ICT staff is the highest of any industry. Grow found few jobs paid under$ 100,000. This puts technology earnings above the average weekly wage for full-time staff, which was$ 1,888. 80 in November 2023.
“Though the fever pitch of inflated wages is decreasing and rapid progress may be moderating, salaries are expected to remain healthy in my opinion, especially in areas of need like data, computer security, systems executive and business change, ” Gorton said.
In 2024, the IT hiring industry offers opportunities for employees.
Tech workers are now in a market where businesses are “cautiously positive, ” according to Gorton, even though there is still a “level of caution in the hiring economy. ” ” While firms “are never all guns blazing, ” they will get depending on tasks, especially in areas of high demand.
Demand ranges from entry-level to top positions and varies depending on industry sectors. Robert Half’s report found in-demand jobs were for designers, company researchers, computer protection specialists, data engineers, BI and data analysts, systems engineers and sky engineers.
According to Gorton, businesses are turning to ICT professionals to address the key issues that firm faces nowadays in a modern world, such as leveraging data, securing systems, building strong infrastructure, and closing the gap between business needs and technology solutions.
Companies positioning themselves for arbitrary knowledge
Employers are also considering how well-equipped their present technical workplace is to adapt to the demands of an AI world. Companies are employing individuals with those ( AI ) skill sets to ensure that they are staying at the top of their game and remaining competitive in their industry, Gorton said.
In some ways, companies are trying to navigate the “unknown, ” Gorton said.
They are more prepared and “do n’t miss the boat or get caught up in a hiring frenzy, ” as a result of this. They are still figuring out how to balance their value construction while giving technology more weight, she continued.
American tech workers ‘ salaries are also interesting for APAC tech workers.
Although Australia’s tech industry may have experienced a modest salary increase, it is still acceptable. And job exists; This was still the situation for 70 % of ICT activities, according to the Towards a National Jobs and Skills Roadmap statement, leaving plenty of room for growth for foreign workers.
The American government is investing more to develop international technical talent. For instance, its relocation plan includes the introduction of a Specialist Skills Pathway for highly skilled workers in addition to fresh four-year Knowledge in Desire visas for employees in areas of skill shortages.
Gorton acknowledged that current visa requirements can be a challenge. She said Australia can be interesting to APAC tech employees as long as salaries are in line with factors like inflation rates and the cost of lifestyle, which can even change between American states.
“Australia is a territory of industrial expansion and growth, ” Gorton said. Private equity firms are making significant investments in this field in Australia, and I believe that with our territories available, people can get and diversify their skill sets across different locations, ” she said.
