In 2023, we’re seeing the immense salary growth of the past few years start to plateau and salaries begin to stabilise. However, with tech skills remaining in high demand, there are a few roles where candidates can expect to earn more.
It’s clear that candidates continue to hold the power. With tech skills only growing in demand, candidates still have lots of room to negotiate, and although employers are opting to be more conservative when hiring, those with coveted tech skills are still highly sought after. If you want to get ahead and win the competition for top talent, you need to be aware of and deliver on what your candidates want.
Find out moreAlthough candidates are seeking more than a paycheque from their employers, the impact of rising inflation can’t be overlooked. In 2023, salary (on top of work-life balance) is a key driver for many:
Over the last two years, candidates have had a strong focus on having that right work-life balance especially around flexi hours and working from home. With prices rising at the supermarket, the petrol pump and everywhere in-between and not to mention recent public sector pay freezes, it is no surprise that growing their base salary is the key driver for many candidates in the market.
Josephine Kempson,
Senior Candidate Manager,
Talent Wellington
Salary is still top of mind and an important factor as we continue to see a rise in the cost of living.
Kara Smith,
Country Manger,
Talent NZ
Within the Public Sector, contract is buoyant with no reduction in contract rates. In fact, I have seen rates increasing due to contractors needing more money due to the cost of living crisis and IR35.
Sarah Bellis,
Talent UK Public Sector Director & Talent Consulting Director
When it comes to pay, candidates are also increasingly seeking transparency. So much so that 85% of candidates, according to a survey of over 1,200 US workers, would be more likely to apply for a job that lists a pay range as opposed to one that doesn’t. Insights from this same survey revealed that 1 in 20 would resign if discovering that co-workers earn more money for the same role while 63% would request equal pay. Legislation requiring employers to inform team members of the pay range for their current role as well as to cite pay ranges on all job listings is driving this demand for transparency further.
If you want to bring the best in tech on board and retain your top performers, transparency is important. However, where it’s not legislated, consider what level of information best suits your company and culture. Will you share market averages or exact pay rates, and how will you go about this? If you’re not ready to disclose exact numbers yet, it’s important to be open about how salaries are determined. Be clear on whether tenure, experience and other factors play a role, and be fair with your offers.
Honesty about your decision-making process when it comes to pay can go a long way in attracting and retaining those top candidates.
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:
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