Tech Salaries Remain Strong and Continue to Grow Globally in 2023

Despite global economic slowdowns, salaries for tech and digital jobs worldwide have continued to grow, with pay for the most in-demand positions rising by up to 20% within a year, according to recent reports. Let’s dive into the juicy details.

Talent’s More Than Money Salary Guide 2023, which analysed over 12,900 job placements made in the past 12 months, has reported a 15-20% average increase in tech salaries and contract rates globally. This suggests a strong market for tech talent, despite the challenges brought by the pandemic and economic uncertainties.

Cybersecurity roles saw the most significant wage increase, with salaries rising by an average of 20% over the past year, as demand for professionals with security skillsets remains high. Meanwhile, data analytics, testing, and cloud infrastructure roles showed the highest contract rate growth at 15% to 20% in the same period.

The report also found that the fastest-growing tech skills globally are in cybersecurity, data analytics, Microsoft Azure, and Python. In Australia, the report highlighted that demand is still strong for candidates with the right digital and tech skillsets, particularly in cyber security and data analysis, despite a changing landscape.

The report stated that the tech sector nationally remains strong despite significant layoffs in recent months. While tech giants such as Google, Meta, Amazon, Twitter, and Salesforce have announced major job cuts, the report notes that these must be taken in the context of the huge growth they enjoyed in the previous two years. For example, Salesforce increased its global headcount by 32% from October 2021 to December 2022 before recently announcing a 10% cut.

Overall, the report suggests that the market for tech workers has remained resilient and continues to offer attractive opportunities for job seekers with the right skills and experience.

Reference:
https://ia.acs.org.au/content/ia/article/2023/tech-salaries-continue-to-grow-worldwide.html?ref=newsletter&deliveryName=DM17031
https://www.betterworldofwork.io/more-than-money

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