Don't get us wrong, money matters, but there's much more to a job than what you get paid. In our More Than Money Salary Guide 2023, we delve into the average salaries and contract rates for the most in-demand tech roles in the regions Talent operates in globally. Alongside this, we explore what candidates and hiring managers need to know beyond the money, to best navigate this market.
Our experts interact with hiring managers and candidates daily, giving us unique, real-world insights into the latest salary and benefits trends.
Over the past two years, it was more crucial than ever for companies to keep their best people on board as the tech skills shortage was compounded by the pandemic, and subsequently, the Great Resignation. The Bureau of Labour Statistics reported that in the US alone, 47.8 million workers quit their jobs in 2021.
In 2023, however, we are seeing the economy begin to shift, resulting in candidates adopting a more cautious approach when navigating the market and increasingly prioritising security and stability in their roles. The tail-end of 2022 and start of 2023 saw significant layoffs in the tech sector, while Macquarie Bank predicted that there will be a decline in demand growth and a rise in unemployment over the next 12 months.
Although candidates are proceeding with caution, the tech skills shortage remains, meaning top talent is still in the driver’s seat. Research has revealed that although tech layoffs have resulted in an influx of talent in the market, competition is still fierce for these candidates as digitisation remains a priority for companies in a post-pandemic world.
So, what does this mean for the hiring market? It’s going to take a lot to convince candidates to make a move from their current employer, and competing on salary alone isn’t going to cut it. You need to be going beyond the money. A rewarding work environment, flexibility, benefits & perks, and opportunity for progression must also be on the table.
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 more
Germany is a European powerhouse. Explore how the nation’s capital is rapidly becoming a mecca for European startups and discover what’s new on the Berlin tech scene.Learn more
Tech talent is in demand in New Zealand. Navigating continued skills shortages, those who possess the right skills hold all the power. Discover what’s happening across NZ’s major tech hubs.Learn more
In another year of uncertainty, how has the tech market held up? Find out what’s happening in the tech hiring market across each region in the UK.Learn more
From the East Coast to the West Coast, we uncover the latest tech insights across the US while we explore the continued impact of the pandemic on the hiring market.Learn more
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)
Total remuneration is about more than money. But what does that mean in practice?
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The hiring market is uncertain but your skills are still in high demand.
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In this report, you will find the latest salary data quoted in local currencies for permanent and contract positions across Australia, New Zealand, the UK, US, and Germany, as well as insights on the local tech talent pool, skills trends and the hiring market. Figures are based on data from over 12,900 placements Talent has made in the past 12 months, as well as insights passed on to Talent from our clients, with additional sources cited.
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Talent is a global technology and digital recruitment specialist committed to creating a better world of work for all. From simple beginnings in 1995, Talent now connects thousands of tech and digital professionals annually with a diverse range of organisations.
Talent brings real value to people and organisations by building highly skilled and engaged teams, rethinking technology solutions and improving lives by creating a strong sense of belonging.