The market dynamics of 2023 have significantly shifted with tighter budgets leading to more selective hiring practices towards the end of 2023 and throughout the start of 2024, especially in leadership roles.
However, we’re now observing a pick-up in hiring activities, particularly post-Easter 2024, as startups, scale-ups, mid-sized enterprises, and large financial institutions return to talent acquisition.
We expect to see growth in sectors such as Defence, Cybersecurity, AI, Quantum Computing, and Blockchain in FY24/25, while traditional Consumer and B2B SaaS sectors are experiencing more stabilised growth rates.
Demand for specialised roles such as Machine Learning Engineers, Back-End Software Engineers, Blockchain Engineers, and Cybersecurity professionals remains high. Consulting skills are increasingly valued, especially with the rising impact of AI technology.
Additionally, we see firms optimising costs by building talent capabilities in regions outside of Australia that offer competitive hiring advantages. However, a divide remains between valuing international experience and preferring local expertise.
Key hiring challenges include managing larger volumes of mismatched applications, the time-consuming process of interviewing candidates, and the need to do more with less when considering internal resources or team growth.
Reducing spend without compromising performance has been critical for organisations, with candidates given more responsibility and opportunities to demonstrate their skills.
Job stability has become a primary driver for talent due to recent market changes and redundancies. However, flexibility, remote work opportunities, and the chance to learn new technologies and develop skills, continue to be important factors for candidates when considering a new role.
Effective retention strategies involve offering true challenges, autonomy, and comprehensive benefits. A competitive compensation package today includes not only a base salary but also performance-based bonuses, stock options, robust benefits, and professional development opportunities. These elements collectively enhance the attractiveness of any offer and demonstrate a commitment to employee growth and satisfaction.
These insights have been taken from our FY24/25 Exec, Tech & Digital Salary Guide, curated by our team of specialist consultants and recruitment experts, drawing from a tapestry of sources including SEEK, ASX reports, LinkedIn, proprietary research platforms, and commentary from our connections and contacts across the market.
Onset’s Salary Guide provides valuable data into the compensation ranges for over 100 of the most in-demand Executive, Tech and Digital positions in Australia. You can download the full guide here.
