What’s the latest in Melbourne’s hiring market? Compared to 12-24 months ago, hiring in the corporate sector has slowed down, seeing a downward pressure on rates for contingent IT workers due to the spiraling cost of doing business. Resultantly, there have been many employers considering offshoring technical roles and restructuring as they review their strategic plans and determine priorities for 2024. Inflation will also play a part with increasing negative growth impacts on some industry sectors like retail.
The contracting market is steady however we are seeing the perm market become very quiet. We are seeing employers trying to combine a few roles under one position description; thus, candidates need to be able to wear many hats.
Many businesses are revising and reviewing their salaries and requesting industry benchmarks. This is to revise candidates who were hired at the top end of the salary spectrum during COVID, with businesses looking to reduce costs and market test. We are also seeing them reviewing and improving their internal systems. Industries that are adopting AI, machine learning and automation faster will do so based on a stronger/faster ROI. Banking, finance, supply chain and logistics have huge homogenous datasets and high-volume repetitive tasks that lend themselves more readily to machine learning and automation, while healthcare and customer service offer a better fit for customised AI experiences. The defence sector will continue to develop advanced AI, automation and machine learning capabilities, although this will remain top secret. City councils are going through digital transformation to use customer names instead of street addresses as the model to engage with rate payers, to enable one-view of people who own investment properties. Industry adoption of AI, machine learning and automation will continue expand, but will only represent a small proportion of most companies’ IT budgets as they prioritise more urgent infrastructure, transformation and cybersecurity projects.
The flex debate is firing up again as more and more businesses are requiring their team members to be in the office at least 3 days a week. With more candidates coming into the market, this makes it harder for them to negotiate.
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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