As of October 2020
6+ months into the lockdown and the NSW technology and digital recruitment market is starting to settle. As you would expect, due to Australia’s first recession in 29 years, salaries and contractor rates for some roles have gone down. Interestingly however we are also seeing some skillsets increase, such as web & mobile development, cyber security, software architecture and data science. Similar to the financial markets, the tech sector is proving to be one of the few sectors to be showing reasonable strength. We are predicting this to continue as businesses look to bolster their systems to enable working from home as a permanent solution.
The second lockdown in Victoria decimated hiring confidence, however as we move to step two & three we are seeing a rebound. As Australia’s second largest economy, their slowdown has impacted the national market, so we are hopeful their rebound will further increase hiring in NSW. We are also seeing an increasing trend in employers looking at inter-state remote working. For example a number of large enterprise companies have looked to outsource to the smaller states such as South Australia. As well as suffering less with COVID and so offering a safer haven, they are also attracted by the lower salaries on offer. Our concern is that if this trend continues, we could see that further drag salaries down in NSW as our market looks to compete.
Industry sectors that are holding up well include Government, health and aged care, e-commerce, FMCG and logistical services sectors.
We are also seeing Fintechs rebound strongly with renewed interest in innovation in the sector, with many looking to take advantage of the larger banks' inability to be nimble due to their scale. Even more encouraging is that we are also seeing early signs of the telecommunications sector beginning to ramp up hiring. This is driven by domestic and commercial demand for faster internet combined with the increase of supply required for 5G, which is expected to build with the release of the new iPhone.
Industry sectors that continue to struggle include travel, entertainment, gaming, leisure, advertising and administration. With restrictions slowly lifting we remain optimistic that we will see these areas also improve over the coming months.
We will look to update this guide on a monthly basis with any salary fluctuations we are seeing in the Sydney market.
General Manager - NSW
*The information in this site has been retrieved from sources with gender binary data. We acknowledge those who do not fit within this rigid framework and understand there are many more gender identities beyond the binary.
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