Technology salaries that have boomed since COVID
Australia’s job market is, in a phrase, ‘going gangbusters’. Huge demand for workers and record numbers of job vacancies have created the great job boom.
With all this demand, we’re also seeing salaries on the rise in several industries – including Information & Communication Technology (ICT). According to SEEK salary data, average salaries for several ICT roles have grown by 20% or more, compared to pre-pandemic times.
But what does this mean for you? Whether you’re looking to switch jobs, or trying to get more out of your current role, now could be the right time to explore your options.
Booming salaries in Information & Communication Technology
What’s driving salary growth?
For Paul Dunn, Managing Director of recruiter Exclaim-it, there have been a lot of changes in ICT over the last couple of years.
To begin, Dunn says, there’s been a “new focus on digital streamlining [that has led to an] increased demand for talented ICT professionals.”
This is then coupled with the effects of the pandemic – specifically border restrictions, which has seen a curb in talent coming from overseas.
“It’s the old supply and demand thing,” Dunn says. Meaning more demand alongside fewer skilled workers has driven salaries up.
The pandemic has also fuelled growth within Tech itself, as more businesses turn to the digital space to solve problems like working from home.
“While many businesses started to integrate digital technologies into their operations before 2020, the pandemic accelerated the need to transform the way we work and do business,” Dunn says.
In addition, the last couple of years have seen an influx of “competition from well-funded companies with bases in Australia,” Dunn says, including tech heavyweights like Canva, Atlassian and Arkose Labs, who, according to Dunn, “can pay higher salaries [than] we typically see in the local market.”
The result of all of these factors is enormous salary growth across the industry. Infrastructure Specialist roles, for example, could pay 21% more than prior to the pandemic, with an average advertised salary of $147,251.
What this means for you
According to Dunn, now more than ever ICT companies are realising how much they need skilled workers in order to stay competitive, which is leading to greater opportunities for job seekers with in-demand skills.
“In some cases, employers are willing to pay $10,000, $20,000 and even $30,000 more for someone in a permanent role than they would have a few years ago.”
This all means that now might be a great time for you to move into a higher-paying role.
In terms of looking for new career opportunities, Dunn recommends first checking the data. “Go onto SEEK and see what salaries are in the area that [you’re] looking for,” he says.
From here, Dunn advises, you can “draw a conclusion about what career path [you] want and what the salary increases will be over that career path.”
Sticking with your current role?
Now might also be a good time to sit down with your current employer. “There are more opportunities than ever before to negotiate higher pay,” Dunn says.
When it comes to negotiating in your current role, Dunn recommends doing a little research first.
“Knowing your worth is arguably the most important step,” he says. “If you don't know how much your skills and experience are worth in today's market, you won't be able to effectively negotiate a higher salary.”
This might mean exploring other job opportunities first, although Dunn cautions against giving your employer an ultimatum:
“Sit down with [your] manager and say, ‘I really like working here, however I’m seeing that the market has moved in my skill area and I would really like to be able to realign to where the market is at’, rather than saying, ‘I want this or I’m leaving’.”
To prepare for a pay rise conversation, it’s also worth identifying some tangible achievements you can use to provide evidence of the value you bring to a role, such as improvements to processes or certain results.
Where things are heading
Dunn expects that this jobs trend may continue for the next six to 12 months.
“The big question is what will happen when the current demand starts to level off, skilled migration is back to previous levels, and we reach a natural plateau,” he says.
Either way, while ICT is an actively growing space, now might be the right time to explore your options and see where Australia’s Great Job Boom could take you.
Find out the latest salary trends for your role and industry, so you can negotiate your next salary confidently.
