Tech Salaries Remain Strong With Continuous Competition Within Key Industries

Despite a slowing market, tech and digital salaries are remaining strong with continuous competition within key industries to secure top talent. Today, Talent is pleased to release ‘More Than Money Salary Guide 2023’ featuring key salaries, roles and skills that are in demand for the New Zealand market. Please find the report HERE.

The report features salaries and contract rates for key tech positions in 2023, market insights from Talent’s Managing Director team and experienced recruiters, as well as hiring trends and predictions for the 15 cities in which Talent operates across ANZ, EMEA and the US.

The report showcases the most in-demand tech skills for 2023 and provides a range of stats on the local tech talent pool, skills trends, stats on the cost of living across multiple cities, and the benefits beyond salary that candidates are looking for.

Key findings include:

• 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) (source: LinkedIn Talent Insights)

Demand remains high for the following skills:

• Microsoft Azure
• Cybersecurity
• Data Analysis
• Python (Programming Language)
• Help Desk Support
• Amazon Web Services (AWS)

Industries that are thriving include:

• Financial Services
• Mining & Utilities
• Renewable Energy
• Hospital & Health Care
• Government / Public Sector
• Higher Education

Kara Smith, Country Manager, Talent New Zealand, reflected on the start of the year the technology recruitment industry has experienced, “With borders finally and fully open in New Zealand, we have seen a significant increase in the amount of annual leave taken during these past holidays as people connect with friends and families overseas. A knock-on effect from this, and a double whammy from the recent floods in Auckland, has seen a quieter opening to the 2023 market than we would normally experience. However, we expect this to be short lived due to the continued impact of inflation, increased household mortgages, our negative migration, and the overall tech skills crisis.”

Nik King-Turner, Wellington Managing Director, Talent, discussed what the 2023 market will have instore, “We are seeing the market shift from a candidate driven market last year to a more balanced market in 2023. This has come about from immigration and our borders opening up but also the fact that there is an election coming up later this year. Candidates are looking for more stability now with a focus on long term work and more questions being asked about rate with household costs on the rise.”

The global technology market is evolving and growing. As a $5 trillion global industry, it has significant power in both providing opportunity to the workforce as well as rapidly disrupting the international work landscape. Although candidates are proceeding with caution, the tech skills shortage remains, meaning top talent is still in the driver’s seat.

* Figures are based on data provided to Talent from our clients, with additional sources cited.

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