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:
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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?
Uncover more of our key takeaways
Click hereThe hiring market is uncertain but your skills are still in high demand.
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