There are a number of trends impacting the hiring landscape throughout Melbourne and Victoria. Compared to the previous year, hiring remains slow, with organisations still exercising caution in their recruitment processes. To reduce costs and ensure the right fit, businesses are increasingly converting contract roles to permanent positions, allowing a trial period before committing to long-term employment. Many organisations are also offshoring technology roles, particularly in IT support, payroll, and infrastructure, to continue to minimise costs.
With unemployment at 4.4%, property price growth has been stagnant for 12 months whilst other states enjoyed up to double digit growth.
The federal government reduction in international student’s effects Victoria more than other states, as 34% of international students study in Melbourne. Research has found that the cap on overseas students will cost Victoria $6bil and at least 12,000 jobs over the next three years.
We are seeing strong demand for IT support, payroll, and infrastructure resources within the not-for-profit sector to support their systems effectively. The banking sector, on the other hand, is actively seeking IT professionals with strong skills in business analysis, product and pricing, and data management, particularly those with broker, lending, and mortgage IT project knowledge. Due to favorable market conditions, many companies in the financial services sector are moving towards permanent hires, recognising the opportunity to secure high-quality candidates.
Businesses are increasingly opting for internal appointments and secondments to fill roles, capitalising on existing talent. Market rates for project resources have decreased, reflecting budget constraints and a shift in project management priorities.
Candidates, on the other hand, are becoming more open to discussing salary and rates, prioritising job security and ongoing work over higher pay. Flexibility and the option to work from home remain important to jobseekers, with many preferring 2-3 days of remote work per week. Security and cloud engineers still prefer contract roles due to high demand and better rates. The trend of working nine days a fortnight is gaining popularity as it offers a better work-life balance, appealing to not only working parents but others as well. Great candidates are reluctant to leave their current roles due to the uncertain job market, highlighting the need for employers to offer attractive packages and stability.
Interestingly, there has been a noticeable decrease in demand for project managers and business analysts, reflecting a shift in project management strategies or budget reallocations.
Our experts interact with hiring managers and candidates daily, giving us unique, real-world insights into the latest salary and benefits trends.
Melbourne is a mecca for people who want to live in a vibrant city with access to the best food, wine, art and culture. The rapid growth of the technology industry, supported by the fact Melbourne is home to more than half of Australia’s top 20 tech companies means that the city is attracting some of the world’s best tech talent.
Melbourne has been named one of the most liveable cities in the world by the Economist Intelligence Unit due to the city’s dynamic business environment, education opportunities, quality of life and globally connected multicultural communities. The costs of living are on par with Sydney with housing slightly less, but as you will see in this guide, the salaries are relative to the costs.
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