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Despite massive layoffs, technical salaries are rising again worldwide

Tech salaries have weathered the global headwinds and continued to grow globally, with pay for the most in-demand roles up 20% in just a year.

Recruiter Talents reports this More than money Salary Guide 2023Salaries for tech and digital jobs around the world have remained strong and in some cases continue to grow, despite the slowing market and economic turmoil of recent years.

The report shows that tech salaries and contract rates have increased by an average of 15-20% globally.

Cybersecurity roles saw the largest wage increase averaging 20% ​​over the past year, thanks to the huge demand for security-skilled professionals, while data analytics, testing and cloud infrastructure positions saw the highest contract growth at 15-20% in the last year.

The Talent report is based on data from more than 12,900 jobs posted by the recruiter in the last 12 months.

The report found that the fastest growing tech skills in the world are cybersecurity, data analytics, Microsoft Azure and Python.

In Australia, the report found that despite a changing landscape, candidates with the right digital and technical skills, particularly in cybersecurity and data analytics, are still in high demand.

In Sydney, the report revealed that tech salaries are starting to level off after rapid growth since mid-2020. But contrary to this general trend, there have been pay increases for those in cyber and software development due to continued high demand for these skills.

“The headwinds from rising global inflation, the resulting interest rate hikes and the ongoing impact of the war in Ukraine on the supply chain continue,” said NSW Talent Director Matthew Munson.

“What we are seeing is a knock-on effect on organizational confidence as employers are unsure how this year will go and how long the global inflation problem will last.”

Tech employers in Sydney are taking a cautious or optimistic approach, Munson said.

“The more cautious people have hired fewer people and in some cases have put in a hiring freeze, while the more optimistic people are taking advantage of the market to hire more people while their competitors are hesitant.”

According to the report, a senior web designer in Sydney earns up to $150,000 a year, while a junior rakes in $90,000. A UX design lead earns up to $110,000 in Sydney.

In Melbourne, tech salaries and contract rates increased by an average of 25% from July 2021 to June 2022, but have remained stable over the past six months.

“Overall, the IT workforce market has bounced back from the massive demand of early-mid 2022,” said Talent Director Victoria Simon Yeung.

“There have been some significant changes in the national and local economic landscape, particularly over the past six months, which have affected the Victorian technology sector and the IT job market, but the technology sector remains strong nationally.”

According to the report, a UX or UI design leader in Melbourne earns up to $220,000 annually.

There have been many layoffs in the technology sector in recent months. Recently, Google announced that about 12,000 employees would be laid off, after Meta, Amazon, Twitter and Salesforce already announced major job cuts.

But the Talent report said this should be seen in the context of the tremendous growth these tech giants have experienced over the past two years. For example, Salesforce increased its global workforce by 32% from October 2021 to December 2022, and recently announced a 10% downsizing.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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