A new study by investment bank North Ridge Partners has probably confirmed what we all know already – Australia is suffering a tech worker shortage and the market for talent is “sizzling hot”.
According to the bank’s research, 97 per cent of APAC business leaders agreed competition for tech workers was fierce, led primarily by businesses expanding (67 per cent) rather than the mere replacement of existing staff (27 per cent).
The report noted: “The accelerated digitalisation we’ve seen since the pandemic landed has created a booming market for technology skills, with selective talent shortages driving wage inflation across the Asia Pacific region.”
It follows on from a report on last week’s Tech Bytes that found Aussie IT workers were being offered bonuses of $100,000 not to leave jobs with engineers and software developers in hot demand.
The managing director of Australia’s largest tech recruiter Talent, Matthew Munson, telling The Australian Financial Review: “The highest we’ve seen is candidates offered $100,000 more than their current annual salary so they don’t leave,” he said.
“People have gone from $150,000 to $250,000 per year, which is just unheard of,” Munson said.
The AFR has reported that software developers have seen a salary increase of about 51 per cent, while senior developers saw a 47 per cent increase.
The numbers reflected North Ridge Partners’ research that found salaries had boomed by as much as 50 per cent with with the most in-demand roles being found in software development, data analysis and AI and machine learning capabilities.
Some 71 per cent of bosses said they were experiencing high turnover in mid-tier roles, while junior positions remained stable.
Not that bosses were sitting idle. Some 30 per cent said they will make working from home a permanent feature of employment, while 27 per cent expect to implement more offshoring or nearshoring for skills.
