Looking ahead, Brushfield predicts business might see the delayed delivery of important projects and initiatives due to staff shortages and rising remuneration costs for permanent talent. Highlighting huge cost pressures, Robert Half asked 100 chief information officers (CIOs) the skills that they consider a “must-have” technical skill in the coming 12 months and the premium they are willing to add to starting salaries for IT professional with that skill. Robert Half found that the top five must-have skills for the remainder of 2022 are cybersecurity, data analytics, cloud computing, software engineering and programming.
While tech professionals across the board can attract significant salary premiums of over 20 per cent, the skills that employers are willing to pay the most for are data analytics, cloud computing, software engineering, blockchain and software development.
According to Brushfield, as data and automation increasingly fuel business growth, professionals looking to stay at the forefront of their field should consider technical certifications in high-demand or niche and emerging finance skills which can command higher salaries while setting them apart from their peers.
Nathan Sabherwal, principal consultant technologies at Randstad, says digitisation, data, robotics and AI analytics are transforming all industries. Due to the unprecedented growth in technology in banking, he notes an ever-increasing need for fintech specialists, as well as significant demand for cybersecurity specialists. But shortages of technology staff exist elsewhere too.
“There is almost no job category in tech that is not in demand. At Randstad Australia we are seeing significant increases in clients contacting us seeking software engineers, data and business intelligence (BI) professionals, infrastructure roles, project managers, business analysts, change managers and scrum masters. This will only continue,” he says.
Sabherwal says there has been considerable salary growth over the past two years in the banking and financial services sector. IT salaries have grown by over 20 per cent across Australia, with operations and customer-facing salaries increasing by 10 per cent in the first few months of 2022 in Sydney. He has seen a similar upswing in salaries across risk, compliance and client-facing banking roles.
“Data has seen some of the biggest growth across the banking and finance industry, as all companies aim to gain a deeper understanding of their customers. The need for data leads, data engineers, analysts and governance professionals have increased, with salary expectations increasing by 12-15 per cent,” he says.
According to a report from Hays, The most in-demand skills in 2022, leading the list is IT project managers, which are in great demand to lead digital transformation programs. Organisations of all sizes require experienced project managers to scope and deliver complex programs, according to Hays, which examined trends across the 27 industries and sectors for which it recruits.