Market Overview

2024 is going to be a very interesting year to watch for technology and transformation recruitment. The last year saw a big reset of the technology boom we experienced in 2020-2022. Macro-economic conditions combined with over-hiring strategies caused all industry sectors to hit either the pause or rewind button in 2023. Only business critical projects went ahead and removing costs (people) has been the business priority. However, it is hard not to see the recent high-profile outages and tech platform issues in the media as the signs of the pain this is causing. Cost cutting on technology in the digital age is not a long-term strategy.

The delayed need to invest in technology & transformation combined with some positive signs the economy is finally improving, suggest that investment and hiring will begin to recover in early 2024.

The later part of 2023 was the toughest market we have seen since the GFC. Permanent hiring was particularly badly hit with some salaries going backwards by as much as 20%. We saw ongoing redundancies across 2023 and a move towards “profitable growth” at the board level vs the “growth at all costs” narrative we have been used to seeing in the tech sector up until very recently. We experienced the cooling of salaries across many job families, although hard to find niche talent will always test the top end of what the market has to offer.

With more candidates competing for jobs, the advice to candidates is to be flexible and think holistically around what matters most when considering an opportunity. Companies are becoming fussier with an expectation of an 80%-90% match to the job profile, whereas throughout the COVID period, candidates with a 60%-70% match were being hired. Advice for clients would be that the best candidates are still hard to attract. There is a reservation to jump ship in a market as unpredictable as ours, so when you find a great candidate make your offer competitive and move fast to secure them.

Surprisingly, the Public Sector has seen around a 15% reduction in headcount over the last year. Government is a sector that is normally very consistent, regardless of what the rest of the market is doing, so this has impacted the broader market.

The NSW Government continues to look to make savings through contingent workforce cuts.  Projects are being reviewed and put on hold and contract extensions bring an air of uncertainty.  The normal “safe havens” of Health and Education are not immune.  Some Government agencies have looked to make savings by implementing a max two-year tenure rule, although this isn’t working too well as they struggle to backfill the IP with permanent employees or fixed term engagements. Contractor rates have started to soften from COVID highs as an increase in the supply of contractors on the market puts downward pressure on rates.

When it comes to technology sales roles, we have also seen the market revert to pre-COVID levels in terms of hiring for many go-to-market roles i.e.,sales, sales leadership, and for some roles we have seen demand drop well below pre-COVID levels, i.e., customer success, channel/partner and pre-sales.

Matthew Munson

Matthew Munson

Talent Sydney Managing Director

Candidate needs

  • Flexible working arrangements
  • Progression and professional development opportunities, including improved access to online learning from their employer or third parties
  • Rewarding work - stable, long term large project/BAU work will often be preferred

Business needs

  • The expectation of 3-5 days per week working in the office
  • Opportunity to leverage the rapidly developing opportunities with AI
  • Stable workforce with stable predictable costs
  • Cybersecurity skills and experience

The year ahead

What can we expect from 2024?

We anticipate that the market will start to pick up again. While Managed Service Providers and Consultancies slowed down in terms of hiring in 2023, they have made promises to ramp up hiring this year. In this sector in 2023, we saw a reduction in headcount of 7.5%, with the net effect being more pressure on consultancies to utilise their permanent staff they have on the bench. The financial services sector also had 12 months of consolidation, cost cutting and projects being put on hold. The initial signs are that hiring growth will return throughout 2024, with a number of large projects kicking off this year.

In terms of working arrangements, from the jobseeker’s perspective, there is higher demand for more working from home options and general flexibility – but although this is the case, we are finding that the majority of companies are enforcing a return to the office (3-5 days per week). In a tougher market this may work, but Australia still has a skills shortage, so when the market lifts we suspect employers that offer less flexibility will suffer. Fully remote work only seems to be available to candidates who are willing to take pay cuts to work from home entirely.

Looking at top skills for 2024, cybersecurity is in high demand. As Australia is a wealthy country and a fast adopter of new technologies, it’s an attractive target for cyber criminals. The government wants Australia to be “a world leader” in cybersecurity by 2030. State government agencies will have to scale up to address (and get in front of), an increase in frequency and complexity of attacks, and as such, cybersecurity will be an area to watch out for in 2024. The Albanese government’s Clare O’Neil (Minister for Home Affairs and Minister for Cyber Security) has already described cyber threats as, “the fastest growing threat that we face as a nation”. Part of the funding allocated will be invested in a threat sharing platform for the health sector which will drive some demand in eHealth for skilled contingent labour in 2024. $586.9 million has been announced for the “action plan”, which runs to 2030. Local government agencies and Universities are already working through the implications highlighted in the Security of Critical Infrastructure Act and planning investment accordingly. This includes hiring in this space.

Discover salaries

Our experts interact with hiring managers and candidates daily, giving us unique, real-world insights into the latest salary and benefits trends.


Talent Insights

Tech Talent

109k technology professionals with an average tenure of 1.7 years

(source: LinkedIn Talent Insights)

Gender Identity

% Female
% Male
*This information has been retrieved from sources with gender binary data. We acknowledge those who do not fit within this framework and understand there are more gender identities beyond the binary.
(source: LinkedIn Talent Insights)

Top Employers

  • Commonwealth Bank
  • Telstra
  • Optus
  • Westpac
  • Transport for NSW

(source: LinkedIn Talent Insights)

Top Skills

  • Microsoft Azure
  • Cybersecurity
  • Microsoft Power BI
  • Jira
  • Amazon Web Services (AWS)

Living in



Sydney has it all – great weather, quality of living, employment opportunities and diverse communities. Whether you are moving for a lifestyle change, an employment opportunity, or to study, you are about to embark on an adventure in one of the most dynamic, and developed cities in the world.

When it comes to choosing a new location, you cannot do much better than this sunny city. From the employment opportunities and premiere academic institutions to the quality of life, and cosmopolitan lifestyle, Sydney offers a full spectrum of the best life has to offer.

From the very surface, Sydney will provide endless entertainment, with sights you can see on a regular basis once you are residing in the city.

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