From layoffs and hiring freezes to working from home and now making our way back to offices, a lot has certainly changed in the workplace over the past few years. With progression presenting in different ways and best practice leadership getting a major shakeup, it would be naive to think doing the same thing to attract and retain top tech talent would still get results.

Considering this, Talenza’s annual Technology and Transformation Survey couldn’t have come at a better time. Surveying over 900 employees and job seekers, we recently unpacked our 2024 Tech Talent Outlook report with Simon Costa, Director of Client Engagement at Talenza, along with special guest Jamie Holder, Head of Talent Acquisition at MUFG Retirement Solutions.

As Simon explained, "The Tech Talent Outlook is a pulse check of what’s front of mind for our technology and transformation candidates. This helps us better understand our people and build a workplace that enables them to thrive”.

Being people-focused has always been good for business and if our results tell us anything it’s that people’s needs are changing, meaning employers need to change with them. With 70% of respondents saying they plan to change jobs in the next 12 months, candidate expectations have never been greater and getting the basics right for both current and potential employees is key.

Finding the right balance

Let’s start with the number one priority for tech talent candidates in 2024 - work-life balance. While previously flexible work took the top spot, our most recent survey showed that 51% of respondents feel having a good work-life balance is their leading motivator when looking for a new job.

As Simon highlighted during the webinar, "Tech talent is no longer willing to sacrifice their personal life for a paycheck. Balance is key”.

With attractive salary and benefits coming in at number two and flexible working arrangements closely following at number three, it’s clear that choice and fitting work around life is the new norm.

Some other interesting anomalies worth noting. While this is the first time this factor has topped the overall survey in the last four years, work-life balance has been the top driver for women for the past four years, showing an interesting difference in needs amongst the genders. Also, for cyber teams, the top driver was actually attractive salary and benefits, potentially highlighting the already fairly flexible nature of the industry.

The importance of values

In 2024 we saw an uptake in candidates wanting to work for an employer who has a strong moral compass and values. With 35% of tech employees noting they have moved jobs due to inconsistent values and 40% changing jobs due to lacking a sense of purpose, it’s clear that any mismatches between personal and organisational values are more likely to cause a candidate to look elsewhere. As Simon noted, "Employees want to feel connected to a greater purpose—they’re seeking companies whose values align with their own”.

With values alignment evidently growing in importance in the job market, it seems companies that promote a positive culture and emphasise social responsibility are more likely to be attractive to top tech talent, while those that choose to stay rigid in their ways may lose out.

Seeking stability and security

We all know our economy isn’t at its most stable right now. With things in a tailspin, finding security where they can has become increasingly important to candidates. Talent is looking for companies who want them for the long term, and who can offer financial stability, strong management and confident leadership. With 56% of respondents noting they haven’t changed roles in the last 12 months, it’s clear that businesses that can give that assurance are less likely to see candidates trying to move to a new role and choosing instead to ride out any storms with their current employer. Plus minimised turnover is a major cost saver for organisations.

While this does make things trickier for businesses in the start-up/scale-up space, being open and honest with candidates about long-term goals and plans for achieving growth can help get that top talent over the line, while building trust at the same time.

Show me the money

While attractive salary and benefits may have found itself down a few spots from previous years, this driver hasn’t been completely forgotten by candidates. Non-monetary benefits including things like time off, professional development and flexible working arrangements are still highly valued.

As Simon pointed out, "Compensation is just the starting point now. It’s about the whole package—healthcare, wellbeing and even mental health support”.

While 47% of respondents agreed they have previously changed jobs due to a low salary (thanks cozzie livs), our 2024 Salary Guide has shown a growing standardisation of salary ranges across Melbourne, Sydney and Brisbane. This slowing of salary growth is a positive sign for employers who can’t compete with the big paychecks and rely more on providing excellent non-monetary benefits.

A hand up the ladder

Amongst all these drivers, career progression is still high on the agenda for candidates, especially for Gen Z and Gen Y. With 61% of respondents saying they look for employers who can provide career development opportunities, the desire for continual learning and growth may not only be linked to personal improvement but also promotions with higher salaries to help offset the cost of living pressures.

As Simon noted during the webinar, "Tech professionals are looking for growth—not just in their roles, but in their skill sets. Companies that invest in their learning will retain top talent”.

For businesses that might have reduced learning and development budgets, it’s about getting creative on ways to help candidates improve their skills. Mentor programs and strong internal mobility pathways are great assets to show top talent a willingness and desire to invest in their future.

Rise vs decrease

To wrap things up, let’s take a quick look at what drivers are on the rise and the decrease overall.

Currently, our report shows that greater long-term benefit drivers, including things like workplace progression and strong leadership strategies (which are also indicators of an organisation underpinned by stability and financial health), are top on the checklist for tech talent in 2024.

On the flip side, more subjective factors such as a good reputation, quality service and products and convenient location (thanks to the rise in work from home and prioritising flexible working) are all lower priorities for tech candidates.

Drive top tech talent to your business

While our 2024 Technology and Transformation Survey helps paint a strong overall picture of what top tech talent is looking for in a work environment unlike any we’ve experienced before, it’s important to remember that every business is different. Bench test your current EVP against what is driving tech candidates and see how you stack up against the priorities and where it might be time to implement some changes. You could even follow in Jamie’s footsteps and conduct an employee engagement survey to get a better understanding of what motivates your current employees, why they stay and what would make them choose to leave.

If you’re interested in hearing more from our experts, check out the full webinar here.

Want to dive deeper into the minds of top tech talent and discover how you can start attracting the candidates you’re after in 2024? Click here to download our Tech Talent Outlook report.