With many global travel restrictions still in place as the world continues to navigate through COVID, the battle for top talent grows, driving tech salaries to new heights.
Our market experts are seeing upward pressure on salaries and contract rates across the entire tech market, placing candidates well and truly in the driver’s seat.
With global borders re-opening, can we expect the competition for talent to slow down anytime soon? Our market experts weigh in.
Kara Smith, Talent Auckland Managing Director suggests that competition for top candidates in New Zealand will continue well into 2022, due to an increased focus on tech projects in the wake of COVID and the associated demand for technology skillsets:
Even though borders are set to open in the middle of this year, I do not see this demand slowing; open borders will allow more talent to come into NZ, but it will also enable our current talent to follow opportunities overseas.”
In Australia, it’s a similar story, with Matthew Munson, Talent Sydney Managing Director anticipating that the hiring market in 2022 will be just as fast-paced and dynamic as it was in 2021:
Our best bet is for the market to continue as is for the foreseeable future (6-12 months). When the borders are opened to skilled migrants there will still be a lag effect when it comes to the impact this will have.
With salary increases reaching up to 30% in some regions, we can only anticipate that this growth will continue while the uncertainty around COVID remains. Simon Yeung, Melbourne Managing Director expects there to be a continued upward trajectory of contract rates in 2022, with a rebalancing in 2023:
I predict demand for strong tech talent will continue into 2022 at a similar trajectory with an eventual correction in contract rates towards the beginning of 2023.
Over in the UK, things are looking similar, with competition continuing to drive salaries up. Kevin Board, Talent UK Sales & Operations Director, shares:
Candidates know their worth, with many getting a 20-30% salary increase when they switch to another role - as well as at least 2-3 opportunities at once… At the rate we’re going, competition is only looking to increase.
With competition and counter-offers on the rise across the globe, salaries are only set to grow. If you’re a candidate, now is your time to shine, and if you’re an employer, it’s time to be on your A-game if you want to beat the competition.
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