With the market shifting in 2024, salaries and contract rates are experiencing movement. We look into the salary trends we’re seeing across tech, transformation and beyond.
Demand for cloud security and data analytics skillsets have soared, with salaries and contract rates seeing a large increase over the last year. I don't see that changing anytime soon.
Dylan Cohen, Talent New York Director of Microsoft and Cloud Solutions
The IT job market is anticipated to experience growth, fueled by the adoption of advanced technologies like AI, cybersecurity, and blockchain by tech firms.
Simon Yeung, Talent Melbourne Managing Director
Uncover the latest insights on market demand
Find out moreJobseeker expectations vary across the globe when it comes to the money. In the US, the market is full of opportunity, seeing strong competition and high salaries for skilled professionals in tech, transformation, and beyond. In ANZ, salary expectations are shifting as the market changes. Where candidates were demanding significant rates during 2021-22, the market is starting to stabilise, and rates are beginning to correct themselves – largely due to recent layoffs and a slow in hiring. However, many jobseekers have retained their salary expectations from this booming period, resulting in a disconnect between rates being offered and candidate expectations.
I have noticed salaries on offer from employers have tapered off since the 2020-2021 boom, however, candidate salary expectations have not due to increased cost of living pressures, causing a misalignment in the market.
Stephanie Rose,
Practice Manager,
Talent Brisbane
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, and some recruitment hesitation through the election and government formation.
Katie Kemp,
Senior Consultant,
Talent Wellington
In the US, the market is in a stronger position, with an abundance of opportunities on offer, particularly across tech. This is seeing salaries remain high as candidates have a wide range of choices available to them and companies are competing to attract the best, keeping candidates in the driver’s seat.
The USA remains full of opportunities for skilled technology professionals across the spectrum. Whether you’re a professional looking for exciting work, or an enterprise looking for the best and most relevant talent solutions, the market has it.
Colin Etheridge,
CEO,
Talent North America
Across Australia and New Zealand, companies are looking to reduce costs and are sticking to their budgets in 2024. As a result, they are reassessing salaries and rates offered in previous years, seeing the market correcting itself post the 2021-22 boom. With a slow in candidate demand in these regions, employers are finding themselves holding more power when it comes to the money. However, it’s important to note that for in-demand roles, candidates have continued to access higher salaries.
We have seen the cooling of salaries across many job families although hard to find niche talent will always test the top end of what the market has to offer.
Matthew Munson,
Managing Director,
Talent Sydney
Across Australia and New Zealand, companies are looking to reduce costs and are sticking to their budgets in 2024. As a result, they are reassessing salaries and rates offered in previous years, seeing the market correcting itself post the 2021-22 boom. With a slow in candidate demand in these regions, employers are finding themselves holding more power when it comes to the money. However, it’s important to note that for in-demand roles, candidates have continued to access higher salaries.
We have seen the cooling of salaries across many job families although hard to find niche talent will always test the top end of what the market has to offer.
Matthew Munson,
Managing Director,
Talent Sydney
In the US, the market is in a stronger position, with an abundance of opportunities on offer, particularly across tech. This is seeing salaries remain high as candidates have a wide range of choices available to them and companies are competing to attract the best, keeping candidates in the driver’s seat.
The USA remains full of opportunities for skilled technology professionals across the spectrum. Whether you’re a professional looking for exciting work, or an enterprise looking for the best and most relevant talent solutions, the market has it.
Colin Etheridge,
CEO,
Talent North America
Beyond the tech hiring market, the Professional Services space is seeing strong growth and salary movement. According to our data, Sales & Account Services salaries have increased by 15-25% in the past 12 months, with demand remaining strong for these professionals.
In Australia, employment in Professional, Scientific and Technical services is expected to grow by over 206,000 professionals by 2026. It's a similar story in the US, where the Professional Services industry is the employer of almost 23 million people, up from 20.6 million the year prior. This is also a growing sector in New Zealand, with the Professional Services industry employing over 136,000 professionals - the increasing adoption of technology being a key driver for heightened demand for this talent across the country.
Discover salaries and contract rates for Sales through to Software here
Skills in demand within the Corporate Services space include Finance Business Partners, Accounting Support, Human Resources (Generalists and Recruitment)
Stephanie Rose, Talent Brisbane Practice Manager
To uncover what’s happening in your market and what you can do to get ahead, click through to your region for our local market insights:
The tech hiring landscape is changing, yet demand remains high for those with the right digital and tech skillsets. We break down what’s happening in each major Australian market.
Learn moreNavigating a shifting hiring market, those who possess the right skills hold all the power. Discover what’s happening across NZ’s major tech hubs.
Learn moreFrom the East Coast to the West Coast, we uncover the latest tech insights and growing opportunities in the hiring market across the US.
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